The XRP price has jumped by 2.5% in the past 24 hours, hitting $0.553 as the crypto market as a whole slips by 0.5% today.
XRP is now up by 3% in a week but down by 5% in a month, as the altcoin struggles with the fallout from the SEC’s recent appeal and repeatedly fails to breach the $0.56 resistance level.
Yet the increasing bullishness of the wider market could help the XRP price launch stronger rallies in the coming weeks, particularly when the coin has been in such an undervalued position for so long.
XRP Price Analysis: Six Failed Breakouts in a Row – What’s Blocking the Bullish Reversal?
XRP is riding some renewed momentum today, with its indicators suggesting that it may test its resistance level (green) once again in the next day or so.
Most notably, its 30-period moving average (orange) has just climbed over the 200-period average (blue), a ‘golden cross’ that can signal a big breakout.
Source: TradingView
At the same time, XRP’s relative strength index (purple) has just touched 70, after spending most of yesterday below 50.
Again, this indicates new momentum, while also giving XRP space to climb higher, given that the RSI hasn’t been high for very long.
What’s interesting is that whales have begun accumulating XRP again, with the coin’s volume rising above $1 billion this morning.
This would signal an expectation that the XRP price should rise substantially in the coming weeks.
One of the main reasons why it has struggled in recent weeks is that the SEC’s appeal against Ripple had scared investors.
Yet the SEC’s formal filing of the appeal – submitted in the past few days – has clarified that the regulator is not challenging XRP’s non-security status, but rather focusing on programmatic sales of XRP (on exchanges) and sales by executives.
This has helped stabilize the XRP price, while excitement over the upcoming election has also boosted optimism.
Indeed, with polls narrowing, there’s a growing hope that a second Trump administration will soften the US’ regulatory regime in relation to crypto, while also softening the SEC’s stance and perhaps leading the Gary Gensler’s removal as chair of the regulator.
If so, the XRP price could reach $1 in the weeks following a potential Trump victory, while a Harris may see it climb to $0.70 by the end of the year.
New Altcoins for Big Returns
Because XRP is so dependent on regulatory events and contingencies, some traders may feel more comfortable turning to newer coins that don’t have so much baggage.
This should include some presale tokens, with the best projects often raising millions of dollars and then going on to have big openings on exchanges.
One exciting new token at the moment is FreeDum Fighters (DUM), an ERC-20 token that opened its presale a few weeks ago.
It has already raised over $200,000, with the coin offering a unique and election-themed take on staking.
Specifically, it will enable holders to stake their DUM tokens in one of two pools, with each riffing on the candidates in next month’s US election.
One will be called Magatron while the other will be called Kamacop, and what’s interesting is that the least popular pool at any given time while increase its staking yield to attract holders back to it (and so on).
FreeDum Fighters will also have a community focus, with the project opening online forums in which users can debate and discuss the relative merits of each pool.
Winners of debates will receive the proceeds of weekly airdrops, something which will incentivize participation and growth.
As a token, DUM will have a max supply of 250 billion, with 40% of this going to its presale, 20% to its staking pool, 20% to liquidity, and 10% to debate rewards.
Investors can join its sale by going to FreeDum Fighters’ website and connecting their crypto wallets.
1 DUM currently costs $0.00005, although this will rise to $0.000075 in just over ten days, before rising to $0.0001 and then $0.000125 in the third and fourth stages.
The post XRP Price Analysis: Six Failed Breakouts in a Row – What’s Blocking the Bullish Reversal? appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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