Observing the digital currency market shows a general dip, with XRP experiencing a 1.5% decrease within a 24hour timeframe, now standing at $0.585019. Similarly, the global cryptocurrency sector has seen a 2% depreciation, due to an array of factors such as delayed Bitcoin ETF decisions and weakness in stock markets. Despite this seeming negativity, we must say that XRP’s performance has seen a 72% increase since the year began. Looking at the developments, the legal triumphs against the SEC by Ripple have served as a catalyst for this growth.
In light of recent events, Ripple filed opposition against the SEC on an appeal based on the July ruling. This may pivot market sentiment in favor of XRP. Nevertheless, the current state of XRP shows lower than usual strength index, which indicates a possibility of overselling and a potential rebound.
Viewed as an undervalued asset, the 30-day moving average of XRP is falling below its 200-day average, suggesting a likely rebound soon. However, the continual slide downwards of the support level implies a few more drops before positivity is restored. On a different note, we haven’t seen any significant XRP transfers to exchanges by whales recently, although the trading volume has gone beyond $1.4 billion today.
External factors, such as delays in Bitcoin ETFs applications and global investor scepticism due to the slow-down of Chinese economy have contributed to the dip in XRP. Although we have seen XRP rise impressively in past weeks, it is likely that it may experience the harder fall with a turning market sentiment. Nonetheless, there are observable factors that spur the optimism about XRP’s future.
While the SEC and Ripple are still battling in the corridors of justice, remember, the regulator doesn’t hold the authority to lodge a normal appeal until the trial is concluded on a separate issue. Therefore, the appeal by the SEC may not be granted, a huge relief to Ripple and XRP stakeholders. Little has changed to alter the July’s ruling, suggesting a hearty rebound of XRP should be expected soon, potentially returning to the $0.60 mark.
Amid global economic chill, valuable opportunities have surfaced in the digital economy scene. Pre-sale tokens have matured into lucrative return sources this year with Wall Street Memes (WSM) being an essential reference point. WSM has drawn over $24.6 million since commencing its sale in June due to its sound community foundation. Being rooted firmly in the meme stocks movement, it has seen its social media platforms gain substantial followers, a scenario many new meme tokens only wish to experience.
Anticipated to list on exchanges in the coming weeks and with robust tokenomics giving the community control, WSM seems set to stir the digital financial scene. Its presale is an opportunity for new investors, and early investors are bound to gather considerable profits upon its listing. With the final stage of the sale looming and 1WSM currently priced at $0.0334, the market looks ready to receive another revolution.
However, always remember that with crypto, high risk is inherent, and while this information serves to inform, it should not steer your investment decisions. Financial caution is always advised.
Source: Cryptonews
