XRP has had a topsy-turvy start to October.
Index fund manager Bitwise submitted an initial S-1 filing with the SEC to launch an XRP ETF, a decidedly bullish development for the 7th largest cryptocurrency.
On the flip side, the US Securities and Exchange Commission appealed Judge Analisa Torres’ 2023 ruling in the landmark Ripple vs SEC case. The appeal has sent the XRP price tumbling, which is now trading over 20% below this week’s high at $0.52.
The token is now testing key levels, attempting to form a local bottom. However, the latest XRP price projections from experts show that the possibility of more downside volatility cannot be ruled out.
XRP Price Prediction – Key Levels To Watch
In July 2023, Judge Analisa Torres of the SDNY District Court ruled that Ripple’s programmatic sales did not violate the Securities Act.
While she did find Ripple guilty for its institutional sales, her ruling established that XRP isn’t a security in itself.
The SEC is now challenging this ruling, sending its Notice of Appeal to the United States Court of Appeals for the Second Circuit.
The SEC’s appeal has sparked outrage from the XRP community. Ripple CEO and co-defendant Brad Garlinghouse claims that he is “pissed” at the agency’s actions, highlighting that the XRP’s non-security status will remain the law of the land even if the SEC’s appeal is successful.
Stuart Alderoty, the Chief Legal Officer at Ripple, called the SEC’s decision “disappointing, but not surprising”.
Prominent crypto investor Bill Morgan bemoaned the timing of the appeal, considering that a bull market is expected to start soon.
However, the market isn’t overreacting to the news. For one, as Alderoty points out, SEC’s appeal isn’t a surprising development. Secondly, there is growing conviction among investors that the agency’s actions are largely driven out of “vindictiveness” and that the SEC is set to lose again.
For instance, prominent investor CrediBULL Crypto has opened long positions on XRP. He is giving more weightage to Bitwise’s application for XRP ETF than the SEC’s appeal, additionally claiming that the chart supports his bullish thesis.
His XRP price prediction sees the token create a local bottom at $0.54, which would trigger a bullish reversal to the $0.66 resistance.
However, a breakdown below this level could trigger more downside volatility, with XRP visiting the range-lows at $0.43.
In the long term, $0.66 remains the key level for the bulls. A flip of the resistance could pave the way for $1 in 2024.
However, XRP is facing a much larger risk. The current crypto bull market is dominated by meme coins, with no indication that the trend will change. There is a considerable possibility that XRP will end up being a ‘dino coin’, while new meme coins offer outsized returns.
Experts Bullish On New Meme Coins
The demand for new meme coins is continuing to soar, especially in light of the upcoming bull market. Investors are already printing millions with low-cap gems like POCHITA, HIPPO and MOODENG.
Similarly, Pepe Unchained (PEPU) has raised nearly $17 million in presale funding, adding the last million dollars in just 4 days.
As such, Pepe The Frog-themed meme coins remain attractive investment avenues, owing to their strong correlation with Pepe (PEPE). Indeed, coins like PeiPei, PepeFork and PepeCoin have impressed investors with their growth. ‘
However, there is growing speculation that Pepe Unchained could be the best alternative to PEPE, owing to its Layer-2 scaling solution.
Unlike most new Ethereum meme coins, PEPU holders can benefit from low trading costs, fast transactions and high staking rewards. Presale buyers are already generating passive income, currently at an APY of 125%.
Pepe Unchained has already given a glimpse of its high upside potential during the ongoing presale. Considering that it is poised to launch in the midst of a bull run, it is not a surprise that some prominent investors are targeting 100x returns with PEPU.
