The recent rise of XRP price by 3% in the past 24 hours to $0.529440 has caught the attention of many crypto enthusiasts, as it outperforms several rival altcoins amidst the SEC’s legal actions against Coinbase and Binance. With a 3.5% increase in a week and a 20% surge in the last 30 days, XRP’s strong performance is partly due to the SEC’s reluctance to name it as a security in the aforementioned lawsuits.
While neither Coinbase nor Binance.US lists XRP, it’s worth noting that Ripple is expected to secure a positive outcome in its legal battle with the SEC. This could set the stage for significant price rallies for XRP in the near future.
In a time when market indicators are showing mixed signals, XRP’s relative strength index and its 30-day moving average have both risen significantly, indicating positive momentum for the altcoin. The market’s excitement surrounding XRP is undeniable; however, the situation remains unstable and XRP could face short-term setbacks.
With Ripple’s court situation, a favorable outcome could propel XRP’s value to over $1. In the long run, breaking the $5 barrier during the next bull market cycle and potentially reaching $10 in the following years seems plausible.
However, it is essential to remember that Ripple’s recent progress in the legal battle does not necessarily guarantee victory against the SEC. Thus, crypto traders may want to diversify their portfolios into other altcoins or pre-sale tokens to spread risk.
For instance, Wall Street Memes (WSM), a newly launched cryptocurrency born from the 2021 GameStop and AMC rallies, has already raised over $4.8 million in the pre-sale of its WSM token. With a robust community backing the coin, including more than 225,000 followers on Twitter, a significant rally could occur when WSM is listed on exchanges in the coming months.
All these developments highlight two primary aspects of the current crypto market – the growing excitement around altcoins like XRP, and the importance of diversifying one’s investments to mitigate risk. While the exact trajectory of XRP’s value remains to be seen amid uncertainties, it’s evident that the market landscape continues to evolve, offering both challenges and opportunities for well-informed investors.
Source: Cryptonews
