Coasting on strong momentum brought about by Ripple’s positive outcome in its case with the SEC, the XRP price remains robust even amidst a minor dip of 0.5% over the past 24 hours. This slight decrease to $0.745059 is not much cause for concern, considering that XRP has experienced a substantial rise of 56% over the last week alone. Moreover, the altcoin has grown by over 100% in the past year.
Analysts expect that the ongoing growth, spurred by the undervaluation of the cryptocurrency due to the legal predicaments with the SEC, will persist over the forthcoming weeks. Ripple’s position will likely be more secure allowing it to further enhance its business. Therefore, the long-term forecast signals the potential of XRP to become the market’s third-largest coin, trailing behind Bitcoin and Ethereum.
From a technical perspective, XRP’s indicators are promising, presenting a picture of strong performance. Its relative strength index remains over 60, additionally a steadily climbing 30-day moving average bests the 200-day average, indicating no exhaustion in its momentum. Furthermore, XRP’s support level is on the ascend, implying consolidation around a higher base level, primed for future rallies to kick-off from higher starting points.
However, XRP’s fundamental position may hold even more substance, underpinned significantly by the recent favourable legal developments. With Judge Analisa Torres’ ruling that Ripple’s non-institutional sales of XRP, i.e., sales on exchanges, did not constitute the offering of unregistered securities, a majority of US-serving exchanges can now relist XRP, giving a considerable thrust to the coin’s ongoing rally.
This victory has served as a launchpad for Ripple to potentially accelerate expansion, having consistently posted positive financial results, even amidst the SEC case. Consequently, Ripple is poised to forge more new partnerships, similar to the recent one with the University of Toronto. Such associations will undeniably further enrich Ripple’s growth trajectory, and XRP is expected to grow in tandem.
While XRP’s current position at $0.74 appears encouraging, it is equally essential to maintain a diversified portfolio to mitigate risk. As such, while observably one of the strongest major tokens in the market at present, it’s not advisable to channel all investments solely towards this altcoin.
In the evolving crypto space, several newer tokens are demonstrating substantial potential. Notably, Wall Street Memes’ presale tokens, which notably managed to collect over $15.5 million, garnered a considerable community. Such broad-based support is crucial for the success of any token, and it’s likely to help swell its price once it gets listed. This presents another attractive opportunity for savvy investors looking to diversify.
In conclusion, crypto investments come with their fair share of risks. However, carefully considered and diverse investments, like in XRP and the presale tokens of Wall Street Memes, could potentially pave the way for large gains.
Source: Cryptonews
