The Crypto Market Turns Bullish with 4% Increase
The global cryptocurrency market has experienced a bullish turn, with a 4% increase in value, reaching $1.13 trillion. All the top cryptocurrencies, including Bitcoin (BTC), have seen gains in the past 24 hours. Solana (SOL) and XRP are the top gainers among the top 10 digital currencies, with increases of 14.5% and 8%, respectively.
XRP Sees Significant Recovery After SEC Lawsuit Dismissal
XRP has caught the attention of traders after recording its largest single-day gain in over three months. This surge in price was a response to the news that the U.S. Securities and Exchange Commission (SEC) had dismissed its lawsuit against Ripple Labs executives Brad Garlinhouse and Chris Larsen.
โThis victory is the third consecutive triumph for Garlinghouse, Larsen, and Ripple, coming on the heels of the July 2023 ruling that declared โXRP is not, in and of itself a securityโ and a subsequent October decision to deny the SECโs request for an interlocutory appeal.โ
XRP Price Analysis – Can it Reach $0.66?
The XRP price has been trading within a tight range between $0.475 and $0.54 since August 18. Currently, XRP is fighting to hold above the 200-day Exponential Moving Average (EMA) at $0.517. A daily candlestick close above this level would indicate bullish strength.
If XRP surpasses this level, it could rise to confront resistance at the 100-day EMA ($0.5263) before reaching the upper limit of the price range at $0.54. Further gains could push the price towards the $0.6558 range high, resulting in a total increase of 28%.
The Relative Strength Index (RSI) at 56 suggests that there are still more buyers than sellers in the market.
Meme Kombat Presale Raises Over $600K
Meme Kombat, an innovative gaming platform for enthusiasts, has successfully raised over $600,000 during its presale of $MK tokens. The platform offers rewards to users through active betting and passive staking, with a competitive annual percentage yield (APY) of 112%.
The Meme Kombat platform is set to launch in October or November 2023, depending on the completion of the presale. Users will have access to battles, staking, and other features upon launch.
Hot Take: XRP Bounces Back After SEC Lawsuit Dismissal
XRP has experienced a significant recovery following the dismissal of the SEC lawsuit against Ripple Labs executives. This news has led to a surge in XRP’s price and renewed optimism among traders. With resistance levels in sight, XRP has the potential to reach $0.66 and beyond. Additionally, the success of Meme Kombat’s presale demonstrates the growing interest in crypto gaming platforms. As the crypto market continues to evolve, it’s important to stay updated on emerging opportunities and developments.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
