XRP Price Analysis: Continual Breakout Failures Raise Questions About Bullish Reversal
Price Forecast
Ripple
XRP
XRP’s recent indicators have shifted towards a bullish outlook, suggesting that the highly anticipated bullish reversal may finally be underway.
Last updated:
October 21, 2024 12:13 EDT
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Simon Chandler
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Simon Chandler
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Simon Chandler is an experienced writer and journalist based in Brighton, with a decade of expertise covering topics such as crypto, technology, politics, and culture. Since late 2017, he has been a regular contributor to Cryptonews.com, providing insightful analysis and reporting.
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Last updated:
October 21, 2024 12:13 EDT
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Over the past 24 hours, the price of XRP has surged by 2.5%, reaching $0.553, while the overall crypto market has experienced a 0.5% decline.
XRP has seen a 3% increase over the course of a week but remains down by 5% for the month, as the altcoin grapples with the repercussions of the SEC’s recent appeal and continues to struggle to surpass the $0.56 resistance level.
However, the growing bullish sentiment in the broader market may assist in propelling the XRP price to stronger rallies in the coming weeks, especially considering the coin’s long-standing undervaluation.
XRP Price Analysis: Six Unsuccessful Breakout Attempts in a Row – What’s Hindering the Bullish Reversal?
XRP is currently experiencing renewed momentum, with its indicators suggesting a potential retest of its resistance level (green) in the next day or so.
Of particular note, the 30-period moving average (orange) has recently crossed above the 200-period average (blue), creating a ‘golden cross’ that often signals a significant breakout.
Source: TradingView
Simultaneously, XRP’s relative strength index (purple) has just touched 70, after spending the majority of the previous day below 50.
This indicates a fresh surge in momentum and allows XRP room to climb higher, as the RSI has not remained at high levels for an extended period.
What’s intriguing is that large investors, known as whales, have begun accumulating XRP once again, with the coin’s volume surpassing $1 billion this morning.
This suggests an expectation that the XRP price will experience substantial growth in the coming weeks.
One of the primary reasons for XRP’s recent struggles is the fear instilled in investors by the SEC’s appeal against Ripple.
However, the SEC’s formal submission of the appeal in the past few days has clarified that the regulator is not challenging XRP’s non-security status, but rather focusing on the programmatic sales of XRP on exchanges and sales by executives.
This clarification has helped stabilize the XRP price, while the excitement surrounding the upcoming election has also contributed to increased optimism.
In fact, with the narrowing of polls, there is a growing hope that a potential second Trump administration would lead to a relaxation of the US’ regulatory framework concerning crypto, potentially resulting in a softened stance by the SEC and the potential removal of Gary Gensler as the regulator’s chair.
If this scenario unfolds, the XRP price could reach $1 in the weeks following a potential Trump victory, whereas a Harris victory could see it climb to $0.70 by the end of the year.
New Altcoins for High Returns
Due to XRP’s heavy reliance on regulatory events and uncertainties, some traders may prefer to explore newer coins that do not carry such baggage.
This includes presale tokens, with many promising projects raising millions of dollars and subsequently experiencing significant increases in value upon listing on exchanges.
One particularly exciting new token at present is FreeDum Fighters (DUM), an ERC-20 token that recently commenced its presale.
Having already raised over $200,000, the coin offers a unique staking mechanism with an election-themed twist.
Participants can stake their DUM tokens in either the Magatron or Kamacop pools, each representing the candidates in the upcoming US election.
What’s interesting is that the less popular pool at any given time will offer a higher staking yield to attract participants back to it, creating a dynamic and competitive staking environment.
FreeDum Fighters will also prioritize community engagement, providing online forums for users to debate and discuss the merits of each pool.
Winners of these debates will receive rewards from weekly airdrops, further incentivizing participation and fostering growth.
As a token, DUM will have a maximum supply of 250 billion, with 40% allocated to the presale, 20% to the staking pool, 20% to liquidity, and 10% to debate rewards.
Investors can join the presale by visiting the FreeDum Fighters website and connecting their crypto wallets.
Currently, 1 DUM is priced at $0.00005, but this will increase to $0.000075 in just over ten days, followed by $0.0001 and then $0.000125 in the third and fourth stages.
Buy DUM Now
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. You could potentially lose all of your invested capital.
