Despite the wider crypto market decline, Movement Network’s MOVE has surged over 6% today and 14% in a week. 

The bullish momentum follows the launch of Movement’s mainnet beta and fresh ETF filings from Rex Shares and Osprey Funds.

Movement Network’s Mainnet Beta Goes Live

The mainnet became operational on March 10 at 15:00 UTC, offering a key bridging mechanism powered by LayerZero. Users can now move assets like MOVE, USDT, USDC, wBTC, and wETH onto the Movement blockchain.

The launch brings over $233 million in liquidity to the network, including BTC, ETH, and MOVE, sourced through the Movement Cornucopia program. With this rollout, developers and users can interact with the network freely for the first time.

MOVE was originally developed as part of Facebook’s digital currency initiative, which was abandoned in 2022. 

Since then, the programming language has been used for layer-1 projects like Sui and Aptos, while Movement Labs has extended it to create an Ethereum-based layer 2.

Rex Shares File for a MOVE ETF With SEC 

On the same day as the mainnet launch, investment firms Rex Shares and Osprey Funds have filed to introduce an ETF tracking the price of MOVE.

Previously, Rex Shares has sought ETF approvals for various crypto assets, including meme tokens like TRUMP, BONK, and DOGE.

The filings come as the SEC is seemingly turning more pro-crypto and dropping securities status for many assets. Earlier, the Commission announced that it does not consider meme coins as securities.

Also, Under the new leadership, the regulator has dismissed several lawsuits and investigations involving firms like Coinbase, Kraken, Robinhood, and more. These positive developments are influencing more altcoin ETF applications. 

With these positive developments, MOVE has now crossed $1.2 billion in market cap. The altcoin’s trading volume has also surged by over 40% today. 

Crypto expert Dark Defender maintained his ultra bullish stance that the XRP price could rally to as high as $280 at some point. Interestingly, the expert has even updated his XRP price prediction, stating that the crypto could reach $333.

Expert Defends $280 XRP Price Prediction

Dark Defender has defended his $280 XRP price prediction following criticisms from the crypto community. In an X post, the expert reacted to a post by another crypto expert who seemed to mock the prediction. He stated that the pattern is close to $280 but added that the precise Fibonacci level sits at $333, indicating that XRP could reach this price level.

As CoinGape reported, Dark Defender had laid out a bullish XRP analysis yesterday, suggesting that the crypto could replicate its 2017 bull run performance again. His accompanying chart showed that the coin could reach as high as $280. However, based on his recent statement, XRP could surpass this price target and reach $333.

One of the major criticisms regarding this XRP price prediction is the market cap, which the crypto would have to attain to reach this price target. For context, based on the crypto’s current circulating supply, XRP’s market cap would sit around $1.6 trillion if its price reaches $280.

However, the expert suggested that the total market cap doesn’t matter in this regard. According to him, the total market cap doesn’t mean that much amount of money poured into the asset. He gave an example and then remarked that market cap in crypto is an illusion.

An Insight Into The Current Price Action

Amid this development, crypto analyst CrediBULL Crypto has provided insights into the current XRP price action. The analyst noted that the crypto has witnessed a pullback from range highs back to prior flipped resistance levels, which should now act as support.

He remarked that holding these levels as support would be incredibly bullish. However, if XRP loses this support zone, the analyst remarked that it is almost certain that the crypto will drop below $2 again, which he claimed would make for an “epic buy opportunity.”

CrediBULL Crypto stated that it is a win-win situation regardless of what happens as far market participants stay patient and play the current price action correctly.

As to what they could do correctly, the analyst advised market participants to do nothing as long as XRP holds this support zone and rise their spot bags to higher highs. If the XRP price drops below $2, he advised that they should look for potential long opportunities and spot buys below $2, starting at $1.80.

Based on a CooinGape market analysis, XRP could soon rebound after the number of addresses and transaction count surged. Santiment data showed that weekly active addresses have surged to a record high above 1.15 million.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.