Over the last 24 hours, the XRP price has exhibited a minimal 0.4% drop, slightly mirroring the overall downward trend in the cryptocurrency market. However, the altcoin has firmly clung to its $0.48 support level. Its current price stands at $0.488240, representing a 3% increase over the last week, despite an 8% fall over the last 30 days. On a more positive note, the 49% rise compared to a year ago signifies optimism linked to Ripple‘s ongoing legal battle with the SEC.
As the legal proceedings near their conclusion, speculation abounds for a potential upside for XRP. A multitude of legal opinions presumes that Ripple could negotiate a beneficial outcome. With its 30-day moving average climbing towards its 200-day, XRP’s indicators imply that a rally could be imminent.
Moreover, the relative strength index has been steadily recuperating from 30 at the prior month, with room to continue climbing. Furthermore, its support level has risen significantly over the previous week, suggesting its price won’t plunge any time soon.
Ripple’s CEO, Brad Garlinghouse, anticipates the case’s conclusion within a few weeks. He asserts that a favourable judgment or settlement could eventually raise XRP’s standing in the market. Even though a Ripple victory is not guaranteed, the market remains optimistic about a potential XRP rally–which could accelerate toward $1 once the legal proceedings result in Ripple’s favour.
Still, considering the uncertainties, traders might expand their portfolios to balance potential risks. An excellent example is the Wall Street Memes (WSM) presale tokens. This new meme coin, a product of the 2021 GameStop and AMC rallies, has already gained massive support, raising over $12.6 million in a month. It certainly illustrates the interest in diversified investment opportunities to counteract potential risk.
Final reminder, crypto remains a high-risk asset class, every investment – a gamble. Research thoroughly and invest wisely, remembering the possible loss of your capital. Keep watching the space while we scrutinize the market for more exciting updates. Stay tuned and stay informed!
Source: Cryptonews
