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The XRP price recorded a minor loss in the last 24 hours to trade at $2.39 as of 3:46 a.m. EST as some investors decrease their exposure to the crypto.
As RLUSD goes live, there may be supply shortages in the very early days before the market stabilizes. There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD. Tools will show you the highest price anyone is willing to pay, even if it's just for a… https://t.co/LOx4rGiiiJ
— David "JoelKatz" Schwartz (@JoelKatz) December 15, 2024
The slight pullback in the Ripple price comes after Ripple Labs’ chief technology officer David Schwartz warned that there may be early stage “supply shortages” for the company’s dollar-pegged RLUSD stablecoin. He warned investors not to “FOMO” buy the new stablecoin, which is expected to launch soon.
XRP Price Trying To Break Out Of Consolidation
4-hour chart for XRP/USD (Source: GeckoTerminal)
The XRP price has been in a consolidation phase between $2.1179 and $2.4347 in the last few days. Now, the remittance token is trading close to the upper boundary of this sideways range as it tries to breakout toward the upside. Should the altcoin close a 4-hour candle above $2.4347, it could rise to the next mark at $2.6532, or even as high as $2.8936 in the short term.
On the other hand, a rejection from the $2.4347 barrier in the next 12 hours might put the altcoin at risk of undergoing a correction. In this more bearish scenario, the XRP price could drop to the lower boundary of the consolidation channel at $2.1179. Continued sell pressure if Ripple falls to this technical safety net might then lead to a plunge to $1.8448.
XRP Price Might Correct In The Near Term
From a technical standpoint, indicators on the 4-hour chart warn the XRP price might drop through the course of the next 24 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) point to a correction for Ripple.
In the last couple of hours, the MACD line crossed below the MACD Signal line. This technical event is often seen as an indication that an asset has entered a bearish cycle. With the gap between the two indicators growing, it appears XRP’s bearish momentum is picking up steam as well.
Meanwhile, RSI readings have dropped slightly in the last few hours as well. This has resulted in the indicator falling below the neutral 50 benchmark, which suggests bears have a slight upper hand against bulls. The negative slope of the RSI line corroborates the strengthening bearish momentum signaled by the MACD on the 4-hour chart.
If these bearish technical signs influence traders’ decision making in the coming 24 hours, the XRP price could soon test the $2.1179 support.
While Ripple Labs prepares for its RLUSD launch and the XRP price tries to escape consolidation, investors are turning their attention to a new PEPE spinoff called Wall Street Pepe (WEPE), one of the most successful presales of the year after raising almost $25 million in the past 12 days.
Giving Traders The Insights They Need To Trade Like A Pro
Wall Street Pepe (WEPE) is a new meme coin project that seeks to empower traders through exclusive market insights and alpha trade calls. Up until now, the crypto trading scene has been dominated by crypto whales, who keep their next moves a secret. Often the trades these large holders make are to the detriment of smaller traders.
By joining Wall Street Pepe’s rapidly-growing WEPE Army, traders can reduce the impact whales have on their portfolios. Additionally, the group will provide degen trading plays that are often overlooked.
Out here making history. Feeling bullish. 🐸 ⚔️ pic.twitter.com/LlI8KkWfL7
— Wall Street Pepe (@WEPEToken) December 15, 2024
Becoming a member of the WEPE Army is easy. All investors need to do is purchase WEPE tokens, which are currently selling for $0.0003644 and can be bought with either crypto or bank card using the simple widget embedded on the project’s website.
Thereafter, holders just need to wait for the next trade opportunity that presents itself in the market to be flagged by the WEPE Army.
While they wait for new trade signals, WEPE token investors can put their newly-acquired holdings to work through the staking initiative currently on offer. Anyone who buys and stakes WEPE tokens now will unlock access to a 48% Annual Percentage Yield (APY).
WEPE Presale Comes Within A Whisker Of $25 Million
Wall Street Pepe has already raised more than $24.9 million through it presale. An analyst from the 99Bitcoins YouTube channel, which has over 13K subscribers, says WEPE could be the next massive degen play.
WEPE tokens are on sale for $0.0003644 right now. The next price hike will come in less than 17 hours, or sooner if funds raised exceed $25.4 million.
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