The XRP price is down 0.4% in the past 24 hours amid a slightly larger dip for the cryptocurrency market as a whole.
Despite today’s swing, XRP has held strong against the $0.480 support level, with the price at $0.488240 representing a 3% gain over the past seven days.
The altcoin is also down 8% over the past 30 days, though it is up 49% over the past 12 months, driven up by positive expectations surrounding Ripple’s long-running lawsuit with the SEC.
With this case set to end in the months or weeks ahead, XRP could be getting a big boost soon, with an assortment of legal opinions believing Ripple has a good chance of a favorable outcome.
XRP Price Prediction As Bulls Hold $0.48 – Where Is XRP Going Next?
XRP’s indicators suggest it could see a rally soon, with a 30-day moving average (yellow) climbing towards its 200-day (blue), a sign of momentum recovery.
At the same time, XRP’s relative strength index (purple) has steadily recovered from 30 at the end of last month, reaching levels close to 60 and with plenty of room to rise further.
As if that wasn’t positive enough, the altcoin (green) support level has risen sharply over the past week, suggesting it won’t be going much lower anytime soon.
All of this sets XRP up for a rise in the very near future, with the altcoin potentially rebounding $0.49, something it did earlier this morning before being held back.
In terms of the longer term, XRP’s prospects remain very good, with Ripple still eligible 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 be finalized within weeks, meaning it could be closed by the fall.
More importantly, numerous experts continue to believe that Ripple has a solid chance of securing a result that will allow it to continue its normal operations while also allowing exchanges to list XRP.
This, for example, is the view of John E. Deaton, who suggests that secondary sales of XRP will not be considered securities even if the judge rules that Ripple initially sold XRP as an investment contract.
As such, the market remains very hopeful that XRP will see a major price increase in the not-too-distant future, with a good result likely to see XRP soar to $1 in the coming weeks.
From there, a stronger market could push XRP back to its all-time high of $3.40 by the end of the year, with further gains likely in 2024 if Ripple expands its business further without the shadow of a lawsuit.
Hedging bets with new high-potential alts
Such price estimates naturally assume a Ripple victory, which is certainly not a given, even though the company has fought well.
Due to the risk of a negative outcome, traders may choose to diversify their portfolios, with pre-sale tokens being a good source of above-average profits.
One of the busiest sellers right now is Wall Street Memes (WSM), a new meme coin that has grossed more than $12.6 million in just over a month.
Born out of the meme stock movement that sparked the GameStop and AMC rallies in 2021, WSM will have a total inventory of 2 billion, 50% of which will go to presale and 30% will be for the community.
This focus on community has clearly helped WSM raise so much money so quickly Twitter account now has more than 256k followersin a strong sign of the interest it has aroused.
Such a following will be vital if WSM is to enjoy a long and profitable existence as a meme token, who tend to live and die by the size of their respective communities.
The pre-sale is currently offering it at a price of $0.031, though 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 ETH, USDT or fiat to buy as many meme tokens as they want.
Once purchased, investors will simply have to wait for WSM to list on exchanges, something that will happen shortly after the sale closes, and something that could result in a market rally.
Visit Wall Street Memes now
Disclaimer: Crypto is a high risk asset class. This article is for informational purposes only and does not constitute investment advice. You can lose all your capital.