The price of XRP hit a low of $0.468321 reflecting a 3% plunge within the past week and a 5% decrease over the past month. Nonetheless, the altcoin held firm at $0.46 support level and has witnessed a 37% surge since the start of the year, largely propelled by positive prospects linked to the ongoing Ripple-SEC case. The case is anticipated to conclude soon, and should Ripple emerge victorious, we might indeed witness XRP mount a hefty rally.
In light of Ripple’s business operations continuing to grow amidst the ongoing legal tussle, XRP is touted to become one of the standout success stories of 2024. XRP’s chart and indicators are presently poised right where considerable gains can be expected in the near future.
The altcoin’s relative strength index is nearing 50 after almost hitting 30 last week, signalling a potential recovery of momentum, while the 30-day moving average suggests that the coin is oversold and is due for a rebound soon. However, a successful correction is contingent on a favourable outcome for Ripple in its case against the SEC.
A critical revelation in June fortified Ripple’s case. The long-awaited Hinman emails showed that the SEC itself was unclear on how securities law was applicable to cryptocurrencies, which fortified Ripple’s fair notice defense. Ripple could argue that SEC’s lack of clarity deprived cryptocurrency firms of adequate warning about possible lawsuits. Additional recent court developments bolster the notion that Ripple stands a genuine chance of obtaining a ruling it desires.
With all this considered, if Ripple secures a favourable judgement, it is likely that XRP will break past the $0.50 barrier, potentially reaching $1, within weeks of the case’s conclusion. Should Ripple’s business operation continue to expand indefinitely, XRP could likely maintain consistent gains and potentially rise to $2 or $3 by the first half of next year.
While the situation appears favourable for XRP, a positive conclusion to Ripple’s case isn’t guaranteed, and holders may still have to wait several months for a final decision. In this light, some traders could explore other high-potential altcoins for short-term gains.
One such example is Wall Street Memes (WSM), an ERC-20 token that has already amassed over $13.7 million since its presale debut last month. Thanks to its solid real-world presence, WSM not only offers the potential for significant rallies when it lists on exchanges in the coming weeks but also the possibility for consistent growth over the long run. Despite the promising outlook, it should be kept in mind that crypto investments are high-risk propositions, and it’s crucial to exercise due diligence.
Source: Cryptonews
