Join our Telegram channel to stay up to date with the news
XRP price has surged 18% in the past 24 hours trading at $0.6104 at 12:41 a.m. EST on trading volume that jumped 199% to $4.9 billion.
The move comes as a federal judge ordered Ripple to pay $125 million in civil penalties for improperly selling XRP. Its executives are calling the end of the three-year securities lawsuit against Ripple Labs a “victory” after the Securities and Exchange Commission sought a penalty in the $2 billion range.
The SEC asked for $2 billion and the court reduced their request by about 94%, acknowledging that they had played too hard. We respect the court’s decision and have the clarity we need to continue to grow our business.
This is a victory for Ripple, the industry, and the rule of law. The SEC…
— Brad Garlinghouse (@bgarlinghouse) August 7, 2024
This decision now places Ripple’s case with the SEC in its final stages since the lawsuit was initially filed in December 2020. Can this outcome propel XRP price towards a long-term recovery?
XRP Price Continues to Rise
XRP price moved in a sideways pattern from mid-July to July 31 in the $0.60 range, according to data from Terminal Gecko.
XRP then fell from August 1st, as Monday’s market shock reinforced bearish sentiment, with XRP price falling to the $0.45 support area. Bulls then capitalized on this support to push the token through an upward phase, forming a rounding bottom pattern and returning to the $0.64 resistance.
XRP price is now trading above the 50-day and 200-day simple moving averages (SMAs), confirming that the asset is now in a sustained bullish rally phase.
Additionally, the RSI is climbing from the mid-50 level, now at 68, as it rushes towards the overbought zone of 70, an indication that XRP is currently overbought and overvalued.
The Moving Average Convergence Divergence (MACD) is also bullish as it approaches the breakout of the neutral line. The blue MACD is also crossing the orange signal line, representing a bullish crossover.
A bullish crossover and the green bars extending above the zero line show that XRP is currently on positive momentum.
XRP Price Prediction
XRP price analysis on the 4-hour chart shows that the token is now in a bullish trend reversal as bulls capitalize on the rounding bottom pattern to maintain momentum.
The MACD and RSI show that investors are actively buying the asset, which could push XRP price towards the current target of $0.80.
However, the 50-day SMA line (in white) seems to be heading towards the 200-day SMA (in yellow), which could form a deadly cross. The RSI also shows that the asset is currently overvalued, which could be an imminent buy signal.
In a scenario where bears capitalize on the death cross and the token is overbought, XRP price could correct to the $0.55 support level (50-day SMA).
Meanwhile, as the price of XRP soars, the new Base Dawgz (DAWGZ) the pre-sale stands at nearly $3 million in funds raised as it strives to dethrone Brett as the top meme coin on the Base channel.
Base Dawg Presale Raises Over $2.8 Million – Best Coin on Base?
Although its main headquarters is Base, Base Dawgz brings a unique multi-chain experience that offers seamless interoperability across different blockchains, spanning Ethereum, Solana, Binance Smart Chain, and AVAX.
To ensure that users can easily navigate the decentralized world without limits, Base Dawgz leverages the latest Web3 technology including Wormhole and Portal Bridge.
Base Dawgz allows users to seamlessly transact across multiple blockchain ecosystems and has unmatched multi-chain capabilities.
Token holders can earn passively through the platform’s staking system, which offers users a staggering annual percentage yield (APY) of 938%.
The project will also launch the “Be Social for Airdrop” campaign, which rewards users with points that they can then exchange for $DAWGZ. To participate, users must interact with social networks on X.
According to crypto analyst and YouTuber Jacob Bury, $DAWGX has the potential to increase 100x after its launch.
If you want to participate in the presale, you can buy DAWGZ tokens for $0.007414 each. But don’t wait too long because the price will increase in less than five days.
So yesterday was quite an adventure, huh?
Have you made any progress? 🛩️ pic.twitter.com/RjJ2KZ62kw
— Base Dawgz (@BaseDawgz) August 6, 2024
You can buy DAWGZ tokens on the official website here using ETH, USDT, BUSD or USDC.
Related News
PlayDoge (PLAY) – The Latest ICO on the BNB Chain
- Virtual Pet Dog 2D
- Play to win Meme Coin Fusion
- Staking and In-Game Token Rewards
- SolidProof Audit – playdoge.io
Join our Telegram channel to stay up to date with the news
