The XRP price has recently experienced a 1% increase in the past 24 hours, recovering to $0.516186 after a tumultuous weekend due to the exit of market makers from Binance, causing altcoin prices to plummet by more than 25%. Despite being down by 3.5% in the past week, XRP has seen a 20% increase in the last 30 days and a 51% increase since the beginning of the year.
The Securities and Exchange Commission’s (SEC) actions against Binance and Coinbase have brought instability to the market, but XRP seems to be faring better than most other altcoins. Ripple’s case with the SEC is expected to close in the next few months, and if the outcome is positive, a massive rally for XRP could ensue.
The current technical indicators for XRP offer a mixed viewpoint. Its relative strength index (RSI) has returned to 50 after nearing the oversold mark at 30 over the weekend. This suggests that XRP is regaining some momentum, although its 30-day moving average has started to slide downwards, which could signal further losses.
However, XRP’s medium-term support level has risen, indicating that it may not fall significantly lower than it did on Saturday. Additionally, Ripple is well-positioned to navigate through the SEC and Binance-related events and could potentially see more gains in the near future.
Recent developments in the Ripple-SEC case have been mostly favorable for Ripple. For example, emails submitted to the court revealed that the SEC had received legal opinions indicating XRP was not a security. Ripple has also experienced other positive advancements, such as the court excluding an SEC expert witness and denying the regulator’s demands to exclude Ripple’s own witnesses.
Given these circumstances, it seems likely that Ripple has a strong chance of securing a judgment that allows the continuation of its business and enables exchanges to list XRP. Such an outcome would be massively beneficial to XRP, potentially leading its price to surge from its current $0.51 to $1 and even reaching $5 during the next bull market.
Despite the possibility of a favorable outcome for Ripple, investors are advised to diversify their portfolios into newer altcoins that don’t have legal disputes and haven’t yet experienced substantial rallies. Presale tokens hold strong potential for significant gains as their sales end with the coins being listed on exchanges.
One promising presale token is Wall Street Memes (WSM), an altcoin associated with the meme stocks movement. WSM’s presale has already raised over $6.2 million, demonstrating considerable interest and a robust following. While it is a meme token with limited utility, its strong community could support its price in the long run.
Currently, in its 12th presale stage, 1 WSM is priced at $0.0283, but it is expected to rise to $0.03370000 by the 30th and final stage. Investors can participate in the presale via the official Wall Street Memes website and connect their cryptocurrency wallets. The presale is expected to end in the next couple of months, after which WSM will be listed on exchanges, potentially yielding significant profits for early investors.
Source: Cryptonews
