As per recent analyses, XRP‘s viability continues despite a minor dip in its price, which has seen a 0.5% fall during the last 24 hours. This decline could be attributed to the ongoing instability in both cryptocurrency and overall financial markets, shadowed by the rising menace of bond yields. On the brighter side, the weekly performance of XRP shows a 2% rise and 4% gain over the last 30 days, which indicates resilience amidst challenges.
The most encouraging development in this context is the denial by Judge Analisa Torres, rejecting the SEC’s bid to re-appeal against her initial verdict in the case against Ripple. Following this verdict, XRP demonstrated an impressive 53% surge from the start of the year, cementing the belief that it can maintain its medium-term momentum and possibly spur rallies in the future.
The 30-day moving average suggests the altcoin may continue to rebound, with XRP’s support level rising since early September. This trend suggests it has primarily finished its descent for the year and could start ascending as we approach the end of 2023. However, the extent of the rise will hinge on XRP’s ability to break through the $0.55 resistance level. On a positive note, XRP’s current undervaluation should expedite reaching this goal.
The ruling that Ripple’s programmatic XRP sales did not constitute securities further fuels optimism. This denial essentially shuts the doors for the securities regulator to appeal and must wait for the trial on remaining issues. Given the SEC’s failure so far in the Ripple case, there isn’t a definitive promise of success in next year’s trial or any subsequent appeal.
All told, XRP’s fundamentals look positive thanks to Ripple’s ongoing expansion of its cross-border transfer business, and its endeavor to seal new partnerships. These factors could push XRP price to $0.60 in a couple of weeks, and it might hit $0.75 or beyond by the New Year.
In spite of all these positive sentiments, those seeking above-average returns in less time might want to explore new altcoins. For instance, the decentralized casino platform, TG.Casino(TGC), has raised over $450,000, a few weeks post its presale launch. TGC plans to harness the power of the messaging app Telegram, offering an extensive selection of games and gambling experiences. The application of Telegram is expected to aid TGC’s growth, with its token seeing real utility for game participation and staking.
To conclude, blockchain technology not only shows enormous potential in financial markets but also paves the way for new business models like decentralized casinos. Nevertheless, caution should be exercised, and investment decisions should be made considering the inherent risk factor.
Source: Cryptonews
