Popular trader predicts XRP will outperform Bitcoin – should you buy?

The value of XRP has gone up by 2% in the past 24 hours, reaching $0.536380, while the cryptocurrency market as a whole has decreased by 1%.

In the past week, XRP has increased by 11%, and in the last 30 days, it has risen by 15.5%, as excitement builds around Ripple’s legal battle with the SEC.

Analysts are now suggesting that XRP could outperform Bitcoin (BTC) and other major cryptocurrencies this year, since the altcoin has already gone up in price by 57% since the start of the year.

However, this is dependent on Ripple obtaining a favourable judgment in the aforementioned case. If it does, there is no doubt that XRP will have one of the best rallies of any top-100 cryptocurrency in 2023.

Not surprisingly, XRP’s chart reflects a coin with a lot of strength and momentum at the moment, with the coin’s trading volume rising above $1.4 billion today (up from $600 million as recently as yesterday).

XRP’s relative strength index (purple) remains above 50, although it has decreased from 80 yesterday, indicating that it continues to retain buying demand.

The altcoin’s 30-day moving average (yellow) also continues to rise above its 200-day average (blue), which indicates sustained momentum.

In other words, XRP’s current rally could still continue for a while yet, with its support level (green) also revealing that it continues to consolidate around ever-higher floors.

But XRP’s future is not just in the short-term. Ripple expects its case with the SEC to end in the next few months.

Ripple CEO Brad Garlinghouse has said in a recent interview that he believes the case could conclude in a matter of weeks, a forecast that could explain why XRP has been doing so well in recent days and weeks.

XRP’s performance can also be explained by some positive developments from Ripple’s end, with last week seeing the sharing of documents which appeared to show that, before suing Ripple, the SEC had received legal opinion suggesting that XRP was not a security.

Such information further weakens the regulator’s case, with some commentators suggesting that it has failed to prove a number of important arguments, including the claim that XRP purchasers had a reasonable expectation of profit when they first bought the altcoin from Ripple.

Given these developments, some analysts are now anticipating that XRP will become one of the best-performing major cryptocurrencies of the year.

One analyst in particular, known by the “@CryptoKaleo” handle on Twitter, has even suggested that XRP will outperform BTC, which has already been one of the highest-rising major coins of the year.

This is all very bullish for XRP, and if Ripple does indeed secure a favourable summary judgment or settlement, then there is no doubt that the altcoin could rise to $1 or higher in the weeks following the case’s conclusion.

From there, it could then climb to $2 by the end of the year, ready for even higher levels during 2024 and a possible bull market.

Buy XRP Now

Another High-Potential Altcoin

Despite the positivity surrounding XRP at the moment, it is certainly not a foregone conclusion that Ripple will win its case with the SEC.

For this reason, some traders may prefer to hedge their bets and diversify into a number of other high-potential altcoins, including presale tokens, with some of these possibly on course to rally big once they list on exchanges.

For instance, ecoterra is an Ethereum-based recycle-to-earn platform that has raised more than $4.6 million in the presale for its native ECOTERRA token.

Due to launch later this year, Ecoterra’s platform will enable users to receive rewards — in the form of ECOTERRA and NFTs — for recycling household waste at participating recycling points.

Additionally, ecoterra will reward users for providing evidence of using renewable energy. It will also include a carbon offset marketplace, motivating users to exchange carbon credits as NFTs.

These fascinating features have enticed an increasing number of investors to participate in ecoterra’s presale, which is currently in its eighth phase and selling 1 ECOTERRA at $0.00925.

The price will increase to $0.01 in just over 23 days, providing traders with a brief window of opportunity to acquire ECOTERRA at a lower price.

However, when it is listed on exchanges in the following weeks, the altcoin may increase even more due to the potential of its promising platform.

Click here to visit ecoterra