XRP price has shown modest growth of 1.1% in the past 24 hours. This could be due to hints from a former Ripple executive that smart contracts will be added to the XRP Ledger in the near future.
Smart contracts in blockchain are digital contracts that are controlled by predetermined guidelines and do not require further human intervention. Ethereum, Solana, and Cardano are examples of platforms that use smart contracts.
This news has the potential to boost XRP’s value and may lead to a confirmation of a buy signal on the daily chart.
Ripple Eyes Smart Contracts, Will XRP Price Pump to $1 Before 2023?
Matt Hamilton, a former director at Ripple, has indicated that smart contracts will soon be available on the XRP Ledger. The blockchain already has functionality for features such as fungible tokens, non-fungible tokens, escrow, and decentralized exchanges, but smart contracts are currently being developed.
Smart contracts on the XRP Ledger will make the blockchain a direct competitor to Ethereum, Cardano and Solana, among other similar platforms. XRP’s utility would grow exponentially, bolstered by its high transaction throughput.
As XRP’s utility increases, so will likely its demand, thus paving the way for a rally and the possibility of reclaiming the third position in the market behind Bitcoin and Ethereum.
XRP Price on The Cusp of Year-end Rally
XRP price sits on top of the robust demand area, marginally above $0.30. The international money transfer token has, since June, upheld this support. Following the most recent rejection from a falling trend line (dotted) on the daily chart timeframe, XRP snapped out of the sharp fall marginally above that level.
Bulls are pushing for a pre-Christmas breakout as XRP price lifts to trade at $0.35 at the time of writing. The Moving Average Convergence Divergence (MACD) indicator may validate a buy signal in the short term.
Traders who wish to catch the uptrend from its humble beginnings may do so once the MACD (line in blue) has fully crossed above the signal line (in red). A continued movement to the mean line (at 0.00) and possibly into the positive region will cement the bulls’ grip on XRP price. Green histograms will also play a role in affirming the bullish outlook.
Traders who want to play it safe may choose to wait for the XRP price to cross the first falling trend line before making a purchase. However, for the start of an upward trend in the market, XRP price must break through resistance at the second trend line, in conjunction with the 200-day Exponential Moving Average at around $0.45.
If this occurs, XRP price could potentially reach $1 in the following weeks after.
XRP Price Outcome Tied to SEC Case
While the technical outlook for XRP price appears positive, the outcome of the legal case between Ripple and the United States Securities and Exchange Commission (SEC) will ultimately influence its direction.
The final submissions for the case between Ripple and the SEC have been filed, and the ruling could be imminent. If Ripple wins, it could have a positive effect on XRP price. However, if the SEC is successful, it could significantly harm XRP and have a broader impact on the crypto market.
Altcoins Offering Quicker Returns
Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.
FightOut (FGHT)
FightOut (FGHT) is a move-to-earn app that rewards users for engaging in a wide variety of workouts, including boxing, weightlifting and yoga. Running on Ethereum and scheduled to go live in Q2 2023, it will also offer a range of in-app and IRL courses, with plans to launch up to 20 of its own branded gyms and to affiliate with many others.
Launched last week, its token sale has already raised over $2.3 million. The current sale price is 60.06 FGHT for $1 (FGHT can be bought with ETH or USDT), although this will rise during the sale’s next stage.
Visit FightOut Now
Dash 2 Trade (D2T)
Another Ethereum-based platform, Dash 2 Trade is a trading intelligence platform that will provide real-time analytics and social trading data when it launches early next year.
Its initial features will include trading signals, on-chain analytics, strategy-building tools, and newsfeeds, all of which will help beginner and experienced traders stay ahead of the unpredictable cryptocurrency market.
The sale of its D2T token has raised over $10.5 million and is due to end in only 13 days, giving early investors a shrinking window of opportunity. Its first exchange listing will happen on January 11, with LBANK Exchange, Changelly Pro and Bitmart confirmed as the first trading platforms to support the altcoin.
Visit Dash 2 Trade Now
C+Charge (CCHG)
Running on Binance Chain, C+Charge (CCHG) is a peer-to-peer payment system for electric vehicle (EV) charging stations. Also due to launch in the second quarter of next year, its aim is to widen access to carbon credits, with which it will reward users for charging their EVs at its terminals.
As a sign of how quickly it could grow, the platform has already signed a deal with Perfect Solutions Turkey, adding 20% of the EV chargers in Turkey to its network. 1 CCHG currently costs $0.013, and can be bought using either BNB or USDT.
Visit C+Charge Now
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