The price of XRP is up about 3.8% today to around $0.62. While a modest gain, popular crypto analyst Edo Farina believes the token has potential for exponential growth ahead.
In a tweet yesterday to his 85,000 followers, Farina explained how he sees the principles of supply and demand propelling XRP’s price higher:
“Few people seem to understand the principle of supply and demand. I always see people being shocked when they see someone saying that XRP can reach 10k. (Not saying it necessarily will.) The current SWIFT system handles billions of transactions per hour.
If RippleNet replaces it, it will go through XRP. The problem with the way most people view XRP’s potential to grow exponentially, is that they think it can’t reach that high of a market cap. They’re failing to realize that financial institutions move hundreds of trillions worldwide. If XRP captures a tiny fraction of that, it will catapult XRP to unprecedented levels.”
What Farina is getting at here is that RippleNet has the potential to replace the existing global payments’ infrastructure, SWIFT, which processes trillions in cross-border payments annually. As the native token of RippleNet, XRP would stand to benefit massively if enterprises broadly adopt the network. Even capturing a small slice of SWIFT’s transaction volumes could result in exponential XRP price growth.
Farina also notes XRP’s utility for real-time settlement. XRP settles transactions in an average of just three seconds, compared to an hour or more for cross-border bank payments on existing networks. This speed and efficiency make it well suited for global payments at scale.
“XRP settles value in real time (an average of three seconds) and with finality. BTC cannot do that, neither ETH nor SWIFT. Period.”
In terms of technical analysis, altFINS notes a bullish breakout for XRP from an ascending triangle pattern, as well as a move above the key 200-day moving average. This signals a resumption of XRP’s overall uptrend across short, medium and long timeframes.
Momentum indicators for XRP are showing mixed signals currently. The MACD (moving average convergence divergence) line being below the MACD signal line is considered bearish, indicating slowing upside momentum. However, the RSI (relative strength index) reading of 65 shows the token is still not in overbought territory and has room to move higher in the near-term. An RSI above 70 generally signals overbought conditions and increased likelihood of a pullback.
In terms of support and resistance levels, XRP has initial support around $0.55, which aligns with previous resistance turned support. Below that, additional downside support exists around $0.45. On the upside, XRP faces initial resistance around $0.68 where it topped out in early November when the price reached an overbought RSI reading over 75.
If XRP can push through the $0.68 level, analysts see further potential upside to around $0.92, which matches the July peak. Monitoring these support and resistance zones can assist traders in planning entries and exit points.
BTCMTX Presale Continues Explosive Growth
Bitcoin Minetrix over $4.2 million raised already in its presale. The presale consists of 10 rounds, with each round seeing a 10% token price increase. Bitcoin Minetrix has already entered stage nine.
Popular crypto trader Joe Parys believes Bitcoin Minetrix has huge potential thanks to its cloud mining utility. This makes mining simple for regular investors while eliminating common problems like noise, heat, technical complexity, and access barriers seen in traditional mining.
To use Bitcoin Minetrix’s cloud mining, investors stake BTCMTX tokens to earn mining credits. These credits provide cloud mining time to earn BTC rewards. Before mining activities, presale participants also earn 141% staking rewards on their tokens.
This cloud mining approach reduces risk versus buying hardware or contracts. Investors can unstake and sell tokens freely based on market conditions. Decentralization prevents issues like withdrawal delays that affected previous-generation mining platforms.
Investors who purchase BTCMTX tokens during the current stage eight will lock in the lowest available pricing at $0.0118 per token. Just this week, the price per token increased 10% from $0.0117 to the current level of $0.0118. The next 10% price hike is imminent and will happen in 3 days. As the presale enters its final rounds, the per token rate will continue rising by 10% each new stage.
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