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Despite a slight decline of 0.24% in the general crypto market and concerns about a looming recession in the financial sector, $XRP has shown an upward trend with a 4.42% increase in the past 24 hours.
This positive movement is attributed to favorable developments in the legal battle between the SEC and Ripple, with lawyer John E. Deaton predicting a future price surge for $XRP.
Deaton believes many hesitant investors will enter the market due to fear of missing out (FOMO) once it surpasses the $1 mark.
As optimism for Ripple’s legal case increases and the company forays into crypto-friendly environments like the United Arab Emirates (UAE) for business, could we see the asset reach the $2 mark in a short while?
Conversely, a growing number of investors are also exploring early-stage crypto projects making their debut in the emerging industry.
One such trailblazer is the $WSM token, which has raised over a million dollars in presale less than one week after its debut.
XRP Gains and Seeks New Price Highs
During the bullish market from 2017 to early 2018, the value of $XRP surged past $3 as interest in the coin’s potential grew.
Nevertheless, the positive expectations eventually faded, and the cryptocurrency has encountered difficulties reaching its highest price once more.
At press time, the Ripple token is trading at $0.50, indicating a surge of 4.42% in the last 24 hours.
Prior to this, the digital asset had experienced a consistent uptrend in value, with an 8.42% price increase in the last seven days and a 4.7% surge in the last month.
The year-to-date (YTD) performance is also positive, with a gain of 28.68% so far.
$XRP currently has a 24-hour trading volume of $1 billion and a further increase of 0.17% points to an incoming bullish rally.
The recent surge in value has positively impacted the asset, as the technical charts display a bullish trend.
$XRP’s current price trails above its 50-day simple moving average (SMA) of $0.44 for the short term and its 200-day SMA of $0.47 for the long term.
Based on technical analysis, $XRP’s bullish momentum has currently met resistance at the 61.8% Fibonacci retracement level of $0.50.
However, a broader crypto market bullish run could see the virtual asset break through this point and head toward higher price levels.
The relative strength index (RSI) reading of 68.12 indicates that $XRP is drawing ever closer to the overbought zone, reflecting strong buying pressure on the cross-border asset.
Unsurprisingly, the moving average convergence divergence (MACD) indicator shows a strong buy signal as it trails above the orange trendline.
Ripple Attorney Predicts Phenomenal Surge in XRP’s Value
Volunteer XRP online advocate John Deaton recently shared his perspective on the hesitance of investors to purchase $XRP while its value remains below $1.
Deaton, the founder of CryptoLaw, indicated that this cautiousness among investors represents a missed chance for investment.
He expects investors to enter the market eagerly once the asset’s price crosses the $2 threshold.
In a tweet, Deaton expressed his surprise at the significant number of individuals who are currently unwilling to acquire $XRP at $0.48 but would likely jump in once the price exceeds $1.
#XRP sits at .48 cents and it’s crazy to think about how many people, who refuse to buy it now, are going to buy it over $1. What’s even more crazy is that fomo won’t likely kick in until $2.
— John E Deaton (@JohnEDeaton1) May 29, 2023
Recently, he highlighted an overlooked detail in a 2022 Ripple opposition brief that could potentially have a significant positive impact on the ongoing dispute between Ripple and the Securities and Exchange Commission (SEC).
The detail emphasizes that there are valid reasons to believe that XRP does not meet all of the Howey test criteria.
As a result, implying that XRP is classified as a ‘security’ under federal securities laws may be incorrect.
Read this short ? please. When you look at all the other SEC-LIT-EMAILS cited in Ripple’s opposition, they are redacted. The one about there being reasonable grounds to not believe XRP satisfies all the Howey factors is not redacted. https://t.co/qoaCbjk7rg pic.twitter.com/Nc6kfNMJ4c
— John E Deaton (@JohnEDeaton1) May 21, 2023
The rising value of the $XRP token can be attributed to the positive outlook surrounding the case.
This observation by Deaton aligns with the views of various prominent analysts who anticipate substantial growth for the asset in the near future.
Explore Unique ‘Wall Street Meme’ as XRP Alternative
Investors seeking an alternative to $XRP may want to consider the Wall Street Meme token, $WSM, an innovative meme coin with strong community backing and high-margin return potential.
The $WSM token, originating from the Wall Street Memes movement, represents the triumph of the internet over unrestrained capitalism.
The announcement of the token launch generated overwhelming demand, with investors raising over $1.2 million in just a few days.
Acquiring the $WSM token at its current low price of $0.0256 in its presale stage 3 presents a great opportunity.
Community in a frenzy but quietly loading up. We get it, the temptation is real! ?
Don’t worry, the memes keep rolling, but we couldn’t help but share our $1M milestone. pic.twitter.com/IUcCY0gGkP
— Wall Street Memes (@wallstmemes) May 29, 2023
Although the token lacks practical utility, it has gained support from a vibrant community of over one million members.
Nonetheless, the $WSM token represents a philosophical and ethical position on the adverse impact of big money moves on the global economy, which makes it resonate with a lot of people.
The community’s influence and impact are so great that Elon Musk, Twitter’s CEO, has interacted with them on two separate occasions, according to their website.
Given that meme coins rely heavily on their community and social media presence, the $WSM community’s strong presence could generate excitement and attract interest from investors and traders.
This strong support significantly increases the chances of the $WSM token being listed on top cryptocurrency exchanges.
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