The price of XRP has climbed more than 2% during last 24 hourss, reaching the bar of $0.476333 while the global crypto market records a similar progression over the same time period.
Today’s rise will partially offset recent losses suffered by XRP holders, but the altcoin remains down 3% in the past seven days and 6.5% over the past 30, even as it progressed from 40% since the beginning of 2023.
This recovery is largely attributable to the progress made by Ripple in its legal battle with the SEC, which is likely to end in the coming months.
And if Ripple does indeed get a positive judgement, then XRP Could Experience a Very Significant Upward Rally in the weeks that follow, potentially reaching new heights as part of a continuation of the bull market.
XRP up 2% in 24 hours: can it hit $10 in 2023?
Technical indicators for XRP suggest that the altcoin could be on the verge of a rally, with its relative strength index (in purple) rising from a score of 30 a few days ago to 50 today today.
In parallel, the 30-day moving average of XRP (in yellow) has reached what looks like a low point compared to its average at 200 days (in blue), implying that the price of XRP is likely to rise again.
Indeed, the fact that the price of XRP has climbed above its average at 30 days suggests that a positive momentum is building in favor of the altcoin, and that it could even be a potential start of a bullish rally with a continuation until a medium-term horizon.
This suggests a short-term XRP price target of around 0.49 or even $0.50although the volatile state of the crypto market right now can interrupt any potential rally before it really gets going. Even so, the longer-term backdrop for XRP looks more promising, with the legal case between Ripple and the SEC which is nearing its conclusion.
Additionally, the past few weeks have brought a number of twists and turns that suggest Ripple has a good chance of receiving a positive verdict. This favorable judgment will allow it to continue its activity, while allowing exchange platforms to continue listing XRP.
These developments are particularly linked to the publication of the Hinman emails which revealed that even the SEC did not know exactly what qualified a cryptocurrency as a security.
Also included are previous rulings, such as the court upholding Ripple’s right to present a fair notice defense, as well as the exclusion of a witness that the SEC had called for testimony that XRP buyers allegedly had an explicit expectation of profit.
Taken together, such progress hints at a potential victory for Ripple, and this is an event that would see XRP see one of the biggest gains of the year.
He could easily reach the highly psychological threshold of 1 dollar within weeks of a positive court decision. While the appearance of a bull market could contribute to XRP returning to levels close to its all-time high of $3.40.
Diversify your portfolio with new altcoins
The only problem with the scenario we just discussed for XRP is that it may take still wait several months before a decision arriveswhich means that the altcoin may not benefit from a bullish rally for some time.
Savvy traders will not hesitate to position themselves on other altcoins if they want to be able to benefit from a higher return on investment and this over a shorter period of time. This is precisely the reason why it is interesting to monitor crypto projects that run pre-sale campaigns.
With a historically high return potential, pre-sales very often represent major gains for investors who position themselves the fastest. This is why it now seems essential to study the case of Thug Life Token (THUG), a new project based on the theme of rap which has just started its pre-sale campaign.
Launched earlier this week, the pre-sale of the THUG token has already managed to raise close to $150,000with a cap set at $2.05 million for the entire campaign.
THUG is an ERC-20 token based on the Ethereum blockchain, its maximum circulating supply is set at 4.2 billion tokens (referring to culture “420” in the United States) with 70% of its offer which is dedicated to presale.
THUG is a memecoin token that aims to be more decentralized than many of its rivals, which should help it build a more equal community and generate continued enthusiasm for the project.
In a departure from most other pre-sales this year, THUG’s offering has only one step, with the token available directly for $0.0007.
Investors can now visit the Thug Life Token (THUG) official website and connect their MetaMask wallets in order to purchase the THUG token using ETH or USDT.
Click here to buy THUG tokens
Disclaimer: The “Industry Talk” section presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.