While the XRP price remains stubbornly pinned at $0.626890, crypto enthusiasts reflect on the coin’s turbulent journey. Since its 84% rise since January due, largely, to a mostly positive outcome in Ripple’s SEC case, XRP has been consigned to the doldrums. The case’s favourable outcomes, however, face a challenge, as the SEC has expressed its desire to appeal certain aspects.
The crypto market, not least XRP, has suffered the effects of market-wide negativity. This dark cloud emerged from a mixture of contentious circumstances such as US debt downgrading, persistent rate hikes, and concern surrounding the Chinese economy. Despite these headwinds, XRP’s indicator maintains strength, with trading volume nearing $1 billion and a likelihood for it to rise soon.
XRP’s current trajectory elicits cautious optimism. The prevalent mood of buoyancy despite a seeming overselling of the coin, coupled with an apparent decision for heightened support, may herald the end of a recent drop. Despite the mood surrounding XRP being curdled slightly by the SEC’s petition for an appeal, legal pundits speculate that it may not be granted, nor would it necessarily prevail.
In the event of an allowed, successful appeal, there is belief that exchanges will continue listing the altcoin. Coupled with Ripple’s announcement of significant partnerships over the past weeks, the expectation is for XRP to steadily rise over time. From $0.626, it could potentially return to $0.70 in the coming weeks, ending the year around $0.80.
XRP is not alone, with newer altcoins, such as presale coins, promising bigger short-term potential and garnering recommendation for diversification. For instance, the new ERC-20 coin XRP20, while identical to XRP in maximum supply, holds two clear advantages: a historical low price, mirroring XRP’s in 2014, and the opportunity for holders to earn a passive income through its Ethereum-based token staking.
Add to the equation a built-in burning mechanism, destined to burn 10% of its total supply, and soon XRP20 holders can look forward to significant gains once listed on trading platforms. With the launch of its presale site, time is running out for potential investors to jump aboard the XRP20 ship.
However, let’s remember the high volatility and risks inherent in the crypto arena. Potential fortune-building opportunities should be balanced with the very real possibility of losing all of your investment. Informational articles, like this one, should never replace sound advice from investment professionals.
Source: Cryptonews
