The XRP price has dipped by 0.4% in the past 24 hours, amid a slightly bigger dip for the cryptocurrency market as a whole.
Despite today’s wobble, XRP has held strongly to the $0.480 support level, with its price of $0.488240 representing a 3% gain in the last seven days.
The altcoin is also down by 8% in the last 30 days, although it remains up by 49% in the last 12 months, pushed higher by positve expectations surrounding Ripple’s long-running legal case with the SEC.
With this case due to end in the next few months or weeks, XRP could be in for a big boost soon, with an assortment of legal opinion believing that Ripple has a good chance of securing a favorable outcome.
XRP Price Prediction as Bulls Hold $0.48 Level – Where is XRP Heading Now?
XRP’s indicators suggest it could be close to experiencing a rally soon, with its 30-day moving average (yellow) climbing towards its 200-day (blue), in a sign of recovering momentum.
At the same time, XRP’s relative strength index (purple) has regained steadily from 30 at the end of last month, with its level near to hitting 60 and with plenty of space to continuing rising.
If that weren’t positive enough, the altcoin’s support level (green) has risen strongly over the past week or so, suggesting that it won’t be falling much lower anytime soon.
This all sets XRP up for a rise in the very near future, with the altcoin potentially set to regain $0.49, something which it did earlier this morning before being resisted.
As for the longer term, XRP’s prospects remain very good, with Ripple still in line for a positive summary judgment or settlement.
According to one of the most recent interviews given by Ripple CEO Brad Garlinghouse, the company expects the case to have concluded in a matter of weeks, meaning that it could be wrapped up by the fall.
More importantly, numerous experts continue to believe that Ripple has a solid chance of securing an outcome that will enable it to continue its business as normal, while also enabling exchanges to list XRP.
This is the view of John E. Deaton, for example, who suggests that secondary sales of XRP will not be regarded as securities, even if the judge finds that Ripple initially sold XRP as an investment contract.
As such, the market remains very hopeful that XRP will experience a big price surge in the not-too distant future, with a good result likely to send XRP flying towards $1 in the following weeks.
From there, a stronger market could push XRP back towards its all-time high of $3.40 by the end of the year, with further gains likely in 2024 as Ripple proceeds to expand its business without the shadow of a legal case hanging over it.
Hedging Bets with New High-Potential Alts
Of course, such price estimates assume a Ripple victory, something which certainly isn’t a given, even if the company has fought its corner very well.
Because of the risk of a negative result, traders may opt to diversify their portfolios, with presale tokens being one good source of above-average gains.
One of the busiest sales taking place right now is Wall Street Memes (WSM), a new meme coin that has raised more than $12.6 million in just over a month.
Born out of the meme stocks movement that gave rise to the 2021 GameStop and AMC rallies, WSM will have a total supply of 2 billion, with 50% of this going to its presale and 30% earmarked for its community.
This focus on community has clearly helped WSM raise so much money so quickly, with its Twitter account now boasting more than 256,000 followers, in a strong sign of the interest it has attracted.
Such a following will be vital if WSM is to enjoy a long and profitable existence as a meme token, which tend to live and die by the sizes of their respective communities.
Its presale is currently offering it at a price of $0.031, although this will rise to $0.0337 by the time the sale reaches its 30th and final stage.
Interested investors can buy some WSM by simply going to the official Wall Street Memes website and linking their crypto wallets, using either ETH, USDT or fiat to buy as much as the meme token as they want.
Once bought, investors will simply need to wait for WSM to list on exchanges, something which will happen soon after the sale ends, and something which could result in a market-beating rally.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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