The XRP price has gained by 1% today, turning a profit amidst a market-wide decline. This signifies an 11% gain in the past week, with traders and experts increasingly coming to expect a positive verdict in Ripple’s long-running case against the SEC. With a staggering 48% growth since January 1, XRP has rallied on the optimism of a positive outcome for Ripple.
A particular analyst forecasts a breakout for XRP in June, raising hopes for the long-awaited surge for the altcoin since December 2020. While XRP’s relative strength index (RSI) dipped below 50, indicating a loss of momentum, it has recently begun to climb again. Simultaneously, its 30-day moving average remains higher than its 200-day average, pointing to potential incoming gains. As XRP consolidates around increasingly high prices, its support level continues to rise, set as a stage for further growth.
One expert, known by the Twitter handle @CryptoGodJohn, has suggested that a 12% or more breakout could occur next month. Considering the positive developments coming out of the Ripple-SEC case, this prediction seems plausible.
Recently, SEC emails revealed the regulator had received advice that XRP was not a security, undermining their case against Ripple. Combined with other positive rulings in favor of Ripple in recent months, the cryptocurrency company stands a good chance of securing a summary judgment or favorable settlement, allowing it to continue operating and permitting XRP trading.
Ripple’s recent $250 million acquisition of Metaco, a provider of digital asset custody services, also implies confidence in a positive outcome for the case. Market confidence in XRP continues to grow, with the possibility of a massive rally that pushes its value up to $1 in a matter of weeks once a positive judgment arrives.
However, this potential big rally may not occur for several months, as the outcome of Ripple’s case may not be finalized in the near future. Hence, traders might consider spreading their investments into other altcoins, with pre-sale tokens offering the prospect of significant, market-beating gains when they list on exchanges.
One example is Wall Street Memes (WSM), a new cryptocurrency emerging from the meme stocks movement that began with the 2021 GameStop and AMC rally. WSM’s pre-sale token raised over $1.2 million in its early stages, reflecting growing investor interest. The pre-sale price will increase by 30% before listing on exchanges, which could lead to even more substantial rallies once listed. The success of WSM’s pre-sale may make it one of the year’s top-performing token offerings.
Although Ripple’s situation looks promising, no sure outcome exists. Thus, diversifying with alternatives like Wall Street Memes could prove a wise decision for traders seeking to maximize gains in the ever-volatile cryptocurrency market.
Source: Cryptonews
