The price of XRP has surged by 1% in the past 24 hours, reaching $0.478546, as the cryptocurrency market begins to recover from recent losses. Although XRP has decreased by 8% in the last seven days, it’s experienced a 6.5% increase in the last 30 days and a 40% rise since the start of the year. This upward trajectory can be primarily attributed to increasingly positive expectations regarding Ripple’s ongoing case with the SEC, with the recent publication of the Hinman emails further boosting optimism.
With a favorable outcome for Ripple appearing more likely, XRP’s recent dips could be an opportunity for investors who are anticipating substantial returns in the near future. However, XRP’s chart and indicators remain somewhat uncertain, primarily due to the conflict between the positive news surrounding Ripple and the SEC’s regulatory actions targeting Coinbase and Binance.
XRP’s relative strength index (RSI) has started to decline again after a slight increase to 40 yesterday, indicating that the coin’s value might fall further before recovering. The cryptocurrency’s 30-day moving average also seems poised to drop below its 200-day average, potentially forming a ‘death cross’ that may signify additional losses. On the flip side, XRP’s support level has risen slightly in recent days, with the altcoin defending the $0.470 threshold.
In the broader context, XRP’s position looks favorable, with the market increasingly expecting a Ripple win in its case against the SEC. Before the regulator’s enforcement actions against Binance and Coinbase, XRP had been bolstered by positive sentiment regarding Ripple, resulting in a coin value as high as $0.560 on Tuesday. There is potential for similar gains in the coming weeks, particularly if Ripple emerges victorious.
Expert opinion is increasingly inclined to predict a positive outcome for Ripple, with the release of the Hinman emails this week strengthening Ripple’s case. Specifically, internal SEC discussions surrounding the 2018 Hinman speech — in which Hinman stated that Bitcoin and Ethereum were not securities — reveal that the regulator was concerned the speech could ‘confuse’ the classification of cryptocurrencies as securities. This supports Ripple’s argument that it did not receive fair notice about the possibility of the SEC prosecuting XRP as a security.
The market appears to believe that Ripple could secure a favorable summary judgment or settlement, allowing the company to resume business as usual and facilitating the relisting of XRP by exchanges. If this were to happen, XRP could potentially reach $1 in the weeks following the case’s conclusion, with an end-of-year value around $2, especially under more bullish market conditions.
In the meantime, for those seeking shorter-term opportunities, alternative altcoins and presale tokens with high potential for significant rallies are worth considering. One recent example is Wall Street Memes (WSM), a new altcoin that emerged within the meme stocks movement. Since launching the presale of its WSM token just a few weeks ago, the project has already raised over $7.8 million, indicating strong support and suggesting the possibility of future success.
Source: Cryptonews
