Pro-Ripple Attorney Forecasts FOMO Surge If XRP Price Shatters $2 Barrier
The price of XRP, the native token to one of crypto’s most prominent cross-border money transfer networks, is on a bullish overdrive as the community gazes at the upcoming ruling in the lawsuit against the United States Securities and Exchange Commission (SEC).
XRP is trading 6.5% higher on Tuesday towards the end of the Asian session with its 24-hour volume almost at $2.5 billion. If this surge continues, XRP would be on the expressway to overtaking USD Coin (USDC), becoming the fifth-largest crypto.
At the moment, XRP is in sixth place, boasting $27.4 billion in market capitalization compared to USDC at approximately $29 billion.
The leading international money remittance token trades at $0.5265, climbing to close the gap at the previous high of $0.5871 on March 30.
Assessing XRP Price Profitability with Ripple vs SEC Ruling Imminent
The final ruling in the Ripple vs SEC lawsuit could be imminent and investors in the ecosystem are not leaving any stone unturned while expressing support for XRP. In the two weeks since mid-May, XRP price has increased by slightly over 25% and seems ready to take down resistance at $0.60 and $1 to pave the way for a major rally to $2.
Enthusiasm for the token has continued to thaw propelled by a strong conviction among fans of XRP that the ruling would be in Ripple’s favor. Not long ago the court ruled that the highly guarded Hinman speech documents be left unsealed as they were important to the judicial process.
This ruling was a blow to the SEC, which has been fighting to keep the documents from scrutiny by Ripple’s legal representatives.
More on the Hinman Speech: Win for Ripple as Judge Torres Denies The SEC’s Motion To Seal The Hinman Speech Documents
In December 2020, the SEC under the leadership of Chair Gary Gensler, filed a case alleging that Ripple and two of its top executives, including Brad Garlinghouse the CEO, sold unregistered securities totaling $1.3 billion in the form of XRP, while disregarding the US securities law.
In their argument, XRP is a security unlike Ethereum (ETH) and Bitcoin (BTC), which are considered cryptocurrencies. The lawsuit, which has dragged on for more than two years has seen Ripple gain the support of many within and outside the crypto industry.
Some crypto experts have termed the lawsuit “regulation by enforcement,” as the SEC prefers lawsuits and fines as opposed to creating a clear regulatory framework.
However, the time of reckoning is just around the corner with Garlinghouse predicting the case to be resolved in “weeks and not months.”
BREAKING #XRPCommunity : @bgarlinghouse expects a court case resolution in weeks and not months , following the recent court news regarding the Hinman emails!
PS: feels like the interviewer is an XRP holder 🤣 pic.twitter.com/OT303FoNZI
— XRPnewt🏴☠️ (@XRPnewt) May 25, 2023
John Deaton, the renowned pro-Ripple lawyer could not contain his excitement and bullish outlook for XRP as the bells keep sounding ahead of the final ruling.
According to Deaton, some investors who are staying away from XRP at the current market value will come to buy the token with its value above $1.
He did not stop there, as he opined that he anticipates FOMO to kick in after XRP price hits the $2 milestone, as ZyCrypto reported.
Based on the current market structure for XRP, the impending massive rally can reach its all-time high of five years ago at $3.4.
XRP Price Grinding Toward a 46% Breakout to $0.81
XRP price action since September 2022 when it traded around $0.56 has formed an impressive cup and handle pattern as shown on the daily chart.
Note that the cup and handle pattern is a bullish chart formation that signals a continuation of an existing uptrend. It consists of two parts: a rounded bottom that resembles a cup, and a consolidation period that forms the handle.
Traders looking forward to fresh long positions in XRP may want to use the cup and handle pattern on the daily chart to identify buying opportunities when the price breaks out of the handle’s resistance level, slightly above $0.55.
The breakout confirms the completion of the pattern and the resumption of the bullish trend. It is worth mentioning that the target price of 46% to $0.81 can be estimated by measuring the height of the cup and projecting it from the breakout point.
A careful examination of the chart reveals the presence of several buy signals, starting with the Moving Average Convergence Divergence (MACD) indicator, which has just flipped above the mean line into the positive region.
Similarly, the position of the Relative Strength Index (RSI) adds credence to the bullish outlook. However, traders already in active long positions must be cautious because of the overbought conditions with the RSI now at 74.
In that case, it would be prudent to watch out for a retracement from the current price level of $0.52. Traders would then look forward to a rebound from the immediate support at $0.50 while keeping their eyes on the potential cup and handle breakout to $0.81.
Wall Street Memes Token – Viral XRP Alternative to Consider
As XRP price recovers ahead of the ruling, we can only predict how the court’s decision in the Ripple vs. SEC case might impact the token. That said, XRP could go either way – up to $2 or drop if the ruling turns out to be unfavorable.
Nevertheless, investors hoping for massive gains such as those experienced with the likes of Pepe Coin (PEPE), a fangled amphibian meme token that soared, turning early adopters into instant crypto millionaires in April can now focus on a new meme coin ecosystem from the Wall Street Memes movement.
The idea behind $WSM, as the native token is symbolized, is to battle long-standing and rampant capitalism, just as Gordon Gekko said in the 80s as he got wealthy off useless stocks that “Greed is good!”
Four decades down the line, there are investors like those who caught the PEPE rally early, searching for useless meme coins, intending to get rich.
The Street Memes ecosystem is capitalizing on this same movement, supported by a massive and trusted community on Twitter. Even Elon Musk, the CEO of Twitter and Tesla had been intrigued and engaged with the profile in the past.
Investing in $WSM put investors on a highly rewarding trajectory with the massive online community likely to influence listing on tier 1 crypto exchanges like Binance.
Potential investors can participate in the presale, which allows them to buy 1 $WSM token for $0.0259 using either Ethereum (ETH) or Tether (USDT). The project has raised $1.59 million within days of the presale’s debut but those interested must hurry before the price hikes to $0.0262 per token in the next round.
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