XRP Price Prediction: XRP Price Drops 4% as Hinman Emails are Released, Ripple Calls for Investigation
The price of XRP, a popular cryptocurrency, experienced a 4% drop in the past 24 hours, reaching $0.506899. This decline followed the release of the long-awaited Hinman emails to the public yesterday.
Despite the current fall, XRP has witnessed an 18% increase over the past month. Market sentiments are growing optimistic about a positive outcome for Ripple in their ongoing case with the U.S. Securities and Exchange Commission (SEC).
Ripple, the company behind XRP, intends to leverage the released emails to push for an investigation into the circumstances surrounding the 2018 Hinman speech. This development could potentially tip the scales in favor of Ripple in the legal battle.
If Ripple secures a victory, it would undoubtedly have a significant impact on the price of XRP, potentially leading to new all-time highs, especially in a bullish market.
XRP Price Prediction and Ripple’s Call for Investigation
Following the release of the emails, XRP initially rallied to a year-high of $0.558968. However, the price has since subsided, likely due to some investors deciding to take profits.
Despite this setback, XRP’s relative strength index (RSI) has been gradually recovering and is currently trending towards 50. The coin’s 30-day moving average (MA) remains in a mixed position, rising yesterday but showing a slight downward slide today.
On a positive note, XRP’s support level continues to rise, indicating that any future dips will likely be minor. Given the strength of the Hinman emails, which support Ripple’s position while undermining the SEC’s case, it is more probable that XRP will resume an upward trajectory.
The recently released emails shed light on the circumstances and internal discussions surrounding a speech by the SEC’s William Hinman in 2018. In that speech, Hinman declared that neither Ethereum nor Bitcoin were securities.
Of particular interest, the emails reveal that the SEC had consulted with Ethereum’s founder, Vitalik Buterin, prior to the speech. They also disclose internal suggestions that the speech could potentially confuse the issue of whether cryptocurrencies should be classified as securities.
These revelations strengthen Ripple’s argument that it did not receive sufficient fair notice from the SEC regarding XRP’s regulatory status.
Ripple is now urging for an investigation into how the speech was delivered by Hinman, despite the apparent conflicts of interest and internal disagreements surrounding its content, as detailed in the emails.
While the possibility of an investigation remains uncertain, the emails undoubtedly strengthen the belief that Ripple will achieve a favorable outcome in its ongoing legal battle with the SEC.
If Ripple succeeds, industry experts predict that XRP could surge to $1 in the following weeks, with the potential for even higher gains, reaching $2 or $3, should market conditions improve by the end of the year.
Exploring Other Altcoins with High Potential
While XRP shows promise, the case’s resolution may take several months, requiring holders to be patient for a substantial rally. Fortunately, there are numerous emerging altcoins that hold potential for significant gains in the short term.
One such altcoin is Wall Street Memes (WSM), which has gained attention within the meme stocks movement, famously associated with the GameStop and AMC rallies of 2021.
Wall Street Memes recently launched the presale for its WSM token, amassing an impressive $6.8 million in funds. This substantial figure speaks to the coin’s existing popularity and the potential for a large community upon its official launch.
The project’s Twitter account boasts over 231,000 followers, indicating a substantial market for its token.
The presale is currently in its 13th stage, with 1 WSM priced at $0.0286. As the presale progresses towards its 30th and final stage, the price will increase to $0.03370000. However, it is highly likely that the price will rise even further once the coin is listed on exchanges.
Investors interested in participating in the presale can visit the official Wall Street Memes website and connect their crypto wallets.
In conclusion, the recent release of the Hinman emails has had a short-term impact on the price of XRP, causing a temporary dip. However, Ripple’s use of these emails to call for an investigation into William Hinman’s speech suggests a positive outlook for the ongoing case with the SEC. The strengthened fair notice defense and internal disagreements revealed in the emails provide Ripple with a compelling argument. If Ripple emerges victorious, XRP could experience significant price gains in the coming weeks and potentially reach new heights. In the meantime, investors looking for shorter-term opportunities may consider exploring emerging altcoins like Wall Street Memes, which hold promising potential for substantial gains.