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The XRP price soared 18% in the last 24 hours to trade at $0.6104 as of 00:41 a.m. EST on trading volume that skyrocketed 199% to $4.9 billion.
This comes as a federal judge ordered Ripple to pay $125 million in civil penalties for improperly selling XRP. Its executives see the end of the three-year securities lawsuit against Ripple Labs as a “victory” after the Securities and Exchange Commission had called for a penalty in the region of $2 billion.
The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.
This is a victory for Ripple, the industry and the rule of law. The SEC’s…
— Brad Garlinghouse (@bgarlinghouse) August 7, 2024
The ruling now puts Ripple’s case with the SEC in its final stages since the lawsuit was initially filed in December 2020. Can this outcome propel the price of XRP towards a long-term recovery?
XRP Price To Continue Rallying
The XRP price has been trading in a sideways pattern from mid-July to July 31 within the $0.60 range, according to data from GeckoTerminal.
XRP then tumbled from August 1, with the market clash on Monday adding to the bearish sentiments, as the price of XRP dropped to the $0.45 support zone. The bulls then capitalized on this support to push the token through a markup phase, forming a rounding bottom pattern and back to the $0.64 resistance.
The XRP price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation that the asset is now on a sustained bullish rally.
Moreover, the RSI is climbing up from the 50-midline level, now at 68, as it hurtles towards the 70-overbought zone, an indication that XRP is currently overbought and overvalued.
The Moving Average Convergence Divergence (MACD) is also bullish, as it draws close to breaching the neutral line. The blue MACD also crosses above the orange signal line, a representation of a bullish crossover.
A bullish crossover and the green bars extending above the zero line show that XRP is currently on positive momentum.
XRP Price Prediction
The XRP price analysis on the 4-hour chart shows that the token is now on a bullish trend reversal as the bulls capitalize on the rounding bottom pattern to sustain the momentum.
The MACD and RSI show that investors are actively buying the asset, which could push the price of XRP to the current target of $0.80.
However, the 50-day SMA line (white) seems to be moving towards the 200-day SMA (yellow line), which could form a death cross. The RSI also shows that the asset is currently overvalued, which could be a looming buying signal.
In a scenario where the bears capitalize on the death cross, and the token is overbought, the price of XRP could go through a correction back to the $0.55 support level (50-day SMA).
Meanwhile, as the XRP price soars, the new Base Dawgz (DAWGZ) presale is soaring towards $3 million in funds raised as it strives to dethrone Brett as the top meme coin on the Base chain.
Base Dawg Presale Amasses Over $2.8 Million – Best Meme Coin On Base?
While its primary home is Base, Base Dawgz is bringing a unique multi-chain experience that offers seamless interoperability within different blockchains, spanning Ethereum, Solana, Binance Smart Chain, and AVAX.
To ensure that users can easily soar through the decentralized world without limits, Base Dawgz leverages the latest Web3 technology, including Wormhole and Portal Bridge.
Base Dawgz allows users to transact seamlessly across multiple blockchain ecosystems and has unparalleled multi-chain functionality.
Token holders can earn passively through the platform’s staking system, which offers users an eye popping 938% annual percentage yield (APY).
The project will also launch the “Be Social for Airdrop” campaign, which rewards users with points that they can redeem later for $DAWGZ. To participate, users must engage with social media networks on X.
According to Jacob Bury, a crypto analyst and YouTuber, $DAWGX has the potential to surge 100X after its launch.
If you want to participate in the presale, you can buy DAWGZ tokens for $0.007414 each. But don’t wait too long because the price will increase in less than five days.
So yesterday was a wild ride huh?
Did you make any gains? 🛩️ pic.twitter.com/RjJ2KZ62kw
— Base Dawgz (@BaseDawgz) August 6, 2024
You can buy DAWGZ tokens on the official website here using ETH, USDT, BUSD, or USDC.
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