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Simon Chandler
Author
Simon Chandler
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The XRP price fallen by 3% in the past 24 hours, slipping to $0.6288 on a day when the crypto market as a whole has fallen by 1.5%.
XRP remains up by 7% in a week and by 12% in a month, with the alt also managing a 20% increase in the past year.
Yet the past few days have seen several pronouncements from legal experts on the likelihood of an SEC appeal against rulings in its case with Ripple.
Some attorneys are now suggesting that an appeal is likelier than not, although with no clear timeframe or indication that the SEC will act, the XRP price is likely to continue its ascent for the rest of the year.
XRP Price Analysis: SEC Appeal Likely? Legal Experts Weigh In on Ripple Case
Lawyer Fred Rispoli tweeted over the weekend that he thinks there’s a 60/40 chance that the SEC will appeal July 2023’s ruling.
In particular, he believes that the SEC will take issue with the court’s ruling that so-called programmatic sales of XRP (by Ripple) were not investment contracts.
His reasoning is that it would set an unfortunate precedent for the SEC’s remaining cases with other cryptocurrency firms and issuers, one which the regulator would prefer to block.
Rispoli was responding to an earlier tweet from noted crypto-friendly attorney Jeremy Hogan, who himself was tweeting in response to a report that one source (formerly) at the SEC expects an appeal to happen sooner or later.
The XRP didn’t react negatively to any of this speculation, and it actually rose from $0.5879 on Saturday morning to a three-month high of $0.6578 on Sunday afternoon.
In other words, the possibility of an appeal hasn’t dented enthusiasm for XRP, which is in a promising position for a rebound from today’s knock.
After correcting a little since the weekend, XRP’s relative strength index (purple) has now risen back above 50 in a sign of growing momentum.
It’s also interesting that XRP’s resistance (red) and support (green) levels are converging, forming a pennant that could see a significant breakout in the next day or so.
And based on XRP’s elevated volumes ($2 billion and higher), it seems that the coin has entered a bull phase, along with the rest of the market, which has been steadily (if intermittently) gaining strength since the Fed cut rates last month.
Combined with Ripple’s renewed expansion of its business, the XRP price could end the year at $1, if not higher.
Diversification with New High-Potential Altcoins
If XRP is a little too steady for some traders, they may prefer to invest in a newer alt, of the kind that can rally exponentially during its initial phase of growth.
Presale tokens can often do this, at least the ones that have big raises and accumulate a significant following prior to listing on trading platforms.
One example doing just this is Flockerz (FLOCK), a new ERC-20 token that has just launched its presale.
It has already raised more than $300,000, despite its sale having only begun a couple of weeks ago.
Flockerz is interesting because it’s a rare example of a vote-to-earn token, which rewards holders for participating in governance votes.
Every major decision will be put to its community, who will receive greater rewards the more they participate in decision-making.
As an Ethereum-based token, Flockerz will also have a staking mechanism, enabling holders to also earn a passive income this way.
Given this combination, demand for Flockerz could be high, with the coin allocating 20% of its supply to its presale.
Another 25% will go to staking, as well as 25% for governance rewards.
Anyone interested in FLOCK can join its presale by going to its official website, where they buy the coin at a price of $0.0056785.
Its sale will have 50 stages in total, with its price rising fractionally with each successive phase.
Traders should therefore act early, especially if FLOCK is likely to rally big once it hits 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.
