The XRP price surge of 2% in the past day, taking the value to $0.716275 post the Federal Reserve’s decision to increase its base rate by 0.25%. Usually, a hike in the rate tends to exert negative pressure on financial markets, but this time it was seen as possibly the last increase in the current economic phase, creating a support base for the cryptocurrency market.
Although XRP dropped by 12% in the course of the past week, its valuation has soared by 50% in 30 days and twice the value from the year’s inception. The catalyst for these increments can be attributed to Ripple’s largely favorable verdict from SEC and a collaboration announcement with the Pacific Island of Palau for a stablecoin trial which can further augment XRP’s value in months to come, bouncing back from the plunge earlier this week.
From the trading perspective, the altcoin’s relative strength index, which had plummeted under 30 earlier this week, seems to now show a resurgence, indicating a large incoming buyer momentum which will drive it higher. Ripple’s latest partnership with the Republic of Palau, although not a significant global player, is a big win for Ripple, signifying an era where the company sees increased utilization by central banks and institutions of its network.
In line with this, the mass acceptance will only fuel XRP’s price, and there seems to be no ceiling on this upward trend especially given the favorable outcome in the legal battle with the SEC. It is not far-fetched to anticipate the price edging close to $0.90 or even touching $1 in the wake of these positive developments.
Despite a strong foundation, stakeholders might have to wait for a few months or potentially longer to see considerable gains. Traders seeking more immediate and higher-than-average returns may be tempted to explore presale tokens. These reign supreme currently with Wall Street Memes (WSM), a novel ERC-20 token, which is proving to be a successful venture with over $18.1 million raised within a month of its sale opening.
Fully aligned with the meme stocks movement which triggered the 2021 AMC and GameStop rallies, WSM already boasts of a thriving online community with 256,000 Twitter followers and counting, all potential holders and promoters of WSM. The token’s stride to success is its strong online presence as well as the decision to reserve 30% of WSM’s total supply for community rewards apart from the 50% for the presale.
With 1 WSM presently priced at $0.0325, the value may likely shoot up post its listing on exchanges. Visit the official Wall Street Memes website for more details. Cryptos are high-risk assets; this article is for informational purposes only and does not constitute investment advice. Please approach with caution.
Source: Cryptonews
