XRP Price Prediction as $1 Billion Pushes XRP Above $0.50 Resistance – Here’s the Next Level to Watch
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The XRP price has dipped by 2% in the past 24 hours, sliding back down to $0.522666 after rising in the wake of a federal court’s denial of the SEC’s motion to appeal the July ruling in its case with Ripple.
XRP is now up by 4.5% in the past week and by 4% in the last 30 days, with the altcoin also having risen by 54% since the beginning of the year.
This week’s denial of the SEC potential appeal has left XRP in a strong position, solidifying the positive sentiment that emerged when Judge Analisa Torres ruled in July that the token is not, in and of itself, a security.
And with the market also showing some signs of recovery earlier this week, XRP could be in for some big gains in the near future.
XRP Price Prediction as $1 Billion Pushes XRP Above $0.50 Resistance – Here’s the Next Level to Watch
XRP’s chart is in a mixed position, with its technical indicators neither particularly or particularly weak.
On the one hand, XRP’s 30-day moving average (yellow) is still substantially below its 200-day average (blue), indicating that the coin remains oversold and so – in theory – should bounce back soon.
On the other hand, the coin’s relative strength index (purple) is sinking down from 60, and could either fall further or resume rising again soon enough.
Weighing in favor of a more positive conclusion is the fact that XRP’s support level (green) has risen steadily in the past few weeks, implying that the altcoin won’t be falling much further anytime soon.
It will, therefore be highly instructive to see whether XRP can resist a drop below its current support of around $0.51: if it can avoid such a fate, it may resume bouncing back soon enough.
Either way, XRP’s fundamentals received some much-appreciated reinforcement this week when Judge Analisa Torres denied the SEC’s application for an appeal on certain aspects of her ruling from July.
This appeal would have focused on programmatic sales of XRP (by Ripple) on exchanges, with Judge Torres originally ruling that such sales were not in violation of securities rules, because buyers had no reasonable expectations of profits arising from Ripple’s efforts.
And she has upheld this ruling once again, saying that there’s no “substantial ground for difference of opinion” in the particular matter, leaving the SEC at a loss for how to proceed.
This is a big win for Ripple, leaving it in a better position to continue expanding its business, something which can only benefit XRP.
Accordingly, XRP is likely to rise to $0.60 in the next couple of weeks, before possibly hitting $0.75 by the final month of the year.
New High-Return Altcoins
Despite XRP arguably being one of the strongest tokens in the market right now, much of its potential appreciation may be dependent on the market becoming more bullish overall.
As such, traders looking for above-average gains right now would be better off looking to newer tokens that are still yet to have initial growth spurts, with presale coins, in particular, fitting this bill.
Possibly the most exciting presale happening right now is that of Meme Kombat (MK), a new gaming platform that will AI-generate battles between meme characters and enable users to wager on their outcomes.
The platform has already raised in excess of $300,000, a strong figure in view of how its sale has been open for barely two weeks.
Yet this shouldn’t be surprising, since what Meme Kombat is building is very novel within the cryptocurrency sector, given that no other platform launched to date has ever offered a platform for betting on computer-generated meme fights.
This may seem like an unusual premise to some, but in a year when new meme tokens have often led market rallies, it’s clear that Meme Kombat is tapping into a strong current within crypto.
Promisingly, its native MK token will have a hard cap of 12 million MK, which is a very low figure in comparison with some meme tokens, and which should make the coin deflationary.
50% of this supply will go to the presale, with another 30% going towards battle and staking rewards, something which should ensure a high level of engagement with the Meme Kombat platform.
The token will cost $1.667 for the duration of the sale, which investors can participate in by visiting the official Meme Kombat website.
And given that some meme token presales (e.g. Wall Street Memes) have resulted in big post-listing rallies, it’s very likely that MK could be the next new meme coin to go large.
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.
