The blockchain market reveals a slight stagnation as XRP price remained flat with a mini-dip of 1% accounted over past seven days to level at $0.47323. It occurs in the backdrop of a recent ruling in the LBRY Sec. and Exchange Commission (SEC) lawsuit. Though this particular decision does not directly affect Ripple’s case with the SEC, observers are convinced that Ripple may yet secure victory, potentially offering XRP at a discounted price for the future.
The charts also signpost a possible rally. The relative strength index demonstrates a rise above 50, indicating a regrowth of momentum. Additionally, the property of XRP’s 30-day moving average also seems promising with an upward slope, eyeing an overtake of the 200-day average in the impending weeks. Its support level, along with its addition in trading volume backing up the optimism.
However, much of XRP’s fortune is tied to Ripple’s SEC case. Till date, the impact of the SEC ruling in LBRY’s case on XRP’s price has been minimal. Legal perspectives point toward tougher challenges for SEC to prove XRP’s sales as investment contracts, thus tilting the balance slightly in Ripple’s favor. A positive verdict may spur XRP beyond $1 shortly. The fact that Ripple may continue its business unaffected further strengthens XRP’s cause.
Yet, while XRP’s decision with the SEC waits in the wings, cryptocurrency traders may consider other altcoins for brisk gains. Presale tokens offer one such opportunity. The ERC-20 meme coin named Thug Life Token (THUG) recently drew substantial attention. THUG’s presale already crossed the $1.3 million mark within four days.
The rapid accumulation indicates a strong community of investors, an essential element for the token’s longevity. Remarkably, 70% of THUG’s total maximum supply (4.20 billion) is allocated for presale, marking it as a decentralized meme token and drawing in investors on the back of a safety net against a large dump following listing. Retail investors can participate at a cost of $0.0007 per THUG. The promising start hints a potential eclipse in price when it lists on exchanges in the next week.
However, relevant disclaimers should be acknowledged, given that crypto remains a high-risk asset class. The investments are to be made at the person’s discretion and should not be considered as any form of investment advice. Be aware, you may risk all your capital. Therefore, tread carefully!
Source: Cryptonews
