The XRP price has gained by 1% today, bucking the market-wide fall to reach $0.505788 in the past 24 hours.
This price represents an 11% gain in the past week, with traders and analysts increasingly expecting a positive decision in Ripple’s long-running case against the SEC.
Indeed, XRP has impressively risen by 48% since January 1 on the back of growing expectations of a positive outcome for Ripple, which has enjoyed a number of positive developments in its case in the past few weeks.
And with one particular analyst predicting a breakout for XRP in June, it may not be long before the case ends and the altcoin experiences the massive rally its holders have been hoping for since December 2020.
XRP Price Prediction to Surprise Traders in June Says Crypto Expert With 400,000 Followers as Ripple Lawsuit Verdict Looms
XRP actually rose as high as $0.527786 overnight, a price that marked a 10% rise from its level on Monday.
However, it has since calmed down a little bit, with this small dip being largely responsible for the mixed messages its technical indicators are sending out right now.
On the one hand, XRP’s relative strength index (purple) has dived below 50, signalling a loss of momentum.
Yet on the other hand, the RSI has begun rising again, while the coin’s 30-day moving average (yellow) contunes to rise higher than its 200-day average (blue), pointing towards possible incoming gains.
At the same time, XRP’s support level (green) continues to rise as the altcoin consolidates around increasingly high prices, providing it with a stronger base from which to mount further rises.
As such, XRP really is in a good position overall for some big rallies in the coming weeks, as predicted by a growing number of analysts and commentators.
One expert — known by the Twitter handle @CryptoGodJohn — has suggested that the coin could see a breakout next month, with the analyst forecasting a breakout of 12% or even more.
While the cryptocurrency market is notoriously volatile, such a prediction is credible, given the positive noises coming out of the Ripple-SEC case.
Most recently, SEC emails have revealed that the regulator had received advice (at least prior to suing Ripple) that XRP was not a security, a revelation which undermines the regulator’s case.
Combined with other positive rulings coming in Ripple’s favor in the past few months, this suggests that the cryptocurrency company has a very good chance of securing a summary judgment or settlement that works in its favor, enabling it to continue operating as before and permitting trading of XRP.
That Ripple itself is confident has also recently been evinced by its $250 million acquisition of Metaco, a provider of digital asset custody services.
As some commentators have already pointed out, there’s a very low probability that Ripple would have bought Metaco if it didn’t strongly believe it would see a good outcome in its case with the SEC.
Such developments have fuelled increasing market confidence in XRP, which helps explain its recent gains.
However, if and when the positive judgment does arrive, XRP would likely see a huge rally, potentially rising to $1 in a matter of weeks.
And from there, an increasingly bullish cryptocurrency market could see it return to $2 or even $3 around early 2024.
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Despite the increasing positivity that surrounds Ripple, we may still not see a decision in its case for several months, meaning that XRP may not have its hoped-for big rally for a while yet.
For this reason, traders could be advised to spread into other altcoins, with presale tokens in particular offering the potential for big, market-beating gains when they list on exchanges.
This includes Wall Street Memes (WSM), a new cryptocurrency emerging from the meme stocks movement that began with the 2021 GameStop and AMC rally.
Wall Street Memes launched the presale for its WSM token a few days ago, and even though it remains in its earliest stages, it has already raised over $1.2 million.
This is an impressive figure, and along with the fact that the Wall Street Memes Twitter account boasts more than 200,000 followers, it shows how quickly its attracting interest from investors.
The WSM presale will have 30 stages in all, with the current fourth stage offering WSM at a price of $0.0259, although this will climb to $0.03370000 by the end of the sale.
In other words, WSM’s price will increase by 30% before it even lists, while its addition to exchanges could see it rally by much larger margins.
This means investors have a limited amount of time in which to buy some WSM before it potentially becomes much more expensive, with interested parties able to join the presale by visiting the official Wall Street Memes website and connecting their crypto wallets.
Most of the 2 billion total supply of WSM will be directed to its community, with 50% allocated to the presale and 30% going towards community rewards.
This distribution is one of the reasons why its presale has already done so well, and with the sale still in its early stages, it could easily become one of the most successful token offerings of the year.
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