He XRP price it has skyrocketed 69% in the last 24 hours, after Ripple celebrated the arrival of a mostly positive ruling in its lengthy legal battle with the SEC.
At $0.785, XRP is now up nearly 150% in the last 12 months, following Judge Analisa Torres’ ruling that most of Ripple’s XRP sales did not count as the unregistered securities offering.
While Torres concluded that the XRP sales to institutional investors violated US securities law, the general market sentiment is that the ruling is mostly favorable to Ripple, allowing it to continue business as normal.
And with exchanges already re-listing XRP for their clients in the US, it seems the altcoin is likely to see even more gains in the short term, as well as in the long term.
XRP Price Prediction As XRP Surges 69% Within 24 Hours After Positive Lawsuit Conclusion – Can XRP Hit $10 Today?
The XRP chart and indicators make it abundantly clear that the altcoin is being driven by a surge in buying momentum.
The XRP Relative Strength Index (purple) has soared above 70 in the past day, with its 30-day moving average (yellow) also rising towards its 200-day average (blue).
Both changes indicate very strong buying pressure, while it is also safe to say that the support level of XRP (green) is likely to remain comfortably above $0.50 for the foreseeable future.
In fact, based on its huge momentum right now, XRP could easily rally to $1 by the close of the weekend as the market fully digests yesterday’s momentous decision.
As noted above, Judge Torres’ ruling sided with Ripple’s arguments on numerous counts, with the judge also making it clear that XRP itself is No a guarantee.
And while Torres did not specifically rule on secondary XRP sales (i.e. between traders on exchanges), his rulings on Ripple’s programmatic sales and other XRP distributions would indicate that most courts in the country would consider such sales as No be investment contracts/securities.
As such, the ruling can be construed as a ‘victory’ for Ripple, even if there will now be a trial on the question of whether executives Chris Larsen and Brad Garlinghouse knowingly aided and abetted Ripple’s violation of securities law. (regarding the sale of XRP to institutional investors).
Due to the general positivity of the ruling, there is now an expectation that XRP and Ripple will only get stronger, with a number of exchanges including Coinbase now listing the altcoin again for its US-based clients.
This should result in a steady increase in XRP in the coming months, helped in part by Ripple’s ability to expand its business more aggressively.
From its current price of $0.78, it could go as high as $1 in the next week or so, before potentially looking into 2023 at around $2-3.
XRP is not the only high-potential altcoin
XRP is probably the most promising major cryptocurrency on the market right now, but it is not the only altcoin with the potential to rise substantially in the near and further future.
There are also a number of promising pre-sale tokens circulating at the moment, with one of the most interesting being the Thug Life Token (THUG), an ERC-20 meme coin that has already raised close to $1.5 million in its pre-sale.
THUG has borrowed its particular memes and styles from the gangsta rap and hip-hop communities, an area that seems ripe for cryptocurrency.
What’s promising about THUG is that, unlike many new meme tokens that have launched recently, it already seems to have cultivated a fairly significant community and following.
This is evident in their successful rise, which has only been open for a couple of weeks, but it is also evident in your number of followers on Twitter.
Because it has a following, it is better placed than many other new meme coins to have a long-lasting, sustainable lifespan.
And with 70% of its 4.2 billion supply allocated to pre-sale, it’s clear that the THUG community will have more of a stake in the token than they could with many other alternatives.
People can join the THUG pre-sale by heading to the official Thug Life Token website and connecting their crypto wallets.
1 THUG costs $0.0007, and the sale will end in just three days.
This means that investors have very little time to buy THUG at a discount, because once it is listed it could rally considerably.
Visit Thug Life Token now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
