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The XRP price has surged 8% over the past 24 hours, trading at $0.6444 as of 1:15 AM ET, with volume surging 144%.
This comes amid speculation that a settlement could be reached in Ripple’s long-running lawsuit against the U.S. Securities and Exchange Commission. The two are meeting privately on Thursday after the regulator canceled a previous meeting.
🚨 #ripple prepare #secretary: A secret meeting is scheduled for August 1st! This could be a breakthrough for Ripple’s final consensus! 📈💼
Have you all filled them out? #ripple Bags, guys? If you’re ready, retweet! pic.twitter.com/fWcdvjTWvS
— Colin Brown (@CollinBrownXRP) July 30, 2024
XRP advocate Fred Rispoli recently speculated that the case could end on July 13 or July 31, making Wednesday a significant date for the Ripple community.
It’s July 31st, but I guess you could say July 13th to be more poetic.
— Fred Rispoli (@freddyriz) July 2, 2024
In a follow-up message Tuesday, Rispoli acknowledged that time is running out.
There’s not much time left to guess the 7/31 relief ruling! #ripple
— Fred Rispoli (@freddyriz) July 30, 2024
Another factor to consider for the XRP price is the upcoming token unlock. On August 1st, the Ripple ecosystem will unlock 1 billion XRP tokens as part of a monthly program that began in 2017. This is to relieve pressure on the tokens given their incredibly large supply. Sometimes, the unlock causes the XRP price to stagnate or drop slightly.
🚨 August Token Unlock 🚨
💰 Around $1.5 billion worth of tokens will be unlocked from major crypto projects! Here are the highlights:
🔓 1B $XRP As of August 1, $690 million worth of tokens have been unlocked. Ripple has been unlocking 1 billion tokens per month since 2017.
🔓 Wormhole will unlock 33.3% of its supply on August 3rd, with a value of… pic.twitter.com/oi5MK26ckO
— Chaidex | (@chaidexHQ) July 30, 2024
XRP Price Prediction
XRP price is trading with a bullish bias and is consolidating within a wedge pattern. The outlook for further upside remains high as the settlement token is above the Fibonacci golden zone. If bullish momentum increases, the Ripple price may break the resistance due to the upper trend line of the pattern.
Meanwhile, the Relative Strength Index (RSI) is well above its average level of 50, indicating that bulls are dominating the market. Furthermore, the low of 70 indicates that XRP has considerable room to rise before it is considered overbought.
However, traders looking to take a long position on the Ripple token should consider waiting for XRP price to break and close above the 23.6% Fibonacci correction level of $0.6811. Elsewhere, popular X analyst @ali_charts says a bullish breakout could occur if the price breaks $0.90.
$XRP It has been consolidating within a symmetrical triangle for 6 years! A bullish breakout may occur. #ripple It went above $0.90. pic.twitter.com/YzW3jDuvF9
— Ali (@ali_charts) July 30, 2024
The Moving Average Convergence Divergence (MACD) is also moving northward and away from the signal line, indicating a delayed sell signal.
GeckoTerminal: XRP/USD 1-day chart
Conversely, a rejection at the upper trendline of the pattern could see XRP price decline. The levels between $0.6248 and $0.5793 are important to watch, while only a slide below $0.5338 would invalidate the bullish theory.
The bullish sentiment around XRP’s price also comes as the pre-sale for PlayDoge (PLAY), a new Dogecoin derivative that influential crypto YouTuber Jacob Bury says could be the next 10x cryptocurrency.
A promising alternative to XRP
Investors have already invested over $5.8 million into PLAY, the powering token of the PlayDoge ecosystem. PLAY is a play-to-adult (P2E) DOGE companion game that turns the iconic Doge meme into a Tamagotchi-style virtual pet.
The project combines 90s nostalgia with modern blockchain technology, allowing users to take care of 8-bit pixelated dogs in a retro-style mobile game.
Players feed their virtual pets, play mini-games, bond with them, and earn $PLAY tokens based on their performance.
In addition to earning through P2E, token holders can also earn passively by staking $PLAY, achieving an impressive 80% annual percentage yield (APY).
$PLAY, a Dogecoin derivative, is a meme coin centered around the Shiba Inu breed. But the similarities end there. PlayDoge also differs from Dogecoin in that it runs on the BNB chain, a blockchain created by Binance, the world’s largest cryptocurrency exchange.
Viewpoint: You next week #Pre-sale End 🍝 🌅 pic.twitter.com/alc8nfsfMl
— PlayDoge (@PlayDogeGame) July 25, 2024
You can buy $PLAY tokens for $0.00524 each. The price increase is just over a day away, so buy fast to secure the best deal.
To participate in the presale, purchase $PLAY on the official website here using BNB, USDT or your bank card.
Also read:
PlayDoge (PLAY) – Latest Launch on BNB Chain
- 2D Virtual Dodge Pet
- Play to earn Meme Coin Fusion
- Staking and In-Game Token Rewards
- SolidProof Thanks – playdoge.io
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