The XRP price has experienced a dip of 1% today to $0.521650 amid a falling cryptocurrency market in the last 24 hours. Nevertheless, XRP has gained 3% weekly and 22% over the last 30 days. Its 24-hour trading volume remains close to $2 billion. This performance contrasts with the overall market that has been affected by the SEC’s legal actions against Coinbase and Binance. However, experts’ anticipation of Ripple emerging victorious in its case against the securities regulator could result in considerable gains for XRP shortly.
XRP’s indicators are in a relatively positive state, recovering from the market-wide impact of the SEC’s policies. Its relative strength index (purple) is above 50, signifying recovering momentum. Additionally, XRP’s 30-day moving average (yellow) is elevated above its 200-day average (blue), suggesting a higher likelihood of the altcoin continuing to rise. XRP’s support level (green) has been ascending since late May, forming a pennant with its resistance level (red) that might lead to a breakout.
The main reason for an expected breakout soon is the conclusion of the Ripple-SEC case, with the majority of industry experts predicting a favorable outcome for Ripple. Multiple recent developments bolster this argument, including the retrieved legal advice for the SEC, stating that XRP is not a security. Furthermore, the court’s exclusion of the SEC’s expert witness and the ruling that Ripple could use a fair notice defense have strengthened Ripple’s chances of success.
Despite the ongoing case, Ripple has experienced business growth in recent years. Its financial reports show healthy XRP sales as part of the cross-border payment services and expansion into new markets. A positive ruling could significantly boost Ripple’s business and push XRP’s price to rally, possibly reaching $1 shortly after the conclusion and potentially hitting $2 by the year’s end.
Although Ripple’s situation appears promising, the decision in its case might still be months away, and there are no guarantees of a favorable conclusion. Traders are advised to consider diversifying their investments into other altcoins, particularly newer ones with potential, pending major breakthrough rallies.
A cryptocurrency worth considering is ecoterra, an Ethereum-based recycle-to-earn platform that raised more than $4.8 million in the presale for its ECOTERRA token. With the platform launching later this year, it aims to reward users for recycling household waste at participating recycling points in the form of ECOTERRA and non-fungible tokens (NFTs). These can be resold for potential profit, and the platform also intends to offer a rewards system for users utilizing renewable energy and an NFT-based carbon credits marketplace.
Currently, 1 ECOTERRA is valued at $0.00925, with the price expected to rise to $0.01 in just over 20 days when the next stage of the sale begins. Investors can buy and participate in this promising ecosystem on the official ecoterra website.
Source: Cryptonews
