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The XRP price has plunged 8% in the last 24 hours to trade at $0.58 as of 3.30 a.m. EST on a 7.9% slump in trading volume to $2.05 billion.
The Ripple token’s price plunge follows news that the US Securities and Exchange Commission (SEC) canceled a planned closed-door meeting with Ripple Labs on August 1.
The #Ripple vs #SEC lawsuit meeting for Thursday was canceled.
Makes sense, there's nothing else to discuss on the internally orchestrated lawsuit.
Sunshine Act Notice:#XRPhttps://t.co/tqUCQ5sc0j pic.twitter.com/pL2vb9y6WZ
— Vandell | Black Swan Capitalist (@vandell33) July 31, 2024
There had been market optimism that the meeting might bring a long-awaited end to the SEC’s lawsuit against the company.
XRP Price Technical Analysis: The Downtrend May Be Short Term
XRP is currently trading above the upper trendline after dropping from its peak of $0.74. The struggle for price control has led to the formation of a falling wedge pattern, which often signals potential bullish momentum.
The support zone at $0.42 has reinvigorated the bulls, pushing the price up and breaking above the wedge. This has created a new foundation for a potential bull rally ahead. However the bulls seem to ba facing a resistance at $0.64 after the breakout above the pattern.
XRP/USDT Analysis. (Source: Tradingview)
Current price indicators for XRP look promising. It’s trading above the 50-day and 200-day simple moving average (SMA), indicating a potential upward move that could confirm an anticipated rebound. if the rebound should take place on the 50 SMA it could trigger a bull rally above the current resistance.
The Relative Strength Index (RSI) has rebounded from oversold territory at 30, climbing past the 50 midline into the overbought zone at 77. however it is currently on a downtrend though it remains above the 50 midline level offering the bulls a chance to push the RSI back into overbought territory.
Additionally, the green bars on the Moving Average Convergence Divergence (MACD) indicator signal market positivity, with growth in both volume and size. The recent crossover of the blue line above the orange signal line, above the neutral level, further supports confidence in the price surge for XRP.
XRP Price Prediction: Can The Bulls Regain Momentum?
XRP’s price is on the brink of a significant bullish rally. The falling wedge pattern is boosting this upward momentum, with the potential to push the price to new highs around $0.7945.
Conversley, the price could drop to around $0.55, coinciding with the 200 SMA. Further downward pressure could even push it towards the upper trendline of the wedge, estimated at approximately $0.4859.
Final Call For WienerAI! Token Launches On Monday
With the XRP price giving mixed signals, investors are flocking to buy the blockbuster WienerAI (WAI) presale before it’s too late. The token has just zoomed past $9 million in funds raised, and is offering investors a last chance to buy before it lists on Monday August 5.
We raised $9M!
Thank you for your incredible support. WienerAI is now more powerful than ever! pic.twitter.com/4LKZnQCR6B
— WienerAI (@WienerDogAI) August 1, 2024
WienerAI blends playful dog themes, a quirky sausage twist, and advanced AI capabilities to differentiate itself from the gazillions of meme coins without utility.
Its standout feature is a powerful trading bot, designed to be a crypto trader’s ideal partner.
If you’re unsure whether to buy or sell a cryptocurrency, simply ask the bot. Within seconds, you’ll receive a comprehensive analysis of the current price, potential buy or sell signals, and even some price predictions.
In addition to the bot, WienerAI offers a staking protocol with an impressive annual return of 122%.
ClayBro, an influential YouTuber with 130k subscribers, says WAI could explode 20X after launch.
WienerAI will begin trading on Monday, and rumors have it that it will launch on two top 12 crypto exchanges.
If you’d like to join one of the most successful presales of the year before a potentially explosive listing on Monday, you can still buy WAI tokens for $0.00075 each.
Buy WAI here using ETH, BNB, USDT, or a bank card.
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