XRP is trading above its key $0.65 resistance level after rising 10.5% in the last seven days. The token for crypto payment company Ripple’s blockchain currently changes hands at $0.68, but is it likely to rise to a dollar this year?
XRP is certainly following broader market trends. Leading cryptocurrency Bitcoin (BTC) posted similar gains of 10.2% over the week and currently trades close to its all-time high of $73,737.94, posted three hours ago, according to data by CoinGecko.
Bitcoin has seen steady inflows of new capital since late 2023.
Its rally was initially prompted by hype that the United States Securities and Exchange Commission (SEC) was going to approve spot Bitcoin ETFs.
On January 10, the SEC approved 11 Bitcoin ETFs, including one from BlackRock, the world’s largest asset manager, which has gone on to become the largest of the Bitcoin investment products.
This Tuesday, the ETFs took in $1 billion in inflows, with BlackRock’s accounting for the $848 million bulk of it. This means that there is a growing mainstream interest in Bitcoin, and by extension all of crypto, that is helping to drive prices across the market this week.
Record inflow for Ten yest, first day over $1b net. $IBIT went crazy with $848m of it, YTD net now +$11b, assets now over $60b. $IBIT also over $15b and about to crack the Top 100 ETFs by size. If you want to view this chart made by @JSeyff on terminal use {G #BI 124590<GO>}. pic.twitter.com/ca3QJxf7AM
— Eric Balchunas (@EricBalchunas) March 13, 2024
On Monday, XRP jumped 20% and continued rallying well into Tuesday. The news driving the excitement? Twitter alerts about the steady transferal of many millions of dollars of XRP from Binance to unknown wallets. Whale tracker @Whale_Alert flagged one of the largest transactions on Friday: 300,000 XRP (about $204.7 million at today’s price).
300,000,000 #XRP (187,134,686 USD) transferred from #Binance to unknown wallethttps://t.co/n6uoHsu3BZ
— Whale Alert (@whale_alert) March 8, 2024
Over on XRP’s chart, we can see a steady upwards crawl through most of February with the more volatile price action coming from the turn of the month. With a Relative Strength Index (RSI) of 47, XRP has room for further gains and will no doubt continue to follow Bitcoin’s lead.
Source: TradingView
Altcoins Beyond Ripple’s XRP
Solana and XRP are the leading altcoins, but they both occupy two different niches. Solana is the leading Ethereum competitor, so it has a bustling ecosystem full of apps and developers, whereas XRP is the token underpinning Ripple’s blockchain, a blockchain that touts itself as the go-to for cross-border settlements and payments in general.
But meme coins are where you can find some of the hardest potential rallies, expecially if there is more to them than laughs. Enter SPONGE, crypto’s hottest new meme coin and the native token for a promising new ecosystem.
The Spongebob referencing meme coin vastly outperformed its more established and illustrious rivals this month. It is up 10% in the last 24 hours, 60% in the last 7 days, and 150% in the last fortnight off the back of some frantic buying action.
$0.0045 next? $SPONGE
— $SPONGE (@spongeoneth) March 14, 2024
SPONGE is an ERC-2o standard token on Ethereum. It recently upgraded (and migrated) to a V2 on Polygon, an Ethereum Layer 2 scaling solution. You can currently buy it on the official SPONGE website for $0.003637 before it gets listed on exchanges.
The team also introduced a couple of key improvements with the upgrade, including a new staking model that offers a minimum yield of 40% APY.
This yield currently sits at around 447%, varying according to the number of stakers and tokens locked up.
SPONGE also powers an upcoming racing game where players compete against each other to earn SPONGE rewards.
Who knows? It might even hit $1 faster than Ripple’s XRP!
Buy And Stake SPONGE On The Website
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