It has been a positive week for XRP (XRP) investors, with the token’s value rising 8% since last Wednesday.
XRP now looks to be heading for its first bullish weekly close since early August – and traders are eyeing the $0.55 level as a potential short-term price target.
Meanwhile, viral presale crypto Bitcoin BSC (BTCBSC) continues to gain market traction, nearing its soft-cap funding target of $3.96 million.
XRP Price Pushes Back Above 20-Day EMA Amid Sustained Bullish Surge
It’s been a tumultuous year for XRP, primarily due to the uncertainty surrounding Ripple Labs’ ongoing legal battle with the SEC.
However, investor uncertainty is waning slightly, with XRP posting two green daily closes in a row, pushing the price back above the 20-day Exponential Moving Average (EMA).
XRP is now hovering around the $0.515 level – with investors hopeful that the price can push up to $0.55 to tap the wicks created in August.
This positive momentum has been brought about by XRP’s rejection of the support zone located at $0.47, which was tapped on September 11.
Since then, XRP has closed bullishly in 6 out of the past 8 days, marking the token’s best run of form since mid-July.
Daily trading volume for XRP is up slightly, while the token’s market cap has increased to $27.4 billion, positioning it as the fifth-largest cryptocurrency globally.
Only time will tell whether this bullish momentum can be sustained, but XRP investors are enjoying a much-needed reprieve for now.
Confluence of Catalysts Drives Ongoing XRP Price Spike
Several catalysts have combined to result in XRP’s ongoing bullish surge.
Most notably, a recent article from Cointelegraph revealed that even though outflows from crypto-focused exchange-traded products reached $455 million in the past nine weeks, the products focusing on XRP saw inflows.
Exchange-traded products representing XRP added $130,000 over the past two months, indicating growing interest in the token despite the broader market’s bearish trend.
In addition, the US Federal Reserve is set to make its latest interest rate decision on September 20, with the CME FedWatch Tool presenting a 99% chance that rates will remain as they are.
Should this forecast prove accurate, it would be positive news for XRP (and the crypto market as a whole) since it increases the chance that rates might drop soon.
Low interest rates drive investors towards riskier assets, like XRP, so the anticipation surrounding the Fed’s upcoming meeting is positively affecting the XRP price.
Trending Bitcoin BSC Presale Nears Soft Cap Target After Raising $3.4m
It’s not just XRP experiencing increased attention – the new presale project Bitcoin BSC (BTCBSC) is also making waves in the market.
This BEP-20 token, hosted on the Binance Smart Chain, aims to simulate Bitcoin’s early trajectory and block rewards through a first-of-its-kind staking model.
BTCBSC’s ongoing presale is nearing its soft cap goal of $3.96 million, having already raised over $3.4 million in just three weeks.
With BTCBSC tokens priced at just $0.99 during the presale, mimicking Bitcoin’s 2011 valuation, investors worldwide are jumping at the chance to buy low.
According to the project’s whitepaper, BTCBSC has a fixed supply of 21 million tokens, with 29% earmarked for presale buyers.
A further 69% will be used to fund staking rewards over an estimated 120 years – with yields currently sitting at 151% per annum.
This long-term outlook is attracting significant interest from the trading community, with over 2,400 people now forming part of the official Bitcoin BSC Telegram channel.
Looking ahead, Bitcoin BSC’s developers plan to list the token on decentralized exchanges once the presale concludes, boosting accessibility and liquidity.
With presale momentum continuing to build, BTCBSC seems primed to hit its soft cap target in the days ahead, making it a token worth monitoring.
Visit Bitcoin BSC Presale
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