The XRP has witnessed a 2% increase in the past 24 hours, standing at $0.476333 as we see the broader crypto market experience the akin upsides. Though a considerable respite for the coin holders after recent losses, the altcoin still stands to be lower by 3% and 6.5% in the preceding week and month respectively. However, since the start of the year, the coin positions better with an impressive 40% rise.
A significant turnaround for Ripple is attributed to its developing legal standings with the SEC, an affair likely to be resolved within a few months. A favorable conclusion here can add to the ongoing momentum, potentially elevating the coin to new summits during the fresh bull market run.
The coin’s indicators underpin this projected recovery. Notably, XRP’s Relative Strength Index ascended from below 30 to 50 recently. Concurrently, its 30-day moving average hinted at a likely upturn, foreseeing a probable rise in the coin’s value. Following this positive shift, XRP’s price has crossed its 30-day average indication, building its momentum possibly into a medium-term rally with a short-span price target of $0.49 to $0.50.
Examining from the larger perspective, XRP seems to promise more. The SEC-Ripple legal case is advancing towards its conclusion, with Ripple more likely to get verdicts that would preserve their business operations while keeping its listing on exchanges open.
With the release of the much-anticipated Hinman’s emails, it came to the fore that even SEC held ambiguities in discerning if a cryptocurrency was a security. Coupled with earlier rulings favoring Ripple, including upholding the right to fair notice and excluding SEC’s expert witness, a hopeful conclusion can place XRP to be one of the biggest rallies of the year, possibly setting it on track to its all-time high of $3.40 or even beyond.
However, the uncertainty and the waiting span for the verdict can delay the momentum, making newer altcoins a resourceful diversification option for the short-run, particularly interesting are presale tokens like recently launched Thug Life Token (THUG). This meme coin is gaining traction, already raising close to $150,000 in its presale with a total maximum supply of 4.2 billion tokens. Unlike other crypto presale offerings, THUG’s presale has just one stage, making it a more decentralized meme token, opening up potential profitable avenues for investors well into the future.
Source: Cryptonews
