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The price of XRP has surged 18% in the last 24 hours. Trading at $0.6104 As of 12:41 a.m. ET, trading volume had surged 199% to $4.9 billion.
This comes after a federal judge ordered Ripple to pay $125 million in civil penalties for improperly selling XRP. The settlement of a three-year securities lawsuit against Ripple Labs is being seen as a “victory” after the SEC demanded a fine of around $2 billion.
The SEC asked for $2 billion, and the court recognized that they had acted excessively and reduced their request by about 94%. We respect the court’s decision and have the clarity to continue to grow our company.
This is a victory for Ripple, the industry, and the rule of law. The SEC…
— Brad Garlinghouse (@bgarlinghouse) August 7, 2024
This ruling marks the final stage of the lawsuit between Ripple and the SEC, which was first filed in December 2020. Could this result lead to a long-term recovery in the price of XRP?
XRP price continues to rise
The XRP price showed a sideways pattern within the $0.60 range from mid-July to July 31. Gecko Terminal.
XRP has been in a slump since August 1st, and Monday’s market crash added to the bearish sentiment, sending the XRP price down to the $0.45 support zone. The bulls then used this support to push the token into the markup zone, forming a rounded bottom pattern and returning to the $0.64 resistance level.
The XRP price is currently trading above both the 50-day and 200-day simple moving averages (SMA), which is a confirmation that the asset has entered a sustained bullish rally.
Moreover, the RSI is currently rising from the 50-midline level to 68 and is surging towards the 70-buy zone, indicating that XRP is currently overbought and overvalued.
The Moving Average Convergence Divergence (MACD) is also bullish as it is on the verge of breaking through the neutral line. The blue MACD also crossed over the orange signal line, indicating a bullish crossover.
The bullish crossover and the green bar extending above the 0 line show that XRP is currently in positive momentum.
XRP Price Prediction
Analysis of the XRP price on the 4-hour chart shows that the token is currently in a bullish reversal trend, maintaining momentum using a rounding bottom pattern.
The MACD and RSI show that investors are actively buying the asset, which could push the XRP price up to its current target of $0.80.
However, the 50-day SMA line (white) appears to be moving towards the 200-day SMA (yellow line), which could form a dead cross. The RSI also shows that the asset is currently overvalued, which could be a buy signal.
If the bears take advantage of the death cross and the token becomes overbought, the XRP price may correct back to the $0.55 support level (50-day SMA).
Meanwhile, as the price of XRP soars, new DAWGZ Base) The pre-sale is soaring towards $3 million as it tries to dethrone Brett, the top meme coin on Basechain.
Base Dawg Presale Raises Over $2.8 Million What’s the Best Meme Coin on Base?
While the core foundation is Base, Base Dawgz offers a unique multi-chain experience that provides seamless interoperability across multiple blockchains including Ethereum, Solana, Binance Smart Chain, AVAX, and more.
To allow users to easily explore the distributed world without restrictions, Base Dawgz utilizes the latest Web3 technologies, including wormholes and portal bridges.
Base Dawgz allows users to trade seamlessly across multiple blockchain ecosystems, with an unparalleled variety of chain features.
Token holders can passively earn returns through the platform’s staking system, which allows users to earn a whopping 938% annual percentage yield (APY).
The project will also launch a “Be Social for Airdrop” campaign that will reward users with points that can later be exchanged for $DAWGZ. To participate, users must be connected to a social media network on X.
According to Jacob Bury, a cryptocurrency analyst and YouTuber, $DAWGX could surge 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, the price will go up within 5 days.
Wasn’t yesterday a really exciting day?
Did it work? 🛩️ pic.twitter.com/RjJ2KZ62kw
— BaseDawgz (@BaseDawgz) August 6, 2024
DAWGZ tokens can be purchased on the official website here. Use ETH, USDT, BUSD or USDC.
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