The Ripple ($XRP) price has fallen 15% over the past three days – despite the so-called Hinman Documents providing evidence that backs up Ripple Labs’ case against the SEC.
Investors appear uncertain about $XRP’s future, with price now trading at the same level it was in late May.
While $XRP struggles, brand-new meme coin Wall Street Memes ($WSM) continues to impress – raising over $7.8 million through its ongoing presale phase.
Unfavorable Market Sentiment Amid Legal Developments Hits $XRP Hard
$XRP has now closed in the red for three straight days, highlighting that the bears are now firmly in control of the token’s short-term prospects.
Before this downtrend, $XRP’s price had risen consistently for nearly one month as the investment community became increasingly optimistic about Ripple Labs’ ongoing battle with the SEC.
However, after aggressively reversing from the resistance zone around $0.55, which has been rejected three times since March, $XRP now appears to be in the midst of a sharp descent.
This descent has taken $XRP below the 20-day and 50-day EMAs, with no retest from the other side, indicating the strength of the downside pull.
Not only that, but CoinGlass data reveals that the Long/Short (24h) ratio for $XRP derivatives is now below 1. This means there are currently more shorts than longs, highlighting the pervasive negative sentiment from investors.
This negative sentiment has surprised many, given the recent release of the long-awaited Hinman Documents.
These documents show edits to a 2018 speech by the former SEC director Bill Hinman, which indicates that the SEC was worried it would lock itself into a position that it may not be able to change later.
Ripple’s CEO, Brad Garlinghouse, pointed to how important these documents are to the company’s defense against the SEC’s lawsuit, which hinges on whether $XRP can be considered a security or not.
However, the release of the Hinman Documents hasn’t had the bullish effect that many in the market had hoped for – and instead has had a rather unexpected bearish impact.
Overall, the prevailing market uncertainty seems to have overshadowed any positivity that might have come from the strengthening of Ripple’s defense – suggesting that the short-term sentiment is mainly negative.
Which Tokens Are Investors Considering Instead of $XRP?
As $XRP continues to struggle, investors are looking for alternative coins and tokens with more favorable prospects.
While some are turning to established cryptos, like Bitcoin and Ethereum, others are seeking out up-and-coming tokens – with Wall Street Memes ($WSM) being one project that’s catching investor attention.
Wall Street Memes Harnesses the Power of Meme Culture & Raises $7.8 Million
Wall Street Memes is a pioneering meme coin that seeks to leverage the power of a massive community of “degens,” which comprises over 1.1 million people globally.
This community, inspired by the retail investors who challenged Wall Street during the GameStop short squeeze in 2021, is firmly ingrained in meme culture – and Wall Street Memes intends to “tokenize” the community through the release of $WSM.
Per the project’s whitepaper, $WSM will be a community-driven token that rewards holders who show faith in the community’s growth and evolution.
Many expect this growth to continue in the years ahead, given that it has already caught the attention of several high-profile names – including tech mogul Elon Musk, who interacted with Wall Street Memes on two occasions.
Moreover, the team behind Wall Street Memes has already tasted success through the Wall St Bulls NFT collection, which sold out in 32 minutes and generated $2.5 million in sales.
Wall Street Memes’ team plans to launch the $WSM token on major exchanges later this year. Notably, would-be investors can get involved early by purchasing $WSM through the presale phase.Currently, $WSM can be purchased for just $0.0292. However, the presale is split into 30 stages, with the token price rising incrementally – meaning those who invest the earliest will be rewarded with a lower entry price.
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