Last updated:
Author
Simon Chandler
Author
Simon Chandler
Share
Why Trust Cryptonews
The price of XRP has risen by 2% today, moving to $1.13 as the crypto market falls by 1% in the past 24 hours.
XRP is now up by a very healthy 68% in the past week and by 110% in the past fortnight, with bullishness for the coin still receiving a big boost from Donald Trump’s election victory this month.
And this is despite the new possibility that former General Counsel for the SEC, Robert B. Stebbins, may become the next Chairman of the securities regulator, assuming that Trump does indeed depose current chair Gary Gensler soon after his inauguration.
Given that Stebbins had worked at the SEC at a time when the regulator first commenced legal action against Ripple, Brad Garlinghouse has pre-emptively questioned the potential appointment, which would seriously dampen bullishness for XRP and other alts.
Is XRP Still A Strong Buy? Ripple Falters As CEO Questions New SEC Chair
Reports currently suggest that four candidates feature on the Trump administration’s shortlist of candidates to become the next SEC Chairman.
These are Robinhood Chief Legal Officer (and former SEC Commissioner) Dan Gallagher, former SEC Commissioner Paul Atkins, attorney Brad Bond, and the aforementioned Robert Stebbins.
There have been reports that Dan Gallagher is the frontrunner, while betting markets have recently turned out in favor of Brian Brooks, who has previously been the Acting Comptroller of the Currency (and is also on the Hedera board).
Yet despite this, the possibility of Stebbins becoming the next SEC chair has spooked Ripple CEO Brad Garlinghouse, who in a tweet suggests that Stebbins was “directly involved” in the SEC’s favoring of Ethereum (and Bitcoin) over XRP.
While this raises the possibility that the Trump administration may not be a new dawn for crypto, traders should keep in mind that other candidates – in particular Dan Gallagher – currently seem to have a better chance.
As such, it continues to be a very good time to invest in XRP, which has clearly begun a long-term uptrend, but which also remains relatively undervalued.
Its chart today suggests that it’s regaining momentum after a brief dip earlier in the week, with its RSI (purple) rising back up to 70 today.
Given that this is close to overbought territory, we could see the XRP price dip slightly in the next day or so, before continuing its medium- and long-term ascent.
Its trading volume continues to look very strong, at $6.5 billion today, while whales continue to accumulate the altcoin.
These factors all point towards recurring rallies for XRP as we approach the end of 2024, with the coin on course to hit $1.50 by the end of December.
New Presale Tokens Set for Big Rallies
Traders looking to diversify away from major coins should also allocate some of their portfolios to small-cap alts and presale tokens, which in the right circumstances can rally hard when they list for the first time.
For instance, coins that raise substantial sums of money and attract a strong following during their sales can often go on to have very big openings.
And one coin likely to have such an opening is Flockerz (FLOCK), a new ERC-20 token that has already raised in excess of $2.5 million in its ongoing sale.
Flockerz has been wowing investors because it’s the crypto market’s first vote-to-earn token, which will reward holders for participating in governance votes.
Every single decision concerning its development and roadmap will be decided by its holders, with more regular participants receiving more regular rewards.
FLOCK will also be open to staking, so holders could earn two income streams from the token.
It has a max supply of 50 billion FLOCK, with its protocol allocating 20% of this supply to the presale, as well as 25% each to staking and voting rewards.
To join FLOCK’s presale, investors can simply go to its official website, where they buy the coin at a price of $0.0060772.
Its sale will have 50 stages in total, meaning that this price will end up much higher by the time it lists.
As such, traders should act now, so as to make the biggest possible profits.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
