The XRP price has dropped by 4% in the past 24 hours, dipping to $0.506899 after the long-awaited Hinman emails were released to the public yesterday.
Despite the fall today, XRP remains up by 18% in the past month, as the market increasingly expects a positive conclusion to Ripple’s case with the SEC.
And with Ripple using the emails to call for an investigation into the circumstances of the 2018 Hinman speech, their release could help the cryptocurrency firm to secure a victory in the case.
Such a victory would undoubtedly send the price of XRP flying, and in combination with a bull market, it could eventually reach new heights.
XRP Price Prediction As Ripple Calls for an Investigation Into William Hinman After Documents Were Released – Best Time To Buy XRP?
While XRP initially rallied to a year-high of $0.558968 in response to the release of the emails, it has since subsided, perhaps because people who bought the coin decided to take some profits.
Still, yesterday’s comedown hasn’t completely ruined XRP’s momentum, with the altcoin’s relative strength index (purple) rising back toward 50 today.
This signals a recovery of momentum, while the coin’s 30-day moving average (yellow) remains in a mixed position, having risen yesterday but now having begun sliding downwards slightly.
On the other hand, XRP’s support level (green) has continued to rise, suggesting that any further dips will be slight.
In fact, it’s much more likely that XRP will resume rising again, given how the aforementioned Hinman emails strengthen Ripple’s case while weakening the SEC’s.
These emails detail the circumstances and internal discussions surrounding a speech by the SEC’s William Hinman in 2018, in which Hinman declared that neither Ethereum nor Bitcoin were securities.
Revealingly, the emails disclose how the SEC spoke with Ethereum’s Vitalik Buterin prior to the speech, as well as how officials had suggested to Hinman that the speech may actually confuse the issue of whether or not cryptocurrencies are securities.
Given that SEC officials themselves internally acknowledge that the speech may be confusing, these emails strengthen Ripple’s fair notice defense.
For its part, Ripple is now calling for an investigation into how the speech could be given by Hinman, despite the apparent conflicts of interest (e.g. speaking with Buterin) and despite the internal disagreements over its content.
Regardless of whether an investigation will ever be conducted, the emails certainly strengthen the notion that Ripple will secure a favorable outcome in its long-running case with the SEC.
If it does, XRP is likely to rise to $1 in the following weeks and even higher, towards $2 or $3, if market conditions improve by the end of the year.
Other Altcoins with High Potential
As promising as things look for XRP, the case may not reach a conclusion for several months, meaning holders may have to wait longer for a substantial rally.
Fortunately, there are a wide range of newer altcoins that hold the potential for big gains in the shorter term, with certain presale tokens potentially looking forward to big gains once they list on exchanges in the next few weeks.
One trending presale coin is Wall Street Memes (WSM), a new altcoin emerging in the meme stocks movement, which was infamously responsible for the 2021 GameStop and AMC rallies.
A few weeks ago, Wall Street Memes launched the presale for its WSM token, which has impressively already raised more than $6.8 million.
Such a figure speaks to WSM’s existing popularity and how big its community could become once it launches.
Its Twitter account has more than 231,000 followers, representing a potential market for its token.
The presale is currently in its 13th stage, with 1 WSM now costing $0.0286.
This price will rise to $0.03370000 by the time the 30th and final stage begins, although it could easily rise much higher when the coin lists on exchanges.
Investors can enter the presale by visiting the official Wall Street Memes website and connecting their crypto wallets.
Enter your email for our Free Daily Newsletter
A quick 3min read about today’s crypto news!