- XRP has shown promising growth, outpacing many rival altcoins, primarily due to its absence in the recent SEC lawsuits against Coinbase and Binance.
- Anticipated positive resolution in Ripple’s own legal battle with the SEC can spur substantial rallies in XRP’s value in the foreseeable future.
Despite the recent Securities and Exchange Commission (SEC) lawsuits against Coinbase and Binance, XRP has displayed an impressive resilience, registering a 3% rise in the past 24 hours. This climb to $0.529440 surpasses many of its altcoin counterparts that have faced downturns in the wake of these legal confrontations. The current surge contributes to an overall 3.5% growth over the past week and a 20% spike in the last 30 days, marking a robust 55% gain since the year’s commencement.
A key factor in XRP’s buoyancy in the face of these market fluctuations is its absence from the SEC’s classification as a security in the recent lawsuits. Nevertheless, it’s important to bear in mind that neither Coinbase nor Binance.US, the targets of SEC’s legal scrutiny, list XRP. Should Ripple secure a favorable verdict or settlement in its ongoing litigation with the SEC, it could potentially set the stage for significant rallies in XRP’s future.
Reflecting the turbulence in the market, XRP’s indicators present a mixed bag. The altcoin’s relative strength index, a key measure of momentum, has risen from 40 to nearly 60, indicating an upward swing in positivity. Concurrently, the 30-day moving average, another crucial indicator, is trending upward after a brief period of stagnation, suggesting that XRP has weathered the SEC’s recent actions relatively well.
This upward trend, however, does not make XRP immune to short-term market instability. It could still face a downturn, despite encouraging indicators. On the flip side, over the medium and long term, the progress Ripple has made in its legal battle against the SEC puts XRP in an excellent position for a strong rally.
Recently disclosed documents revealed the SEC’s receipt of a legal opinion stating that XRP is not a security, thereby weakening the regulator’s stance that Ripple had fair warning of potential legal action. This disclosure, coupled with other victories for Ripple (such as the judge upholding their right to a fair notice defense), suggests an increased likelihood of a positive outcome for Ripple.
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Further bolstering the optimism around XRP is the fact that it was not included in the SEC’s recent actions against Binance and Coinbase. However, it’s worth noting that XRP’s omission likely owes more to Coinbase and Binance.US not listing the altcoin than any new judgment on the SEC’s part.
If Ripple emerges victorious from its legal battle, XRP could potentially ascend to $1 and beyond in the near term, and possibly reach $5 in the next bull market before striving for the $10 mark in the coming years.
However, as Ripple’s recent progress does not assure a win against the SEC, investors might consider diversifying their portfolios into other altcoins to hedge their bets. This could include investing in low-cap altcoins such as LUNC and PEPE or presale tokens like Wall Street Memes (WSM), which can rally significantly upon listing on exchanges.
Despite being a meme token with no ‘real’ fundamentals, WSM has already garnered a strong community and managed to raise over $4.8 million in a week-long presale for its WSM token. Its rapid community growth and fundraising success suggest WSM could witness a substantial rally upon listing, providing early investors with a market-beating profit.
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