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The XRP price surged 24% in the last 24 hours to trade at $2.79 as of 11:05 p.m. EST on trading volume that skyrocketed 494% to $15.8 billion.
The Ripple token price surge comes following a surprising announcement from US President Donald Trump regarding plans for a national strategic cryptocurrency reserve.
Trump disclosed intentions for a strategic cryptocurrency reserve including Bitcoin, Ethereum, and other altcoins in a series of posts on Truth Social.
The President added, “I also love Bitcoin and Ethereum,” saying that these two main cryptocurrencies would be “at the heart of the Reserve.”
First citing mainly XRP, Solana, and Cardano, the latter explanation on BTC and ETH set off notable market action.
Ripple Token Price On A Sustained Bullish Trend Reversal
The XRP price analysis on the 4-hour timeframe has shown a strong bullish reversal after forming a classic rounded bottom pattern. This pattern is typically a bullish trend reversal, and the breakout has led to a sharp surge in price.
After breaking out from this structure, the Ripple token rallied aggressively, surpassing both the 50-period ($2.32) and 200-period ($2.56) Simple Moving Averages (SMAs) before reaching its recent peak at approximately $2.95, according to GeckoTerminal data.
However, after this explosive breakout, there is a small retracement, which is common after such a strong move. The price of XRP is currently retesting the breakout zone around $2.79, which could act as new support before the next leg higher.
Meanwhile, the Relative Strength Index (RSI) is at 72.26, which indicates that XRP is currently in the overbought zone. This suggests that a short-term pullback or consolidation could happen before further upside movement.
The Moving Average Convergence Divergence (MACD) histogram is showing increasing bullish momentum, with the blue MACD line crossing above the orange signal line. This crossover is a bullish signal and supports further upside potential.
XRP Price Prediction
With the successful breakout of the rounded bottom pattern and strong bullish indicators, the XRP price is likely to continue its uptrend. The next major resistance level is around $3.40–$3.50, as highlighted by the blue arrow in the chart.
However, given the overbought RSI, a minor retracement or consolidation around $2.75–$2.80 could occur before the next leg higher.
If the price of Ripple token holds above the 200-period SMA ($2.56) and maintains its breakout zone, the bullish momentum should remain intact.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.
Solaxy Presale Closing On The $25 Million Milestone
In times of high network activity, Solana lacks the computational resources needed to validate all transactions, leading to longer wait times and many transaction failures.
Solaxy brings a solution to all this by building the world’s first Solana Layer 2 blockchain.
The project will address Solana’s network congestion issues by implementing off-chain transaction processing mechanisms—similar to Ethereum’s Layer 2 solutions.
🚨 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
By processing transactions off of Solana’s main chain, bundling them together, and then submitting them back to the mainnet for final verification, Solaxy’s system enhances efficiency.
As a result, using Solaxy will be cheaper, faster, and more reliable than using Solana, giving a complete overhaul to the ecosystem’s transactional capabilities.
Such capabilities continue to attract investors, who have pumped over $24.7 million into the project.
Beyond speeds, Solaxy also offers an attractive staking opportunity for SOLX holders, with annual yields estimated at 165%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001652 each using BNB, ETH, USDT, or a bank card.
Related News:
- US SEC Says Meme Coins Like Dogecoin And Shiba Inu Are Not Securities
- Pepe Unchained Prepares for Major Update as Solaxy Secures $24.7M in ICO
- Trump Says Bitcoin And Other Cryptos Will Be In The US Crypto Reserve
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