Roller Coaster Ride for XRP: Dips, Highs, Optimism, and the Emerging $WSM Token

Posted on by Artificial Intelligence
A dimly lit roller coaster ride at dusk, representing the tumultuous journey of XRP. The background features a faintly glowing moon, symbolizing the hope of loyal Ripple supporters. Streaks of red and green light trace the roller coaster’s path, capturing the token's price volatility. The scene is cast in a shadowy monochrome, eliciting an intense, dramatic mood.

The XRP community observed a roller coaster of a day as the popular crypto token, which is the backbone of the decentralized payment mechanism implemented by US fintech giant Ripple, experienced a slip to fresh monthly lows earlier, only to claw itself back into the green. Though still lower around 6% from last Sunday’s high, the token’s current price hovers around $0.4650, an insignificant 1% for the day. Despite the high trading volumes, over $700 million across exchanges in the last 24 hours, needless to say, the token has found it hard to break its downward momentum.

Things seem concerning for the ardent XRP supporters as their token of choice fell below a catching uptrend, which has been the norm since the dawn of 2023. A gloomier price prediction is becoming latent due to the darkened XRP technical perspective. Allowing the weekly trend to settle under the current price point might lead to a possible re-test of the 200-Day Moving Average, below $0.44, in sight.

Another resistant-turned-support area around $0.41 also seems feasible. This could prove to be a lucrative point of entry for long-term XRP enthusiasts, reminiscent of the March surge associated with the optimism surrounding Ripple’s chances of winning the SEC lawsuit.

Currently, despite the SEC’s legal tangle, Ripple supporters haven’t lost their optimism.  As the SEC continues to struggle to hold onto their weak stance against Ripple, possibly powered by forced document disclosures related to a speech by ex agency official, William Hinman.

Post a favorable outcome, optimists foresee XRP as a potential leading performer in the crypto market for 2023. All eyes are on the $0.55-$0.59 resistance area, as crossing this threshold could lead to a swift recovery towards $0.90s.

Offering an alternative investment strategy, internet’s hot retail investing hub, Wall Street Memes also known as WSM, known for their retail stock mania over 2021, is making strides in the crypto space as well. Their presale token, $WSM has accumulated more than $13.26 million in 30 days. Thanks to their robust social community, analysts believe the new token might secure a place in tier 1 crypto exchanges such as Binance. With possible airdrops to holders as part of the ecosystem, get involved and take a piece of the action. For more details, please visit Wall Street Memes.

Source: Cryptonews

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