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XRP Price Prediction as Crypto Prices Bounce From Recent Bottom – Is the Sell-Off Over Now?

Simon Chandler
Last updated: | 3 min read
Source: TradingView

The XRP price has gained by 1% in the past 24 hours, climbing to $0.478546 as the cryptocurrency market recovers a little from its losses earlier in the week.

While XRP remains down by 8% in the last seven days, it’s up by 6.5% in the last 30 and has risen by 40% since the beginning of the year.

This growth is largely the result of increasingly positive expectations surrounding Ripple’s long-running case with the SEC, with the recent publication of the Hinman emails increasing positivity even further.

And with there being a real chance of Ripple securing a favorable outcome, XRP’s recent dips could mean that investors who buy now may be in for a big return in the not-too-distant future.

XRP Price Prediction as Crypto Prices Bounce From Recent Bottom – Is the Sell-Off Over Now?

XRP’s chart and indicators remain a little confused at the moment, given that the altcoin has recently been pulled between positive Ripple news and the SEC’s regulatory assault on Coinbase and Binance.

Source: TradingView

Its relative strength index (purple) has begun sliding down again after a very modest return to 40 yesterday, signaling that the coin may fall a little lower before recovering.

It’s much the same with its 30-day moving average (yellow), which is on course to fall below its 200-day average (blue), thereby forming a ‘death cross’ that can indicate further losses.

On the other hand, XRP’s support level (green) has increased slightly in the past couple of days, with the altcoin defending the $0.470 level.

And in terms of the bigger picture, XRP’s position remains pretty good, with the market increasingly coming to expect something close to a Ripple victory in the latter’s case with the SEC.

Indeed, up until the regulator’s enforcement actions against Binance and Coinbase, XRP was riding very high on the basis of positive sentiment with regard to Ripple, with the coin rising as high $0.560 on Tuesday.

There’s no reason why it can’t enjoy similar gains in the next few weeks, especially if Ripple emerges victorious.

Expert opinion increasingly believes that it will indeed secure a positive outcome, with the release of the aforementioned Hinman emails this week strengthening Ripple’s case.

<oembed url="https://twitter.com/tyler/status/1669025319356084224[/embed]

In particular, internal SEC discussion surrounding the 2018 Hinman speech — in which Hinman declared that Bitcoin and Ethereum were not securities — reveals that the regulator feared the speech would ‘confuse’ the issue of which cryptocurrencies are (or are not) securities.

This strengthens Ripple’s claim that it didn’t receive fair notice of the possibility of the SEC prosecuting XRP as a security.

As such, the market seems to think that Ripple could secure a positive summary judgment or settlement, enabling it to continue its business as before and also enabling exchanges to list XRP.

If so, XRP could easily reach $1 in the weeks following the case’s conclusion, with the end of the year potentially bringing it to $2, especially if the market returns to more bullish conditions.

Other Altcoins with High Potential

Despite Ripple’s recent progress, the case may still not end for several weeks or even months, so XRP holders will have to remain patient.

In the meantime, less patient traders may be interested in diversifying into newer altcoins and presale tokens that show the potential for big rallies in the nearer term.

One of the biggest presale tokens in the market today is Wall Street Memes (WSM), a new altcoin emerging in the meme stocks movement, which was infamously responsible for the 2021 GameStop and AMC rallies.

Wall Street Memes launched the presale for its WSM token only a few weeks ago, yet it has already raised more than $7.8 million.

<oembed url="https://twitter.com/wallstmemes/status/1662474606794493954[/embed]

This shows that the new meme token has already garnered quite a healthy following, and with its Twitter account boasting more than 232,000 followers, it could easily end up having one of the strongest communities in crypto.

Investors can enter the presale by visiting the official Wall Street Memes website and connecting their crypto wallets.

The sale is currently in its 14th stage, with 1 WSM now costing $0.0292, with this price scheduled to climb to $0.03370000 by the time the 30th and final stage begins,

Of course, the coin could rise much higher when it lists on exchanges in the next few months, possibly becoming one of the most profitable presales and new tokens of the year.

Visit Wall Street Memes Now

Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.