In the past 24 hours, the XRP price has risen by 3.5%, reaching $0.463353 which represents an 8% gain in the last seven days. Despite an 11% drop in the past month, it has still increased by 36% since the beginning of the year. Ripple’s ongoing case with the SEC may have played a part in its recent appreciation, as well as CEO Brad Garlinghouse suggesting that cryptocurrency firms may leave the US due to a “confusing” regulatory regime.
With Ripple acquiring custody provider Metaco this week, some speculate that Ripple may leave the US, but the acquisition doesn’t guarantee that it’s anticipating a loss. XRP is currently displaying strong indicators of good momentum, as its 30-day moving average continues to climb and its relative strength index remains consistently above 50.
Confidence in XRP’s strength this week comes from several factors, including Judge Analisa Torres denying the SEC’s motion to block access to crucial documents related to XRP’s status as a security. Furthermore, Ripple’s recent acquisition of Switzerland-based custody provider Metaco for $250 million indicates that the company is planning for a future that includes offering institutional custody services.
As a result, Ripple’s acquisition of Metaco suggests that the company is expecting a favorable outcome in its ongoing case with the SEC. Many in the cryptocurrency community share this view, as the SEC has struggled to prove its argument that Ripple gave early buyers of XRP an expectation of profit.
If Ripple does achieve a positive outcome, the XRP price could rally significantly. From its current level of around $0.46, it could rise to $1 after the case’s conclusion and potentially reach its all-time high of $3.40 with a bullish market. However, there’s no guarantee of a favorable result for Ripple, making portfolio diversification worth considering for investors.
One way to diversify is by including presale tokens, such as ecoterra, in your portfolio. Ecoterra is an upcoming recycle-to-earn platform that has already raised over $4 million in a presale, exceeding its soft cap target of $2 million. Schedule for exchange listing in Q3, ecoterra’s platform aims to incentivize recycling by allowing users to earn ECOTERRA for registering recycled objects via its mobile app.
In addition, ecoterra’s platform will provide staking features and includes a marketplace for carbon credits, which can be purchased using ECOTERRA and exchanged for NFTs. These features could help ecoterra develop into a successful ecosystem, contributing to environmental preservation. While XRP shows potential for growth, investors should consider diversifying their holdings to balance risks and potential gains.
Source: Cryptonews
