The altcoin XRP has witnessed a 3% gain within a 24-hour span, boosting the price to $0.529853. Coupled with an increase in trading volume to $1.5 billion virtually overnight, this much-needed respite comes after cryptocurrency markets suffered a rough patch due to rising macroeconomic fears and regulatory hurdles. In the last 30 days alone, XRP saw a tumble of 25%, but a foreseeable strong upwards correction may be on its way.
Interestingly, market indications point towards a promising future for XRP, whose price has increased by 55% since the year’s start. The altcoin’s relative strength index (purple) has started a slow rise after a week in debacle. The 30-day moving average (yellow) is also predicted to join the bullish bandwagon, alluding to a sturdy price above both averages.
Validations of these movements can be arguably thin as the recent court progression by digital asset manager, Grayscale, primarily concerns a rival cryptocurrency, Bitcoin. Nonetheless, Grayscale’s victory indirectly wins the day for the entire crypto market. The judgment hints at the Securities and Exchange Commission’s (SEC) inconsistent stance on cryptocurrencies, muddying the waters for successful outcomes in ongoing cases against well-known entities like Ripple and Coinbase.
Should this trend persist, we could witness frequent rallies for XRP in the coming months, with data indicating potential whale accumulation of the altcoin. Further boosting XRP’s appeal is Ripple’s progressive business expansion since its partial victory against the SEC. Factors such as recent partnerships and steady sales of XRP as part of its cross-border transaction operations bode well for the altcoin’s future.
However, the future of altcoins is not just about XRP. Investors keen on diversifying their portfolio may turn their attention to up-and-coming cryptocurrencies with high-potential yield. A prime example is the Wall Street Memes (WSM), a fresh ERC-20 meme cryptocurrency with a strong potential for a substantial rally once listed on exchanges.
Claiming its roots from 2021’s infamous meme stocks movement, WSM has amassed a considerable community for support, indicated by its Twitter follower account of just over 265,000. Its potential is further amplified by the distribution of 30% of its total coin supply towards community rewards, fostering considerable community involvement. Hence, with a much more sustainable and long-lasting meme token, WSM may rise above most of its competition.
In conclusion, while XRP is predicted to gain ground and possibly return to both $0.60 and $0.80 levels in the span of weeks to months, fresh altcoins like WSM could offer faster and bigger gains in the near term. Yet, responsible readers should remember that the crypto game always carries high-risk bets. One could potentially lose all of their investments dedicated to this volatile asset class.
Source: Cryptonews
