The cryptocurrency market has been experiencing a bearish trend due to macro events beyond its control. The US dollar’s strength has had an adverse impact on Bitcoin, the leading digital asset in the market. In April and early May 2021, the market valuation of the emerging industry was $1.25 trillion, but it fell to below $1.10 trillion 24 hours ago. Nevertheless, the market has shown its resilience once again, and it has retouched $1.12 trillion, reflecting a 0.76% increase overall.
Bitcoin has rallied 0.88%, but Ripple’s XRP token has been one of the high-achievers in the recent crypto bull run. The remittance-focused project has grossed 1.47% in a recovering market and hit a month’s high of $0.47. Its seven-day performance is also in the green zone, with a neat 1.09% recorded so far. The longer-term prospect shows that XRP has rallied 2.32% in the last 30 days and 25.03% in the last 90 days, with a 19.29% increase in the last 180 days. The token’s year-to-date (YTD) price performance stands at an impressive 39.42%, and it has had a 20.5% increase in the last year.
The Potential of Ripple’s XRP in the Crypto Market
XRP’s bullish streak is remarkable, given its legal troubles with US authorities. If it gets a favorable ruling in its ongoing legal standoff with the US Securities and Exchange Commission (SEC), XRP could be on a significant climb to its previous record high. Its technical front shows that its 50-day simple moving average (SMA) price is on par with its current price, showing a strong short-term base investors can rely on. However, its 200-day SMA is more bullish, as its price is $0.4149. On its relative strength index (RSI), XRP has a figure of 56.56 and is climbing by the hour, slowly rising above the underbought region. Its moving average convergence divergence (MACD) further accentuates a bullish signal as its blue trendline is leading the charge.
In the last two and a half years, the creators of XRP have continued diversifying the token’s and network’s use cases. They have launched a central bank digital currency (CBDC) and are actively exploiting the protocol as a hub for making native non-fungible tokens (NFTs). The Ripple team has also looked to consolidate its position in the crypto space, especially in the European landscape. Accordingly, the remittance and cross-border solution recently acquired a major stake in Europe’s second-largest crypto exchange Bitstamp. Ripple president Monica Long says the initiative stems from the company’s focus on going beyond payments in the long term.
Moreover, more world governments are turning to the XRPLedger network as the most viable option for cross-border transaction settlement. One such is the Russian Federation, which recently earmarked XRP as the best means to send and receive funds from other regions after it was cut off from the SWIFT network following its aggression in Ukraine. While this might seem contrary to US interest, the XRP network is largely open source, meaning anyone can use it for payments.
The Emergence of Wall Street Memes in the Crypto Market
A new crypto project is shaking up the crypto waters following its meteoric rise to fame. The COVID-19 pandemic served as a global reset for many industries, with new sectors getting a new lease on life. One such is the GameStop fiasco of 2021, which saw retail investors stand up to institutional buyers and buy up shares of struggling companies. In the end, many investors were able to make millions off this short-term paradigm shift, which led to the creation of meme stocks and the movement.
The Wall Street Memes ($WSM) was created from that event. According to the team behind the decentralized project, WSM is the ultimate expression of the internet’s triumph over rampant greed in the world. The platform features different memes used on social media to depict their emotions and communicate their belief systems. The WSM community is an existing 1 million strong member base with a track record of selling out their first NFT collection, Wall St Bulls, in 32 minutes in 2021. This makes it a viral sensation in the meme coin landscape.
Additionally, Twitter founder Elon Musk has been involved with the WSM project, making it a legit meme coin investors should jump into. Musk’s interaction with the project will automatically guarantee it will become the next big thing in the meme space once it launches on a tier-1 exchange like Binance in the coming weeks, just like $PEPE and $SPONGE. At press time, the project is currently on track for its first round of presale and has already clocked in a significant sum of over $500,000. Early bird investors can grab the $WSM token at a current presale price of $0.0253 before it climbs to $0.0256.
Ripple’s XRP and Wall Street Memes are two digital assets that have emerged in the crypto market. Despite XRP’s legal troubles, it has shown resilience and potential in the market, with a bullish streak that has attracted investors. Wall Street Memes, on the other hand, is a new crypto project that has gained popularity due to its association with the GameStop fiasco and Elon Musk’s involvement. It remains to
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