The crypto world came alive on July 13 when XRP was declared non-securities by District Judge Torres, after years of battling allegations by the Securities and Exchange Commission (SEC). The bullish verdict inspired a surge in market prices, causing XRP to spike by an impressive 99%. A mere -28% dip occurring shorty after wasn’t enough to dampen spirits, as market optimism fuelled a subsequent +11% weekend upswing. Now, XRP showcases a promising technical stance, an effect attributed to the positive ripples from the court ruling.
This turnaround for XRP has cast the once dominant stance of the SEC in doubt, reducing their omnipotent approach to regulation enforcement. Amid all these victories, the question on everyone’s lips is, “Is it too late to buy XRP?”
As of recent developments, XRP’s trading value stands at $0.74 (+0.27%), supported by a robust fundamental structure and an optimistic forecast on future prices. One compelling reason to remain hopeful is a bullish divergence exhibited by the MACD at 0.0316. Adding to this, a consolidation Bat at price levels seen last in May 2022 is giving off positive signs.
However, these positive indicators do not come without their hurdles. The Resistance Strength Indicator (RSI) currently stands at 72.82, raising grave doubts about XRP’s potential to skyrocket as many had previously hoped. If we’re to play devil’s advocate, we have to remember that XRP once reached a peak of $1.95 during the 2021 bull run, which is +163% higher than today’s values.
XRP’s future path remains obscure. If the RSI calms and consolidation remains, XRP might aim for the $1 mark, implying a potential +33.48% growth. Alternatively, disillusionment could trigger a slow descent back to $0.60 (-19.9%), leaving XRP in a precarious Risk: Reward structure of 1.68.
Launchpad XYZ, one platform making significant strides in the crypto world, has already raised $1.1m amid rising anticipation. Offering everything from DeFi trading to NFTs, play-to-earn games, and metaverse exploration, this newcomer promises to streamline web3 space navigation.
One of its stand-out features, the DeFi trading terminal, equips users with advanced tools for analysis, trading, and investment in diverse web3 assets. Also, its presale analysis integration offers increased security by simplifying the vetting process of new projects. All these attributes have contributed to the platform’s surge in presale, indicating a bright future.
Cryptocurrency projects are volatile investments fraught with potential risks. Always do your research before endorsing any project.
Source: Cryptonews
