The price of XRP has increased by 69% in the last 24 hoursafter Ripple celebrated a largely positive decision in its long legal battle with the SEC.
At $0.72, XRP now has increased by about 150% in the last 12 monthsfollowing Judge Analisa Torres’ ruling that most of Ripple’s XRP sales are not considered as an offering of unregistered securities.
Although Torres concluded that the sales of XRP to institutional investors violated US securities law, the general market sentiment is that the decision is largely favorable to Ripple, allowing it to continue operations as normal.
Additionally, with exchanges already re-entering XRP for their clients in the US, it looks like the altcoin is likely make other short-term gains, as well as in the longer term.
XRP Price Prediction as XRP Surges 69% in 24 Hours After Positive Trial Conclusion – Can XRP Hit $10 Today?
The XRP chart and indicators clearly show that the altcoin is driven by a sudden increase in buying momentum.
The Relative Strength Index (RSI) of XRP (purple) exceeded 70 in the last daywhile its 30-day moving average (yellow) is also approaching its 200-day moving average (blue).
These two developments signal strong buying pressureand it is also safe to say that the support level of XRP (green) should remain comfortably above $0.50 in the future.
Indeed, given its current momentum, XRP could easily reach $1 by the end of the weekas the market fully priced in yesterday’s major decision.
As mentioned earlier, Justice Torres’ decision vindicated Ripple’s arguments on many countsthe judge having also clarified that XRP in itself is not a financial security.
And while Torres did not specifically rule on secondary sales of XRP (i.e. between traders on exchanges), his decisions regarding programmatic sales of Ripple and other distributions of XRP indicate than most courts would consider such sales not to be investment contracts/financial securities.
As such, the decision can be interpreted as a “victory” for Ripplealthough there will now be a lawsuit over whether executives Chris Larsen and Brad Garlinghouse knowingly aided and abetted Ripple’s violation of securities law (regarding the sale of XRP to investors institutional).
Due to the overall positive aspect of the decision, it is now expected that XRP and Ripple only strengthen their positionseveral exchange platforms – including Coinbase – now re-entering the altcoin for their US-based customers.
This should translate to a steady rise in XRP over the next few monthshelped in part by Ripple’s ability to grow its business more aggressively.
From its current price of $0.72, it could hit $1 within the next week, before potentially hover around $2 or $3 by the end of 2023.
XRP is not the only altcoin with great potential
XRP is probably the most promising major cryptocurrency on the market Right now. On the other hand, it is not the only altcoin with the potential to increase considerably in the short and long term.
There is also several tokens in presale promising which are causing a stir at the moment, and one of the most interesting is Thug Life Token (THUG)a meme-based ERC-20 token that has already raised nearly $1.5 million during its pre-sale.
THUG is inspired by memes and lifestyle gangsta rap and hip hopan area that seems conducive to cryptocurrencies.
What is promising with THUGunlike many new tokens based on memes which have recently appeared, it seems already managed to cultivate quite a large community and following.
It manifests by its success in fundraisingwhich only lasted a few weeks, but also by the number of his followers on Twitter.
Thanks to his community, he is better placed than many other new tokens based on memes to have a long lasting and lasting life.
Thus, with 70% of its total supply of 4.20 billion units allocated to presaleit is clear that the THUG community will have a greater stake in the token than many other altcoins.
Interested parties can participate in the THUG presale by going to the official site of Thug Life Token and connecting their cryptocurrency wallets.
1 THUG costs $0.0007and the sale will end in just three days.
This means that investors have very little time to buy discounted THUGbecause once it gets listed, it could see a big upside.
Check out our complete guide on how to buy the $THUG token
Visit the Thug Life Token site now
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.