The price of XRP surged by an epic 30% this month, allowing the cryptocurrency to create fresh highs above $0.5, not seen since May 2022. The price surge comes after traders believe that Ripple will emerge as the victor in the ongoing two-year battle between the company and the United States Securities and Exchange Commission (SEC) – the regulatory body.
With the lawsuit outcome pending, traders are anticipating a breakout from the current resistance around $0.534 and an extended swing leg higher back toward $1 over the coming months. Meanwhile, it seems that investors are starting to invest in alternative utility tokens, similar to XRP, that have the ability to significantly impact the future sustainability of our global environment and combat climate change.
XRP Surges 33% Over Past 30-Days
The price of XRP has surged by a whopping 33% over the past month of trading as it looks to break the resistance at $0.5. More specifically, XRP managed to reach as high as $0.585 this month, allowing the cryptocurrency to create fresh ten-month highs as it hit levels not seen since May 2022.
As mentioned, the price surge is linked to the fact that investors are growing increasingly confident that Ripple will come out with a victory in the lawsuit with the SEC. As a result, traders are starting to anticipate a massive upward move, and they are starting to position themselves ahead of the case ruling to take advantage of any incoming price gains.
XRP is the cryptocurrency that powers the Ripple settlement system, used by major financial banks and institutions across the globe. The cryptocurrency is one of the oldest-running projects in the industry and has seen great success over its time running. However, with the SEC lawsuit creating uncertainty within the company’s future, XRP missed out on making fresh all-time highs during the recent bull market over the past two years. Therefore, traders expect huge volatility ahead as they believe a positive lawsuit ruling will help XRP make up for the gains it previously missed.
Will XRP Surge Following the Outcome of the SEC Lawsuit?
The SEC has been involved in a two-year legal battle with Ripple as it believes the project hosted an unregistered securities offering when it sold XRP to the public. The lawsuit was initially filed in late-2020. The two entities have been battling over the classification of the XRP asset, with many believing that XRP could be deemed a commodity – not a security.
The reasoning behind XRP potentially being a commodity is due to the fact that the Commodity Futures and Trading Commission (CFTC) has already stated that Bitcoin, Ethereum, Litecoin Tether, and BUSD are already classified as commodities. As a result, If the CFTC does view XRP as a commodity, traders believe it will undermine the SEC lawsuit and result in a victory for Ripple.
Traders believe that a positive result could result in tremendous growth for XRP as it would be relieved from its uncertainty and allowed to continue growing as an ecosystem.
Adding further, the CEO of Ripple, Brad Garlinghouse, believes that a win for the company will be a pivotal moment for the entire industry. He also continued to state that he expects a decision on the case at some point in 2023, which is why XRP sees somewhat of a new revival.
Brad Garlinghouse says the SEC's suit against his crypto payments company, Ripple, is “going to be pivotal for the whole industry” and that he expects a decision on the case this year pic.twitter.com/fkDmwLkrix
— Bloomberg TV (@BloombergTV) March 2, 2023
Crypto Whales Move Over 200 Million XRP As Lawsuit Ruling Approaches
Interestingly, it seems that XRP whales are starting to position themselves ahead of the lawsuit ruling after they moved 214 million XRP this week. Whales are looking to start cashing in on the recent price movements in an effort to secure some profits from the increased prices. According to WhaleAlert, more than $107 million worth of XRP has been moved in multiple transactions this week – with the biggest transaction recording a movement of around $50 million between unknown wallets.
Analysts believe that whales are starting to send XRP tokens back to exchanges to take advantage of the price increase. However, at the same time, other whales are also beginning to line their wallets with XRP ahead of the SEC lawsuit ruling. For example, while prices dropped, whale addresses moved over 50 million XRP from Bitso – a crypto exchange – to personal wallets. This indicates that whales are positioning themselves into the asset ahead of the lawsuit outcome.
Let’s take a look at the charts and see where XRP might head over the coming weeks.
XRP Price Analysis: Can XRP Head to $1?
First, let us take a look at the weekly chart to zoom out and see the picture over the past two years. The weekly chart below shows XRP from October 2019 to the current date. We can see that XRP did manage to surge during April 2022, as the cryptocurrency surged as high as $1.80 during the mini-bull market;
Unfortunately, these high prices were unable to be maintained, and XRP went on to slowly grind lower over the following months, reaching a low of $0.3 in January 2023.
The daily chart shows a better perspective of the newly launched revival. Looking at the chart below, we can see that XRP was trapped beneath resistance at $0.534 – provided by a bearish .382 Fib Retracement level since October 2022. The market attempted to break this resistance during October but failed to overcome the level and headed back to the $0.3 support in the final months of the year;
This month’s price hike allowed XRP to finally break the resistance and hit highs not seen for over ten months. After breaking the bearish .382 Fib Retracement resistance at $0.535, XRP went on to reach as high as $0.585 before dropping back beneath $0.5 to meet the support at $0.494 – provided by a .382 Fib Retracement level.
So, where is XRP heading next, and can it make a run toward $1?
Looking ahead, if XRP pushes higher again, the first resistance level lies at $0.534 (bearish .382 Fib). This is followed by resistance at $0.585 and $0.61 (bearish .5 Fib Retracement). If the buyers can continue to push XRP upward, additional resistance lies at $0.65 (1.272 Fib Extension), $0.686 (bearish .618 Fib Retracement), and $0.733 (1.618 Fib Extension).
If the bulls continue to drive above $0.8, the only resistance before $1 lies at $0.87, provided by a bearish .886 Fib Retracement). If XRP can clear $0.9, it’s then free to make an attempt at $1.
On the other side, the first level of support lies at $0.493 (.382 Fib Retracement). This is followed by added support at $0.465 (.5 Fib Retracement), $0.437 (.618 Fib Retracement), and $0.4.
Are Investors Opting Toward Eco-Friendly Projects?
While traders wait for the outcome of the XRP lawsuit against the SEC, it seems that investors are starting to opt toward entering into eco-friendly projects. One project in particular recently started its presale and is beginning to gain mainstream attention as it appears in headlines across the industry.
The eco-friendly project is called Ecoterra, and it’s creating an entirely new incentive to help convince people to start recycling and push the world toward a more environmentally sustainable future.
Ecoterra – Redefining GameFi in Web3
Ecoterra is a project focused on rewarding people for taking action on climate change. The project has morphed the GameFi mechanics into a new breed to give birth to the reward-to-earn system. Previously, GameFi allowed users to earn rewards by playing their favorite games in play-to-earn ecosystems or earn rewards for staying healthy in move-to-earn ecosystems. Now, with Ecoterra, users are finally being incentivized to recycle to earn rewards and positively impact the environment.
The entire ecosystem is managed through the Recycle2Earn application, which outlines all the positive actions users can take to earn rewards. The app is designed to reach a wide range of users, from individuals and small businesses to large corporations and NGOs.
The idea behind the project is to encourage the recycling process to fight global warming by educating the public on the need for recycling and providing them with a solid incentive to do it.
How Does the Recycle-2-Earn Ecosystem Work?
Ecoterra has gone to great lengths to ensure that the recycling system is as straightforward as possible. The process is handled entirely through the application and doesn’t require users to have any prior knowledge of blockchain or own a cryptocurrency wallet.
The team has stated that users can start earning in three simple steps: Scan, Recycle, and Earn.
The first step is to scan the barcode of the recyclable products using the application to generate an instant match from the AI-powered Ecoterra database. Users are able to scan materials such as plastic, glass, and aluminum to receive an estimated reward for recycling the product.
Once the product is scanned, the application will then direct the user to the nearest Reverse Vending Machine for users to deposit the materials to be recycled. Once recycled, users then simply have to upload the receipt received from the RVM on the application to earn their rewards.
Not Just for Recycling: Ecoterra Provides a Suite of Eco-Friendly Products
https://twitter.com/ecoterra3r/status/1634605305140064257
Alongside the recycle-to-earn function, the application also contains the following products:
- A Recycled Materials Market
- A Carbon Offset Marketplace
- An Impact Trackable Profile
The recycled materials marketplace allows users to purchase recycled materials – such as plastics, glass, or aluminum – using their Ecoterra tokens. The marketplace allows individuals to connect with companies from all over the world to purchase recycled materials. Users can filter their search to find the materials required that make the most significant impact on the environment. Furthermore, users can pay directly with Ecoterra, crypto, or fiat through the application.
The carbon offset marketplace is designed to help individuals and businesses reduce their carbon footprints by purchasing carbon offsets. A carbon offset represents CO2 being removed from the atmosphere, and large companies typically use them to reduce their CO2 emissions resulting from industrial production. On the Ecoterra carbon offset marketplace, anybody can purchase fully verified carbon offsets in partnership with VERA and reduce their carbon footprint.
The final product in the suite is the impact trackable profile that helps users track all the positive actions they are taking through the Ecoterra ecosystem. The impact trackable profile is designed to help individuals and businesses lead the way with recycling rewards, recycled materials exchange, and invaluable environmentally friendly data. In addition, people can utilize the profile to position their company as a leader in the fight against climate change and help inspire consumers to recycle.
Invest at the Lowest Possible Prices Before Price Hikes
The Ecoterra presale is officially just getting started. It currently sits in the first stage, selling the token at a price of $0.004 USDT. Users can purchase the Ecoterra token using ETH, USDT, or their credit/debit card.
The presale utilizes an increasing pricing strategy, which means that the price for the token increases during each stage of the presale. For example, the price for Ectoerra will increase to $0.00475 USDT in the second stage of the presale. It will continue to increase during each subsequent stage until the presale ends.
As a result, those investing in the earlier stages will have more unrealized gains to bank when the presale ends and the token finally hits tier-1 exchanges across the industry. In addition, the team has stated that they intend to list the Ecoterra token on exchanges at a price of $0.01, providing considerable unrealized profits to everybody investing in the presale.
Ecoterra will be integral to the recycle-to-earn platform and the project’s main transaction and reward token. It will be used to pay recycling rewards to users and can be used by users purchasing carbon offsets or recycled materials from the marketplace.
Overall, Ecoterra has created a fantastic eco-friendly ecosystem that will provide a strong incentive to get people to recycle and make an impact on the environment.