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The XRP price soared 11% in the last 24 hours to trade at $2.56 as of 02:10 a.m. EST on trading volume that plunged 32% to $18.2 billion.
This jump in the Ripple Token price comes after US President Donald Trump announced his decision to pause tariffs on Mexico and Canada after speaking to the leaders of both countries.
According to the proposed tariffs, there was to be a 25% duty on all imports from Mexico and most of the goods imported from Canada, as well as a new 10% tariff on Chinese goods.
Trump pauses tariffs on Mexico because Mexico is doing their part to stop the problems caused on the border. Canada, are you watching? pic.twitter.com/MDHXC1FlP1
— T.J. Moe (@TJMoe28) February 3, 2025
Ripple Token Price Aims For A Rebound
The XRP price analysis on the 4-hour chart shows that the Ripple token has undergone a clear breakdown from a descending wedge pattern. The wedge, characterized by converging trendlines with lower highs and lower lows, signaled weakening bullish momentum before eventually breaking down with strong selling pressure.
After initially consolidating within the wedge, XRP experienced a sharp decline, plunging below both the 50-period Simple Moving Average (SMA) and the 200-period SMA on the 4-hour chart. This breakdown was accompanied by a surge in volume, indicating strong bearish momentum.
However, the XRP price found temporary support around $2.2, leading to a slight recovery towards the current level of $2.56, data from GeckoTerminal shows.
The market now appears to be in a retracement phase, where buyers are attempting to regain control after the strong sell-off. However, the previous support levels now act as resistance, meaning the price of XRP must break above key levels to regain a bullish stance.
The Relative Strength Index (RSI) is at 40.98, which is below the neutral 50 level but not yet in oversold territory. This suggests that selling pressure has been strong, but there is still room for more downside before an oversold bounce occurs.
Meanwhile, the Moving Average Convergence Divergence (MACD) is starting to show signs of a bullish recovery, with the blue MACD now crossing over the orange signal line, leading to a bullish crossover.
XRP Price Prediction
The recent breakdown of the descending wedge and failure to hold above key support levels indicate that the XRP price is currently in a bearish phase. However, the short-term price action suggests a potential relief bounce as buyers attempt to regain control.
If the XRP price can reclaim the $2.80-$2.93 range (aligned with the 200 and 50-period SMAs), it would indicate that bullish momentum is returning. A break above these levels could push the price of the Ripple Token towards $3.20, which would mark a full recovery from the recent dip.
However, if the Ripple Token price fails to break back above $2.80, it is likely to face renewed selling pressure. In this case, the next key support level to watch is $2.40, followed by $2.20. A move below $2.20 could trigger further panic selling, pushing the price toward $2.00.
Meanwhile, investors are also buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 724K subscribers, says has the potential to soar 100X post-launch.
Solaxy Presale Smashes Past $17.8 Million – Best Crypto To Buy Now?
The Solaxy token continues to gain momentum, with its presale closing on $18 million in early funding.
The Solana network faced challenges last month as trading for the TRUMP and MELANIA tokens surged. Such massive trading volume pushed the blockchain to its limits, causing delayed transactions and system timeouts that left users frustrated.
This is where Solaxy steps in. As Solana’s first layer-2 scaling solution, Solaxy handles transactions off-chain before bundling them back to the main network. This method reduces congestion and keeps fees low, offering exactly what traders needed during the meme coin trading frenzy.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Moreover, once launched, Solaxy will provide a platform where developers can build decentralized applications or launch new tokens without compromising (and possibly even improving) Solana’s layer-1 capabilities.
Solaxy also offers holders who stake the project’s SOLX token a huge annual yield of 226%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001624 each using BNB, ETH, USDT, or a bank card.
Buy SOLX here before a price hike in 18 hours to secure the best deal.
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