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Simon Chandler
Author
Simon Chandler
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The XRP price has dropped by 2% in the past 24 hours, slipping to $0.605 after comments from the SEC raised questions as to whether it may appeal this week’s judgment in its case with Ripple.
Despite today’s dip, XRP remains up by 5% in a week and by 37% in a month, with the coin rallying strongly this week following the aforementioned decision.
Yet XRP remains down by 5% in a year, suggesting that the ruling hasn’t done enough to make up for recent underperformance.
And while some have raised the possibility that the SEC may appeal Judge Eleanor Torres’ awarding of a $125 million fine, the regulator’s statement mostly suggests that it is largely content with her ruling.
Ripple Faces New Hurdles: SEC May Appeal Court’s $125 Million Fine Decision: Forecast
Looking at XRP’s chart, it continues to show buying pressure, yet it may be at the top of a short-term peak.
In other words, it could continue correcting a little over the next one or two days, with its RSI (purple) falling from over 80 on Wednesday to just under 50 today.
Meanwhile, XRP’s 30-period moving average (orange) has plateaued, likely as a prelude to dropping below the 200-period average (blue).
Because XRP is in an overbought position, it may need to fall further before buyers return to it and help it to launch another rally.
Some whales appear to be offloading their XRP while it’s still up for the week, which again supports the view that the alt will dip before rallying again.
Some traders may also be fearful that XRP could take a big hit in the not-too-distant future, with speculation that the SEC will appeal Judge Torres’ decision to impose a $125 million penalty on Ripple.
However, the full statement from the regulator finds it framing the $125 million fine as “12 times the amount Ripple suggested was appropriate.”
In other words, the SEC is spinning the judgment as a victory, with the regulator also noting that the “Court also addressed ‘the egregiousness of Ripple’s conduct’ and noted that ‘there is no question that the recurrent, highly lucrative violation of Section 5 is a serious offense.”
For this reason, FOX reporter Eleanor Terrett concluded that the chance of an appeal is actually very low.
As such, Ripple will remain free to move forward with its business, with the XRP price likely to continue climbing over the medium- and long-term.
It could reach $1 by the end of the year.
Faster Gains with New High-Potential Alts
It’s possible that investors are waiting to see whether or not the SEC will appeal or do anything else before buying into XRP in a big way.
As such, traders may prefer to diversify into other alts in the meantime, including small-cap tokens that can often rise exponentially when exchanges list them.
There are many such coins in the market right now, but one of the most interesting is PlayDoge (PLAY), an Ethereum-based play-to-earn cryptocurrency.
It has raised $6 million in its ongoing presale, a sign of its growing popularity.
Investors are flocking to the sale because of PlayDoge’s solid fundamentals, with the P2E game enabling players to earn rewards in PLAY for breeding and completing levels with their digital pet dogs.
Taking its cue from the highly popular Tamagotchi games of the Nineties, PlayDoge features endearing 8-bit graphics and side-scrolling gameplay.
PLAY will be the exclusive token in-game transactions, buying gamers new pets and other virtual items.
It will come with a cap of 9.4 billion, with 50% of this going to the sale, 12% to staking, and 6.5% to community rewards.
PLAY’s sale will end in the next few weeks, but investors can still join it by going to the PlayDoge official website.
They can buy the coin at a price of $0.00527, although this will rise to $0.00528 in just under two days.
Yet such a price will likely seem cheap once PLAY lists and potentially rallies on exchanges.
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.
