With the recent turn of events, XRP has claimed its position as the fifth-largest cryptocurrency worldwide in terms of market cap, surpassing USDC. This move has been ushered in by a 2.5% appreciation in the altcoin’s price over the course of the previous week. As we digest the currently standing $0.509616 price tag, it’s important to note that, notwithstanding a 1.5% decline within the past month, the coin boasts of a 50% bulge from the dawn of the year. This uptick can be attributed to the largely favorable outcome of Ripple’s legal duel with the SEC.
Despite the recent pullback, which is a dash of cold water from the overall market sentiment, XRP looks well-poised for an upswing in the imminent future. Figures emerging this week feature a slightly bolstered XRP, showing some semblance of fortitude after a spell of wavering strength. Its Relative Strength Index has seen a hike up to 50 and displaying potential for further elevation.
Complementing this is a levelling off of XRP’s 30-day moving average after dipping under its 200-day benchmark just over a week back. This suggests that the coin could have already plunged to its nadir with buyers readily cashing in on the slashed price. This interpretation is backed by the token’s steadily ascending support level. Add to this is the data suggesting that whales are back in the business of stockpiling XRP, which puts an end to a downward trend and marks the advent of a potential surge.
Ripple, now emerging from its SEC lawsuit, has moved on to broaden its business landscape. Recent alliances with the Republic of Palau as well as the Rocky Mountain Institute point towards an expansive role for XRPLedger and XRP. This bodes well for XRP’s long-term pricing scenario. As such, we can anticipate a resurgence of XRP to the $0.60 mark soon, followed by a year-end wrap up around $0.75 to $0.80 in 2023.
Simultaneously on the high-potential altcoin radar is Wall Street Memes (WSM), an ERC-20 meme token that has successfully achieved over $25 million since the launch of its sale in the summer. Born from the meme stock movement, that injected a jolt of surprise into the stock market with the GameStop and AMC rallies in 2021, WSM promises growth and continuity.
With loyal backing from a community of 277,000 followers, it seems well-established and primed for sustained success. The WSM token supply stands at a roof of 2 billion – half of this has gone towards its presale, with another 30% earmarked for community rewards. Potential investors have a shrinking window of three days to hop onboard the presale train.
However, don’t forget to engage cautiously and be reminded that crypto investments possess a high-risk profile. Although staying in the know about market dynamics and exciting opportunities is essential, it is equally crucial to exercise due diligence while dealing with crypto investments.
Source: Cryptonews
