The cryptocurrency world took note when XRP, the cryptocurrency of Ripple, skyrocketed by an astounding 25%. This spike occurred following a significant, albeit not conclusive, win in a lawsuit brought against Ripple by the US Securities and Exchange Commission (SEC). The SEC accused Ripple of selling $1.3 billion worth of unregistered securities via XRP sales.
This ongoing courtroom drama has been a significant cloud over XRP’s potential for years, negatively influencing its U.S market and Ripple’s cross-border liquidity business. However, this latest development in court has injected a fresh wave of excitement into the XRP market, pushing its value up to a high of $0.58, not seen in more than a year.
Many traders are now forecasting further short-term gains for XRP, tipping $0.90 as the next significant resistance area, a growth potential of approximately 50% from its current standing. This surge in price results from XRP creating a successful northward break from a long-standing ascending triangle pattern.
However, is $100 a realistic target for XRP? With its current circulating supply, XRP hitting $100 would imply a total market cap of around $5.25 trillion. While the world of crypto is still in its infancy, and Ripple’s cross-border payments business and broader XRP adoption could potentially grow exponentially, reaching this benchmark could be a matter of decades.
While XRP may be a good bet right now for risk-tolerant traders looking for near-term gains, there’s arguably another way to secure an upside – through meme coins. Cryptonews.com team suggest interested parties lookout for small-cap meme coin gems. Wall Street Memes (WSM) and the newly launched Thug Life Token ($THUG) show promising potential.
The Wall Street Memes community has grown into one of the internet’s hottest retail investing communities, with over a million members on various social media platforms. Their initial token sale raised a staggering $14.5 million in little over a month.
On the other hand, despite launching only a week ago, Thug Life Token raised more than $1.35 million via its token pre-sale. Its unique approach to meme coins, revolving around the timeless Thug Life movement popularized by hip hop stars such as Snoop Dogg in the 80s, may provide a refreshing relatability in the market.
In conclusion, while XRP seems to be on an upward trajectory, the meme coin market also offers intriguing opportunities for the discerning investor. However, it is crucial to remember that crypto investment is a high-risk venture and one needs to approach it with due diligence and a sound strategy.
Source: Cryptonews
