XRP Fails to Sustain Uptrend
XRP has dropped by 1.2% in the last 24 hours, failing to sustain its recent uptrend. The rally in the broader market, driven by Grayscale’s litigation against the SEC, has cooled off and prices are now retreating. Bulls were unable to hold prices above $0.54, and a retracement threatens to push prices below $0.50. However, XRP may see more gains if the crypto market recovers and the SEC approves a spot Bitcoin ETF.
XRP Struggles to Maintain $0.52
XRP is currently trading at $0.52, showing low volatility in the $0.52 to $0.53 range. The recent rally was met with rejection at the $0.54 resistance level, leading to a steady decline in price. If XRP breaks past $0.55, it could rally toward $0.60 and potentially push past $0.625. On the other hand, if XRP fails to hold levels above $0.50, bears might push the price lower to June lows and test the support zone at $0.435.
XRP Shows Bearish Momentum
The price chart for XRP indicates bearish momentum, with the MACD in the negative zone. The RSI of 37 suggests that sellers are driving the current price action, although there is indecisiveness between sellers and buyers. XRP is also below the 50-day and 100-day SMAs, further indicating bearish action. The 200-day SMA provides support at $0.503, and breaking below this level could see XRP trading at $0.42.
Whales Move XRP After Grayscale’s Win
XRP whale transactions have been observed in the past few days. On August 30, a Ripple wallet transferred 31 million XRP to an unknown wallet, and another whale address moved 424,018,481 XRP from an unknown wallet to another unknown wallet. Pro-XRP lawyer John Deaton has hailed Grayscale’s win as a victory for the entire crypto industry.
Wall Street Memes Presale Surges Past $25M
The Wall Street Memes presale has raised over $25 million so far, with just 27 days left before it closes. The native WSM token will be listed on exchanges after the presale. Investors are rushing to participate in this presale to capitalize on potential returns and be part of a rapidly growing community. The Wall Street Memes team has emphasized community engagement and empowerment, dedicating the entire WSM supply to the community and not allocating any tokens to themselves.
Hot Take:
XRP’s recent drop and struggles to maintain key levels indicate a bearish trend in the short term. However, a potential recovery in the broader crypto market and the SEC’s potential approval of a spot Bitcoin ETF could lead to further gains for XRP. The movements of XRP whales and the positive response from pro-XRP lawyer John Deaton add to the overall narrative surrounding XRP’s future. Meanwhile, the Wall Street Memes presale continues to attract attention and investment, highlighting the growing interest in meme-based tokens and communities.