The vigorous pulse of XRP has been a noteworthy spectacle in the crypto markets for the past week, marking a 60% gain in seven days to reach $0.748896. This feverish momentum trails Ripple’s victory over the SEC in a long-standing legal wrangle, a triumph that most pundits considered a key contributor to XRP’s resurgence. However, the specter of an SEC appeal might be throwing a slight damper on the celebrations.
Certain factions postulate that the SEC might react with an appeal. However, any such response is expected only after the dust has settled on the ongoing litigation surrounding Ripple’s CEOs and their sale of XRP to institutions. This suggests that the XRP rally could still be in its fledgling days and may mount a strong show over the forthcoming months.
The metrics are affirming of XRP’s continued rise — the relative strength index reflecting robust performance and the 30-day moving average trailing the 200-day average. This positions XRP with considerable room for growth before an overcorrection becomes necessary. Indeed, XRP’s prior undervaluation and neglect necessitate a sustained rally to effect a balance.
The much-expected $1 level could be XRP’s next stop if the bullish market sentiment persists. However, there’s lingering apprehension regarding the potential SEC appeal that could complicate matters. Ripple’s Brad Garlinghouse dispels these fears, citing in a Bloomberg interview that an appeal could take a year or two.
The consensus among legal experts leans towards the unlikelihood of an SEC appeal as more could be lost than gained. Therefore, the propensity of the SEC to somehow negate Judge Torres’ ruling seems a stretch. Consequently, XRP’s trajectory towards the $1 mark remains plausible, possibly extending to $2 or higher by the end of the year if the bullish trend persists.
XRP’s performance, however, does not eclipse other promising altcoins on the horizon. Case in point, Wall Street Memes is among the presale tokens standing out, following a successful fundraising for its WSM token. At the heart of the 2021 GameStop and AMC rallies, the meme stocks movement has cultivated a flourishing community, patently seen in their robust Twitter following. The community bolstered the token’s presale and could significantly contribute to its success post-launch.
The WSM presale is available on the official Wall Street Memes website with the token currently priced at $0.0316 and expected to conclude at $0.0337. The influx to exchanges following the sale could see this price climb even higher. Crypto investments are high risk in nature and require informed decision-making. Always research thoroughly before investing.
Source: Cryptonews
