XRP price prediction Crypto prices bouncing from recent bottom, is sell-off over?
The price of XRP has increased by 1% over the past 24 hours, reaching $0.478546 as the cryptocurrency market recovers slightly from its losses earlier in the week.
Although XRP is down 8% over the past seven days, it has increased by 6.5% over the past 30 days and has risen by 40% since the beginning of the year.
This growth is mostly due to the positive expectations surrounding Ripple’s long-standing case with the SEC, which have been reinforced by the recent publication of the Hinman emails.
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There is a real possibility of Ripple obtaining a favorable outcome, which means that investors who purchase XRP now could potentially receive a large return in the near future.
XRP Price Prediction as Crypto Prices Bounce From Recent Bottom – Is the Sell-Off Over Now?
The chart and indicators for XRP are currently somewhat uncertain, as the altcoin has recently been affected by positive Ripple news and the SEC’s regulatory actions against Coinbase and Binance.
Its relative strength index (purple) has begun to decline again after a slight increase to 40 yesterday, indicating that the coin may fall slightly lower before recovering.
The same is true for its 30-day moving average (yellow), which is on track to fall below its 200-day average (blue), potentially resulting in further losses.
On the other hand, XRP’s support level (green) has increased slightly in the past few days, with the altcoin defending the $0.470 level.
In terms of the bigger picture, XRP’s position remains quite strong, with the market increasingly anticipating a Ripple victory in its case with the SEC.
Until the regulator’s enforcement actions against Binance and Coinbase, XRP was performing very well based on positive sentiment regarding Ripple, with the coin rising as high as $0.560 on Tuesday.
There is no reason why it cannot experience similar gains in the coming weeks, especially if Ripple ends up winning the case.
Experts increasingly believe that it will indeed obtain a positive outcome, with the release of the aforementioned Hinman emails this week strengthening Ripple’s case.
In particular, the internal SEC discussions surrounding the 2018 Hinman speech – in which Hinman declared that Bitcoin and Ethereum were not securities – reveal that the regulator was concerned that the speech would ‘confuse’ the issue of which cryptocurrencies are (or are not) securities.
This strengthens Ripple’s claim that it did not receive fair notice of the possibility of the SEC prosecuting XRP as a security.
Therefore, the market seems to believe that Ripple could obtain a positive summary judgment or settlement, allowing it to continue its business as usual and enabling exchanges to list XRP.
If this happens, XRP could easily reach $1 in the weeks following the conclusion of the case, and potentially even $2 by the end of the year, especially if the market returns to a more bullish state.
Other Altcoins with High Potential
Despite Ripple’s recent progress, the case may not be resolved for several weeks or even months, so XRP holders will need to be patient.
In the meantime, traders who are less patient may want to diversify into newer altcoins and presale tokens that have the potential for significant rallies in the near future.
One of the largest presale tokens in the market currently is Wall Street Memes (WSM), a new altcoin that has emerged in the meme stocks movement, which was responsible for the 2021 GameStop and AMC rallies.
Wall Street Memes launched the presale for its WSM token just a few weeks ago, but it has already raised more than $7.8 million.
This indicates that the new meme token has already attracted a significant following, and with its Twitter account boasting over 232,000 followers, it could end up having one of the strongest communities in crypto.
Investors can participate in the presale by visiting the official Wall Street Memes website and connecting their crypto wallets.
The current stage of the sale is the 14th, where one WSM is priced at $0.0292. This price is scheduled to increase to $0.03370000 by the time the 30th and final stage begins.
It is possible that the value of the coin will rise even higher when it is listed on exchanges in the next few months, potentially making it one of the most profitable presales and new tokens of the year.
Visit Wall Street Memes Now