No Anticipated XRP Price Increase Following Ripple-SEC Ruling: Prediction

The XRP price has decreased by 5.5% overnight, now standing at $0.5722 following the SEC’s cancellation of a meeting regarding ongoing litigation.

This indicates that the altcoin has also declined by 5% over the past week, although it has experienced a 4% increase over the last two weeks and an 18% rise in the past 30 days.

However, with XRP down by 17.5% over the previous year, the SEC’s decision to cancel its meeting may have hindered the coin’s opportunity to recover lost ground.

Some traders are even suggesting that the anticipated settlement between the regulator and Ripple may not significantly impact the XRP price, at least not without substantial adoption news.

No XRP Price Surge Expected After Ripple-SEC Verdict: Forecast

XRP has reversed the gains it achieved earlier in the week when news of the SEC’s closed meeting sparked optimism that the regulator was moving towards a settlement with Ripple.

It has indeed fallen below its previous level before the surge, indicating that it is now in an oversold condition from which it could potentially recover.

For example, its relative strength index (purple) has decreased from 70 at the end of July to just below 40 today.

Source: TradingView

Simultaneously, XRP’s 30-day moving average (orange) fell below the 200-day (blue) yesterday, which typically signals a selloff.

Nevertheless, it is probable that this selloff has already reached its lowest point, considering XRP’s RSI and the slight bounce from its support level (green).

20,000,000 #XRP (11,659,024 USD) transferred from unknown wallet to #BitGethttps://t.co/Tf2tlmNCru

— Whale Alert (@whale_alert) August 2, 2024

As indicated in the tweet above, whales have been inclined to sell over the past day, with Ripple itself moving XRP out of escrow, possibly in preparation to capitalize on the recent rally.

The coin’s decline today is undoubtedly disappointing for holders, yet some XRP advocates have even indicated that the coin’s price may not see significant movement when the highly anticipated Ripple-SEC settlement is finalized.

I hate to be the one to say it. But I do not think the final Ripple/SEC/Torres event will do anything for the price of #XRP. Here is why:
1. It is simply the details on how Ripple will be punished for the few minor indiscretions committed.
2. The point at which clarity was…

— Rachelle Renee (@rachelleskinner) July 31, 2024

Instead, XRP holders like the individual above argue that Ripple must generate significant usage and adoption for the XRP price to experience a substantial increase.

This may hold some truth, yet it can also be argued that a final settlement could pave the way for greater adoption and growth, especially if the settlement amount Ripple pays is not particularly large.

This could reassure potential investors or partners that Ripple will not encounter significant obstacles in its operations.

If that is the case, the XRP price could potentially reach $1 by the year’s end following a favorable settlement.

New Alts May Be Better for Market-Beating Gains

Given the uncertainty surrounding XRP’s ability to surge without notable adoption news, some traders might opt to explore newer tokens for quicker returns.

Newer tokens often have the potential to outperform the market, particularly if they gain viral traction, with presale coins sometimes experiencing significant price increases once they are listed.

One such token with promising potential is PlayDoge (PLAY), an Ethereum-based cryptocurrency that has successfully raised $5.9 million in its popular sale.

Stack $PLAY and live life on easy mode

Join the #Presale https://t.co/JT0VEofqf2 pic.twitter.com/QVL6JOvjvd

— PlayDoge (@PlayDogeGame) July 29, 2024

What makes PlayDoge appealing is its development of a Tamagotchi-style play-to-earn game.

Featuring nostalgic 8-bit graphics, the game allows players to earn rewards by breeding and completing missions with their virtual Shiba Inu pets.

PLAY will function as the native currency for the game, enabling players to purchase pets and other in-game items.

This will create a natural demand for the token, with the game’s increasing popularity likely driving its price higher over time.

It will have a capped supply of 9.4 billion tokens, with holders able to earn passive rewards through staking.

PlayDoge’s sale is set to conclude in the coming weeks, but latecomers can still participate by visiting the PlayDoge official website.

1 PLAY is currently priced at $0.00525, with investors able to acquire the coin using ETH, USDT, or fiat currency.

It could potentially rise significantly once it is listed, especially if the popularity of its sale is any indication.

Visit PlayDoge Now

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