2023-07-10 18:27:00
The price of XRP has fallen at $0.468321 this morningregistering a decline of 3% over the past week and a loss of 5% in the last 30 days.
However, this cryptocurrency has managed to hold its own at the $0.46 support levelwhile displaying a 37% increase since the beginning of the yearmainly due to the positive expectations surrounding the case Ripple-SEC.
This deal is expected to close in the next few weeks, and if it ends favorably for Ripple, there is no doubt that XRP might experience a massive rally.
In the longer term, despite the shadow of the previously mentioned affair, with the continued expansion of Ripple’s business, XRP might become one of the biggest success stories of 2024.
XRP Price Outlook: Bulls Hold $0.46 Level – What will be the next target for XRP?
The chart and indicators of XRP are in a position where we can expect this cryptocurrency makes significant gains in the near future.
Source: TradingView
They are relative force index (RSI) (violet) is closing in on 50 following nearly hitting 30 last weekindicating a resumption of momentum.
Meanwhile, XRP’s 30-day moving average (yellow) has reached what looks like a low once morest its 200-day moving average (blue), implying that the cryptocurrency is oversold and will have to correct itself up sooner or later.
As we mentioned earlier, its ability to correct itself positively will depend almost entirely on the outcome of Ripple’s case once morest the SEC, which is still awaiting conclusion.
Most of the key evidence and testimony in the case was presented and discussed from Januaryclearly suggesting that the decision is long overdue.
For many, when this decision is made, whether it is a summary judgment from the judge or a settlement between the two parties, it is likely to be in favor of Ripple. This would allow the company to carry on with normal activities and would also allow exchanges to list XRP.
Recent developments have reinforced this belief, notably with the publication in June of the long-awaited emails from Hinman, which revealed that the SEC itself was confused as to the exact application of securities laws to cryptocurrencies.
Such a disclosure bolsters Ripple’s defense that the SEC failed to clearly warn cryptocurrency companies – such as Ripple – of possible legal action, which constitutes a violation of the principle of fair prior notice.
These elements, combined with other previous developments (for example, the exclusion of an expert witness from the SEC by the court), support the idea that Ripple has a real chance of obtaining the decision sought.
So, if this happens, XRP will quickly break above $0.50 to reach $1potentially just weeks following the deal was closed.
In the longer term, sustained growth Ripple’s activities should allow XRP to experience steady gains, with a possible rise to $2 or $3 in the first half of next year.
Diversify with other high-potential altcoins
As promising as things may look for XRP, there is no guarantee of a favorable conclusion to Ripple’s deal, while holders may also simply have to wait several more months before any decision is made.
For this reason, some traders may prefer to look to other high-potential altcoins if they are looking for above-market gains in the short term, presales being one of the promising ways to achieve such gains.
One of the most successful pre-sales going on at the moment concerns Wall Street Memes (WSM)and live ERC-20 which has already collected more than 13.7 million dollars since the start of its pre-sale last month.
WSM is part of the online meme action movement, which in 2021 originated rallies from GameStop and AMC which confused short sellers.
Her real presence in this community is indicated by how quickly she collected more than 13 million dollarsand the fact that it now has more than 250,000 followers on Twitter is the proof.
Such support will be essential if WSM is not only to see strong rallies when listing on exchanges in the coming weeks, but also to experience sustained growth and recurring rallies over the long term.
The same coin has a maximum total supply of two million, of which 50% is allocated to its presale and 30% is reserved for community rewardsanother factor that will encourage more participation from its community (compared to many other meme corners).
New buyers can participate in the sale by visiting the official website of Wall Street Memes and linking their cryptocurrency wallet, with 1 WSM currently selling at $0.033.
The sale will close with WSM at a price of $0.0337although the meme coin is expected to reach much higher levels when listed on exchanges.
Our complete guide on how to buy the $WSM token
Visit the Wall Street Memes site now
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.
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