The XRP price has risen by 2% in the past 24 hours, reaching $0.404066 despite Coinbase Wallet announcing it would be removing support for the altcoin. This price represents a 7% gain in the past week, although XRP is down by 11% in the last 30 days, as the FTX collapse continues to bear down on investor sentiment.
Coinbase Wallet’s decision to end support for XRP may seem like it comes at an odd and unpromising time for the coin, given that Ripple has reached what’s likely the final phase of its case with the SEC. However, some may claim that Coinbase now believes Ripple will lose – it’s worth pointing out that XRP lost Coinbase Wallet support along with numerous other coins, all of which had seen low activity on the protocol.
XRP Price Prediction as Coinbase Wallet Removes XRP Support – What’s Going On?
XRP’s chart shows an asset in a good place. Its relative strength index (purple) has risen close to 70 in the past day or so, whle its 30-day moving average (red) has re-commenced rising further beyond its 200-day average (blue).
This suggests an increase in momentum rather than a decline, which may be something some observers might expect at the moment, given that Coinbase Wallet has dropped support for XRP.
That said, as the tweet above makes clear, ethereum classic (ETC), bitcoin cash (BCH), and stellar (XLM) are also being removed along with XRP from January onwards.
All four coins currently witness “low usage” on Coinbase Wallet, which is probably not at all surprising in XRP’s case, seeing as how Coinbase delisted the altcoin back in January 2021.
And while Coinbase did indeed delist XRP last year (so as not to invite any legal repercussions), this move and Coinbase Wallet’s latest doesn’t mean that the exchange believes Ripple is destined to lose its case against the SEC.
In fact, Coinbase submitted an amicus brief in support of Ripple at the end of October, something it wouldn’t do if it believed Ripple were a lost cause.
And speaking of amicus briefs (testimonies/evidence submitted by third parties), Ripple has recently been successful in having 14 such briefs (including Coinbase’s) submitted to the court. By contrast, the SEC submitted only one.
This weighs in Ripple’s favor, as does the various positive rulings it has secured over the past year or so. As such, it continues to have a decent chance of securing a favorable outcome in the case, something which would no doubt boost the XRP price considerably.
In the short-term, XRP may witness much significant price action, with the ongoing FTX collapse (and resulting BlockFi bankruptcy) threatening further market dips. Because of this, it would be overly optimistic to expect an XRP price beyond $0.6 before 2023,
Of course, if Ripple does gain a positive settlement or summary judgment, there’s no telling how far XRP could rise. Its current ATH stands at $3.40 (set back in early 2018), which remains its medium-to-long-term target.
Coins Not Waiting for the Conclusion of a Legal Case
Assuming that Ripple’s case drags on for a little while longer yet, traders may consider other altcoins for shorter term (and longer term) gains.
In particular, presales have been especially lucrative this year for savvy early investors, with some presale tokens posting gains of over 1,000% after listing for the first time.
Accordingly, we’ve rounded up three of the most promising presales happening right now, with each respective token offering strong fundamentals that point towards a bright future.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides investors with real-time analytics and social trading data, all of which can help them arrive at informed trading decisions.
The sale of its D2T token has raised over $7.5 million, and is set to enter its fourth stage very soon. It has also announced listings on BitMart and LBANK Exchange for early 2023, confirming that investors will indeed have the opportunity to enjoy some returns soon enough.
Also running on Ethereum, RobotEra (TARO) is a Sandbox-style Metaverse platform due to launch in Q1 2023. As a play-to-earn game that makes use of non-fungible toens, gamers will be able to play as robots and participate in creating its virtual world, including NFT-based land, buildings, and other in-game items.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale, which will begin soon.
IMPT is a carbon-credit marketplace and green retail platform that will reward consumers for shopping with eco-friendly merchants. These rewards will arrive in the form of its IMPT token that can be used to buy NFT-based carbon offsets, which can then be traded or retired, contributing to users’ IMPT.io scores.