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XRP has failed to sustain the recent uptrend, dropping by 1.2% in the last 24 hours.
The recent rally across the broader market because of the judge’s ruling on Grayscale’s litigation against the Securities and Exchange Commission (SEC) has cooled, and prices are now retreating.
During the recent price rally, XRP climbed past the $0.54 level. However, bulls could not hold these prices, and a retracement threatens to push prices below $0.50.
XRP can potentially make more gains in the coming days if the broader crypto market recovers.
A recovery might be seen soon amid increased chances of the SEC approving a spot Bitcoin exchange-traded fund (ETF).
XRP struggles to maintain $0.52
XRP was trading at $0.52 at the time of writing. The price action in the last 24 hours shows low volatility as the price traded in the $0.52 to $0.53 range.
After the recent rally, XRP was rejected severally at the $0.54 resistance level. Failure to break these levels has seen the price resume a steady decline.
If XRP breaks past $0.55, the price will likely rally toward $0.60, and more gains could see the token pushing past $0.625.
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 as price retreats
XRP’s price chart shows a bearish momentum, with the Moving Average Convergence Divergence (MACD) being in the negative zone.
The Relative Strength Index (RSI) of 37 shows sellers are driving the current price action. The RSI line shows indecisiveness between the sellers and the buyers.
XRP price is below the 50-day and 100-day Simple Moving Averages (SMAs), further showing bearish action.
The 200-day SMA places a support level at $0.503. Breaking below this price will see XRP trading at $0.42.
Whales Move XRP As Ripple Lawyer Remarks On Grayscale’s Win
Pro-XRP lawyer John Deaton has reacted to Grayscale’s win against the SEC. The lawyer opined that the favorable ruling was a win for the entire crypto industry.
It’s a massive win for #Bitcoin , BTC miners, @coinbase, and the Crypto industry in general. Does it mean the @Grayscale Spot ETF, along with the others, will be granted immediately? No. But a spot ETF is happening. The relevant question is whether it will in 2023? https://t.co/uUZUJ94dHz
— John E Deaton (@JohnEDeaton1) August 29, 2023
Over the past few days, the whale tracking site Whale Alert has shared massive whale transactions for XRP. On August 30, a Ripple wallet transferred 31 million XRP to an unknown wallet.
Another whale address moved 424,018,481 XRP from an unknown wallet to an unknown wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 424,018,481 #XRP (225,957,060 USD) transferred from unknown wallet to unknown wallethttps://t.co/E8kW88yOPX
— Whale Alert (@whale_alert) August 30, 2023
Wall Street Memes Presale Surges Past $25M
The Wall Street Memes presale has now raised more than $25 million. The presale is closing in just 27 days, after which the native WSM token will be listed on exchanges.
WSM is trading at $0.0337 during the presale. Crypto investors are rushing to invest in this presale to not only bag significant returns but also be part of one of the fastest-growing communities.
The team behind Wall Street Memes has said that community engagement and empowerment drive their vision.
According to the whitepaper, the team has dedicated the entire WSM supply to the community and has not allocated any tokens to themselves.
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