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XRP Price Prediction with $1 Billion Trading Volume – Can XRP Multiply 10 Times from Here?

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XRP Price
XRP Price

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XRP price has been on a rollercoaster ride in the past week. First, the token reacted positively to news of the court order requesting the Securities and Exchange Commission (SEC) to unseal the Hinman speech documents. Before the dust settled, XRP dumped on the release of the said documents, invalidating market expectations.

XRP Price Reverse Gains After Hinman Docs Release

The token native to the most prominent cross-border payments network, continued with the rout on Wednesday after the U.S. Federal Reserve paused its long-standing interest rate hikes that have been maintained since March 2023.

XRP price is trading at $0.47 on Thursday, down 6.6% over the last 24 hours, as per price tracking platform CoinGecko.

XRP price
XRP/USD price chart | Source CoinGecko

Ripple has been battling the lawsuit filed against it by the SEC in December 2020 for allegedly selling XRP to investors as an unregistered security offering. In the lawsuit, the regulator implicated the company’s top officials, the CEO Brad Garlinghouse, and Chris Larsen, the executive chairman.

In a public address back in June 2018, Hinman expressed the view that the sale of Ethereum didn’t constitute securities transactions. He equated Ether with Bitcoin, suggesting that enforcing federal securities laws’ disclosure provisions to present-day Ether transactions might not add significant value.

That statement has since gained considerable relevance in the Ripple case, serving as a central pillar of debate as Ripple strives to strengthen its stance on fair notice defense.

Stuart Alderoty, Ripple’s Chief Legal Officer, is advocating for a thorough investigation into Hinman.

According to the disclosed documents, Alderoty alleges that Hinman dismissed numerous alerts that his address contained speculative analysis with no legal foundation. This, he believes, exemplifies an inconsistency in the SEC’s stance and an overreach of its authority.

Ripple Labs’ CEO, Brad Garlinghouse, expressed vehement disapproval via a Tuesday tweet, decrying as ‘utterly indefensible’ the regulator’s decision to proceed with Hinman’s speech despite internal resistance.

Further, Garlinghouse argued that, following the delivery of this speech, the SEC has effectively exploited the ambiguity surrounding regulatory parameters through subsequent enforcement actions.

XRP Price Searches for Support Under $0.50 – Time To Buy The Dip?

Prior to the ongoing retracement, XRP had embarked on a recovery journey aiming for $1. The cross-border payments token, however, stalled at $0.56 and pullback to $0.50 by mid this week.

A sell-off triggered by the Fed decision to temporality pause interest rate hikes challenged the bulls’ position at $0.50. XRP left vulnerable and in the hands of bears who capitalize on the volatility in the market, resolved to seek support at $0.46.

XRP now sits on top of the 100-day Exponential Moving Average (EMA) (in blue) on Thursday. The 50-day EMA (in red) caps its immediate upside at $0.4689. If a rebound from the current support delays, traders should adjust their orders for new entries above the ascending trendline, as illustrated on the daily chart.

XRP Price
XRP/USD daily chart | Source Tradingview

This ascending trendline has played a critical role as the most formidable support for XRP since early January. If defended for the fourth time, it would spark a substantial rebound in XRP price. The 200-day EMA reinforces the trendline support.

A comprehensive outlook of the daily chart reveals that XRP is still deep into the woods. A sell signal from the Moving Average Convergence Divergence (MACD) indicator coupled with negative volume as seen with the On-Balance-Volume (OBV) index implies that sellers have the upper hand, at least for now.

If the confluence support formed by the 200-day EMA (in purple) and the ascending trendline weakens, XRP price would be in danger of sliding to $0.42. This support area was instrumental in mid-May when it stopped declines following the rejection from $0.56.

Will XRP Price Ever Hit All-Time Highs Again?

XRP price has faced many challenges but the biggest trial has been Ripple’s lawsuit with the U.S. SEC. The token missed out on the bull market in 2021 following immense headwinds triggered by the lawsuit. Many crypto exchanges including Coinbase delisted the token citing regulatory concerns.

More than two years later, the lawsuit still drags on. However, the release of the Hinman documents could allow Ripple attorneys to present a stronger case to absolve XRP of the SEC’s securities claim.

To a gigantic extent, XRP needs Ripple to win the case to affirm its position in the market – once the third-largest crypto. That said, Ripple continues to innovate as a cross-border payments network albeit the lawsuit.

The question of whether XRP can multiply 10x is not a simple one and depends on many variables. Investors of this token should prepare for anything, especially with the lawsuit still undetermined.

Wall Street Memes – The Meme Coin Ready to Give XRP A Run For Its Money

Investors have since last week been stomaching massive losses. Unfortunately, the dilapidated market conditions, and the weight of the SEC’s aggressive crackdown on crypto entities and tokens, offer no near-time reprieve.

It is with that in mind that the team presents to investors a curated list of the best crypto presales. The art of portfolio diversification differentiates successful investors and those whose efforts often end in futility.

Buying tokens in their presale stages like the viral Wall Street Memes (WSM) is a rare opportunity with the potential to turn ordinary people into instant crypto millionaires.

Despite turbulent market conditions, Wall Street Memes ($WSM) has managed to turn investors heads, raising an impressive sum of over $7.1 million mere weeks following its debut.

Wall Street Memes is by no means a newcomer in the crypto arena. The team behind the viral project has demonstrated their prowess in the NFT domain with their highly successful Wall St Bulls NFT collection, which was completely bought out within thirty minutes of its introduction.

This blend of a robust online footprint and a history of successful forays in the Ethereum NFT sphere underscores WSM’s potential as a meme coin with significant growth prospects.

Potential investors can their hands on WSM, the token powering the meme coin ecosystem, for $0.0289 via the presale. Either Ethereum (ETH) or USDT is required to buy WSM but investors can also use a bank card.

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