XRP price has gained 5% in the past 24 hours after the judge presiding over Ripple’s case with the SEC rejected the regulator’s motion to seal important documents.
At $0.446896, XRP is up 4% in one week but down 13% over the past 30 days, with today’s gain going in the direction of reversing the losses suffered by the altcoin over the past few weeks.
And given that Ripple and the court will now have access to docs related to the famous William Hinman speech in 2018, it is now expected that the company is in a very good position to secure a favorable summary judgment or settlement.
If so, XRP could see a huge rally in the coming weeks and months, potentially becoming the best performing major coin of the year.
Judge rules in favor of rejecting SEC motion to seal Hinman documents as XRP price prediction – XRP $1?
Unsurprisingly, XRP’s price chart today shows a very significant breakout, something that was arguably overdue in light of the oversold and undervalued altcoins in recent weeks.
Although XRP’s Relative Strength Index (purple) has declined again this morning after reaching near 90, it is likely to maintain its momentum above 50, increasing the potential for further gains.
Also fueling this possibility is its 30-day moving average (yellow), which has just crossed its 200-day (blue), reinforcing the notion that XRP is in the midst of a breakout rally.
A rally like this has been happening for a while, especially given the expectation that the Ripple-SEC case is about to end in the near future.
And after Judge Analisa Torres denied the SEC’s motion to seal the Hinman documents, it now actually looks like Ripple has a very good chance to get something good out of the case.
The reason these documents are so important is that they may shed light on the SEC’s stance on cryptocurrencies and securities, the above Hinman speech Declaring the regulator’s former director (of its division of corporate finance) that Ethereum is not a security.
It is believed that documents related to this speech could have an impact on Ripple and XRP, potentially revealing that Securities does not consider the latter as a security.
If true, it would significantly weaken the SEC’s case, while reinforcing Ripple’s long-standing claim that it did not have proper notice that the regulator made up its mind to treat XRP as a security. Had been.
And for some observers, the fact that Judge Torres denied the SEC’s motion is a strong sign that a summary judgment is close to being issued.
While it is unclear how positive such a decision would be for Ripple, yesterday’s developments and the general progress of the case over the past few months suggest that it would be mostly favorable.
Thus, it is now completely credible to believe that XRP is poised for a major rally once the matter reaches its conclusion.
From its current level of around $0.445, it could easily slide back to $1, a price it hasn’t had since November 2021.
Of course, given that the case had been ongoing for almost a year at this point, the XRP price could also cross $1 in the months following the conclusion of the case.
And if the broader crypto market enters a more bullish phase around the end of the case, XRP could even upset its current high of $3.40 reached back in January 2018.
Diversification with New Altcoins
But given how it is not guaranteed that Ripple will get the results it wants, traders may be well advised to diversify their portfolios with other altcoins, with some new alts showing a lot of potential at the moment. Are.
This is especially the case with some of the best token pre-sales, one of the most successful at the moment idogThe AI-powered meme-generating platform that has already raised over $8.5 million since launching its ERC-20 $AI token offering in late April.
Due to launch in the fourth quarter of the year, addog’s platform uses advanced AI algorithms and large datasets to generate memes.
Users only need to enter short text-based descriptions to generate memes while keeping enough $AI to pay for the service.
Users can also upvote and downvote the memes they create, with the highest ranked images earning their creator rewards in $AI.
$AI can also be used for staking, meaning the altcoin provides real utility, unlike most other meme tokens.
Investors can participate by visiting its presale adog official website And connecting your wallet before using ETH, BNB, USDT or fiat currency to buy $AI.
The price of 1 $AI is now $0.0000308, which will increase to $0.0000312 in the next phase of the sale, while it is listed at $0.0000336.
However, with interesting features and growing popularity, $AI can easily break this price once it gains some major exchange listings.