By Source: Dall•E 3
The XRP price has increased by 1% in the past 24 hours, with its move to $0.619473 coming as the cryptocurrency market as a whole gains by 3% today.
XRP’s little jump comes after yesterday’s announcement that Ripple has secured approval from the Central Bank of Ireland as a Virtual Asset Service Provider.
This approval as a VASP puts Ripple on course to offer cryptocurrency services throughout the European Union, a development which could see it gain much more adoption.
And with more adoption, the XRP price could continue to rise strongly in 2024, potentially reaching new heights.
XRP Price Prediction as Ripple Receives Approval to Provide Services to Central Bank of Ireland – $1 XRP Soon?
As XRP’s chart shows, the market has oversold the altcoin for several weeks now, meaning that it’s due a rebound.
Its RSI (purple) has been under 50 since December 11, and it looks like it has finally begun rising again, signalling potential incoming rises.
Source: TradingView
Having said that, XRP’s 30-day average (yellow) has flatlined considerably in the past week or so, and given that it has been above the 200-day average (blue) since early November, this could mean that XRP may actually fall further before it begins rising again.
This pessimism, however, is undermined by recent market developments and news, with analysts now expecting things to become more bullish once the SEC begins approving Bitcoin ETFs in January.
If the SEC does provide a few ETF approvals, the market will undoubtedly rally big, with XRP likely to benefit more or less as much as any other altcoin.
On top of this, Ripple has some good news of its own, with the company now registered as a VASP in Ireland.
We’re honored to be added to the @centralbank_ie’s list of registered virtual asset service providers – allowing us to provide digital assets services within Ireland.
Learn more: https://t.co/LMCM8a25IT
— Ripple (@Ripple) December 20, 2023
This is likely a prelude to Ripple offering various crypto-related services in the EU, given that the incoming MiCA regulation enables firm’s with VASP registration in one EU member state to offer services throughout the bloc.
Its approval also comes in addition to it gaining a Major Payments Institution (MPI) license from the Monetary Authority of Singapore in October, another significant win for the company.
As such, 2024 could end up being a very big year for Ripple, which could expand its business significantly.
And by extension, the XRP price is likely to rise in parallel, potentially reaching $1 within the first couple of months of the year.
Diversification with New High-Potential Altcoins
It’s possible that, unlike certain other alts, XRP may require a little more time to register significant gains, given that Ripple is also waiting on a full settlement with the SEC (expected around summer).
As such, many traders may prefer to investigate in newer tokens, particularly those that are in line to enjoy their initial growth rallies.
One new coin likely to do just this is Sponge (SPONGE), which enjoyed a 150% rally in May after listing in the wake of its successful presale.
While Sponge has already launched, it’s currently in the process of launching a second version of its token, which comes in addition to a new staking model and an interesting SpongeBob-themed play-to-earn game.
Welcome to #SpongeV2, the relaunch and evolution of the original $SPONGE token!
We’re introducing a unique staking model and new #P2E game to take #Sponge to the next level.
Stay tuned for more info! #MemeCoin #BullRun #Crypto #Alts pic.twitter.com/H8iVXJaYLH
— $SPONGE (@spongeoneth) December 18, 2023
Sponge V2 will be the native token for the P2E game, providing holders with unique opportunities for earning while having fun.
Holders of the first version of Sponge will need to stake into the newer version, since the original token will be disable once the transition is complete.
They can do this by going to the official Sponge website, where they will receive one Sponge V2 token for every Sponge V1 coin they stake.
Sponge V2 is bringing exciting utility to the new token through our #P2E game!
Users will be able to earn #SpongeV2 tokens by playing the game and ranking on the leaderboard.
Don’t miss out. $SPONGE #Presale #Altcoins pic.twitter.com/5tHsKwwlhP
— $SPONGE (@spongeoneth) December 21, 2023
In addition, Sponge V2 will provide a new staking model, with stakers receiving up to 40% APY if they keep their tokens locked up for the maximum amount of time (four years).
This all promises to make Sponge V2 one of the most intriguing new tokens in the market next year, and given that it saw big rallies when it first launched in May, it could easily see more big rallies again.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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