The XRP price has risen by 3% in the past 24 hours, with its move to $0.529440 outperforming many rival altcoins which have fallen in the wake of the SEC’s legal actions against Coinbase and Binance.
Its current price means it has risen by 3.5% in a week and by 20% in the last 30 days, with the altcoin also rising by 55% since the beginning of the year.
It has been able to outperform much of the market partly because the SEC did not name it as a security in the aforementioned suits, although it’s worth remembering that neither Coinbase nor Binance.US (which the SEC is targeting) list XRP.
However, with Ripple expected to secure a positive judgment or settlement in its own case with the SEC, XRP could be in line for some very big rallies in the not-too distant future.
XRP Price Prediction as XRP is Not Named as a Security in Latest SEC Lawsuits – Can XRP Reach $10?
XRP’s indicators are in mixed positions, which is entirely unsurprising, given how turbulent the last few days have been for the market.
That said, the coin’s relative strength index (purple) has risen from 40 yesterday to nearly 60 today, indicating an increase in positive momentum.
Similarly, XRP’s 30-day moving average (yellow) has begun pointing upwards after flattening out a little bit yesterday, suggesting that the SEC’s latest actions haven’t impacted the altcoin too much.
Still, given that the situation remains relatively unstable, we could easily see XRP slip again in the short-term, even if its indicators are comparatively promising.
But in the medium- and long-term, XRP is an excellent position to rally strongly, given that Ripple has been making very encouraging progress in its case against the SEC.
Most recently, documents have emerged which revealed that the SEC had received legal opinion to the effect that XRP was not a security, with the disclosure of such documents undermining the regulator’s argument that Ripple had received fair notice of any likely action.
Combined with other earlier revelations and victories (e.g. the judge upholding Ripple’s right to use a fair notice defense), such a development raises the probability of a Ripple victory, in the sense of the company securing a summary judgment or settlement that will enable it to continue its business as normal.
Recent developments have also coalesced with the news that XRP wasn’t cited in the SEC’s two recent actions against Binance and Coinbase, despite numerous other altcoins (e.g. Solana, Polygon and Cardano) being described as unregistered securities.
As mentioned above, XRP’s omission is probably more to do with the fact that Coinbase and Binance.US do not list the altcoin, than with any new judgment on the SEC’s part.
Still, the response to the omission highlights the market’s excitement surrounding XRP, which could easily rise to $1 and higher following a positive outcome for Ripple.
And in the longer term, it could easily reach $5 in the next bull market, before pushing towards $10 in the next few years.
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Diversifying into Newer Altcoins
As we’ve noted before, Ripple’s recent mini-victories do not guarantee that it will win its case with the SEC, so traders may be advised to diversify their portfolios into other altcoins, in order to spread their risk.
This could involve buying low-cap altcoins such as LUNC and PEPE, or it could also include investing in presale tokens, which may potentially rally big when they list on exchangesw.
A prime example of such a token is Wall Street Memes (WSM), a new cryptocurrency that has emerged out of the meme stocks movement associated with the 2021 GameStop and AMC rallies.
Wall Street Memes has already raised over $4.8 million in the presale for its WSM token, with the offering beginning only last week.
While WSM is a meme token and has no ‘real’ fundamentals, it already has a strong community ready to support its price and evangelize on its behalf, potentially drawing in more investors.
Indeed, the Wall Street Memes Twitter account now has more than 225,000 followers, while the fact that it’s raised close to $5 million in around a week also highlights just how quickly it has managed to attract interest.
This is why WSM could enjoy a big rally when it lists on exchanges in the next few months, with investors able to join its presale by visiting its official website.
1 WSM token is currently selling at a discounted price of $0.0277, although this will climb to $0.03370000 by the time the sale reaches its 30th stage.
And from there, it could very easily reach $0.1 or higher, making its early investors a tidy market-beating profit.
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