XRP Price Pumps 8% Amid Optimism Over SEC Settlement As Experts Say This P2E Dogecoin Might Be The Best Crypto To Buy Now
Release: 2024/07/31 17:24 Reading: 209
The XRP Price Surges Amid Settlement Speculation
In the last 24 hours, the XRP price has experienced a notable surge of 8%, currently trading at $0.6444. This rise in value coincides with increased trading volume, which has spiked by 144%.
Ongoing Ripple Lawsuit and Settlement Expectations
Market speculation is rife that a settlement may be reached in the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC). A closed-door meeting between the two parties is scheduled for Thursday, following the cancellation of a previous meeting by the regulator.
XRP Advocate Predictions and Token Unlock
XRP advocate Fred Rispoli has speculated that the lawsuit may conclude on either July 13 or July 31. Additionally, on August 1, the Ripple ecosystem will unlock 1 billion XRP tokens, which could potentially impact the token's price.
XRP Price Prediction
The XRP price is exhibiting a bullish trend, consolidating within a wedge pattern. If bullish momentum continues, the price could potentially break through the upper trendline of the pattern, signaling a potential surge. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators also support the bullish outlook.
Considerations for Long Positions
Traders should consider waiting for the XRP price to move above the 23.6% Fibonacci retracement level of $0.6811 before initiating long positions. Resistance levels to watch are $0.6811 and $0.90.
Alternative Investment Suggestion
Presently, PlayDoge (PLAY), a Dogecoin derivative, is undergoing a presale and has garnered over $5.8 million in funding. PLAY is a play-to-earn (P2E) game that combines nostalgia and blockchain technology. Token holders can earn through P2E or by staking PLAY for an 80% APY.
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