XRP price jumped 5% in the past 24 hours after the judge presiding over Ripple’s case with the Securities and Exchange Commission (SEC) denied the regulator’s request to close important documents.
At $0.446896, XRP is up 4% in a week but down 13% in the last 30 days, with today’s rally somewhat towards reversing the losses incurred by the altcoin in the past two weeks.
Given that Ripple and the court will now have access to documents related to William Hinman’s famous speech in 2018, the expectation now is that the company is in a very good position to secure a summary judgment or settlement.
If so, XRP could climb much higher in the coming weeks and months, potentially becoming one of the best performing tokens of the year.
Predicting XRP Price as Rules of Control for Ripple to Deny SEC Request to Close Hinman Documents – XRP to $1?
Unsurprisingly, the XRP price chart showed a very significant breakout today, which is arguably overdue given how oversold and undervalued the altcoin has been in recent weeks.
While the RSI for XRP (purple) is falling again after reaching near 90 earlier this morning, it is likely to maintain its momentum above 50, which increases the potential for more gains.
Also adding to this possibility is the 30-day moving average (yellow), which has just crossed the 200-day (blue), reinforcing the impression that XRP is in the middle of a breakout rally.
This rally was long overdue, especially given the predictions that the Ripple-SEC case is set to conclude in the near future.
And after Judge Annalisa Torres denied the SEC’s request to seal Hinman’s documents, it really now appears that Ripple has a very good chance of making something good out of the case.
The reason these documents are important is that they may shed light on the SEC’s stance on cryptocurrencies and securities, as the aforementioned Hinman letter found the former director of the regulator (for the company’s finance division) declaring that Ethereum is not a security.
It is assumed that the documents related to this letter may affect Ripple and XRP, which may reveal that the securities did not consider the latter as collateral.
If this turns out to be true, it would significantly weaken the SEC’s case, while bolstering Ripple’s longstanding claim that it did not have fair notice that the regulator was inclined to regard XRP as collateral.
And for some observers, the fact that Judge Torres rejected the SEC’s motion is a strong sign that a summary ruling is imminent.
While it is not clear how positive such a ruling would be for Ripple, the development of yesterday and the general progression of the case over the past few months suggests that it will be mostly favorable.
As such, it is now quite reliable to believe that XRP is poised for a massive rally once the case comes to a close.
From its current level of around $0.445, it could easily return to $1, a price that hasn’t been there since November 2021.
Of course, since the case has been in the works for nearly a year at this point, the XRP price could also go over $1 in the months after the case ends.
And if the broader cryptocurrency market enters a bullish phase by the time the case closes, XRP could end up shooting an all-time high of $3.40, a January 2018 decline.
Buy XRP now
Diversification with new altcoins
But since Ripple is not guaranteed to get the result it wants, traders may be advised to diversify their investment portfolios with other altcoins, with some of the newer alternatives showing great potential at the moment.
This is especially the case with some of the best pre-sale tokens, with one of the most successful tokens right now being AiDoge.com, an AI-powered meme-generation platform that has already raised over $8.5 million since its introduction of AI Dollars. The token was launched at the end of April.
Launched in the last quarter of the year, the AiDoge platform uses advanced AI algorithms and large datasets to create memes.
Users simply have to enter short text-based descriptions to create the memes, while also retaining enough AI to pay for the service.
Users can also upvote and upvote created memes, with the highest rated images receiving the creators’ $AI rewards.
$AI can also be used for storage, which means that the altcoin offers real utility, unlike most other meme tokens.
Investors can participate in the pre-sale by visiting the official AiDoge website and linking their wallets, before buying $AI with ETH, BNB, USDT or fiat currency.
The cost of $1 AI is now $0.0000308, which will rise to $0.0000312 in the next sale, while it will be listed at $0.0000336.
However, with interesting features and growing popularity, $AI can easily crunch that price once it gains a few big stock exchange listings.
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