Ripple Price Prediction: XRP Tests $0.54 Barrier

Ripple Price Prediction: XRP Tests $0.54 Barrier – What’s Behind the Hype?

Updated: 30 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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XRP encountered a momentary test of the $0.54 price level, swiftly countered by a significant resistance barrier.

As of 7:32 a.m. EST today, the price of XRP is trading at $0.542, reflecting a 2.9% increase in the last 24 hours.

The daily trading volume remains robust, reaching $1.4 billion, demonstrating a 103.5% increase within the past day.

XRP Price Trapped Within Ascending Triangle

XRP/USD Chart Analysis. Source: Tradingview.com — XRPUSD Chart Analysis. Source: Tradingview.com

XRP’s price is trapped in an ascending triangle pattern, which typically hints at a potential extension of a bullish trend.

As the price approaches the upper threshold of this triangle, both bullish and bearish pressures seem uncertain about the path ahead.

Nevertheless, the upper hand seems to favor the bullish camp, as the price maintains its position within the confines of the triangle.

Moreover, the strength of the bullish momentum is fortified by positioning the 200-day simple moving averages beneath the price, situated at $0.50.

The 200-day moving average is a robust support level, potentially allowing bullish forces to regroup and swiftly propel the price.

Showing a strong recovery from its low of 25, the relative strength index (RSI) has steadily risen to its present level of 38. This shift signifies intense buying pressure, propelling the RSI beyond the pivotal 50-mark and amplifying bullish sentiment.

The projection for the XRP price implies a continuation of the bullish trend, reinforced by the presence of the ascending triangle and the underlying support of the SMAs.

The critical price thresholds warranting attention stand at $0.56 and $0.67.

However, a candlestick opening beneath the 200-day moving average and reinforced by the 50 SMA might incite a price decline, with imperative support tiers at $0.45 and $0.38, respectively.

As the presale phase of Wall Street Memes approaches its conclusion, it presents an option worth considering for investors aiming for greater returns.

Exploring this token could be a viable opportunity for those seeking an XRP alternative.

Wall Street Memes (WSM) Presale Phasing Out

Wall Street Memes seeks to democratize the landscape of cryptocurrency investment.

The project aims to establish an interactive and engaging platform for crypto enthusiasts, offering users a diverse range of memes to explore.

Winning the lottery isn't what it used to be pic.twitter.com/bol27KXZe7

— Wall Street Memes (@wallstmemes) August 26, 2023

Centered around community engagement, this meme coin has garnered an impressive following of over 1 million users across its social media platforms. The dynamic community generates more than 40 million monthly impressions, underscoring the substantial reach of WSM.

Positioning itself strategically, Wall Street Memes is on the brink of being listed on major exchanges.

It focuses intently on a high-yield staking mechanism, a deliberate choice that underscores stability and encourages token staking. This approach serves to mitigate abrupt sell-offs and potential market downturns.

The remarkable accumulation of staked tokens, forming a substantial portion of the circulating supply, vividly underscores the community’s wholehearted embrace of this incentive-driven system.

Are ya winning dad? pic.twitter.com/OHJLBo6FZ0

— Wall Street Memes (@wallstmemes) August 29, 2023

In the most recent staking update, the aggregate staked WSM has surged past 212 million, presenting an estimated annual percentage yield (APY) of 94%. The project bestows 75 rewards per block upon participants, while the total supply of WSM tokens is 1.6 billion.

Furthermore, WSM has organized an airdrop event worth $50,000 for active holders engaged with their social media channels, including Discord.

Demonstrating their NFT prowess in 2021, the creators achieved remarkable success with the Wall Street Bulls NFT collection, raking in $2.5 million in a mere 32 minutes.

Presale Funding to End in 28 Days

The final presale day is approaching, and the development team envisions propelling WSM to list on tier-one exchanges following its presale in 27 days.

The WSM project has already amassed an impressive $25 million in funding. The WSM token is priced at $0.0337 per token during this presale phase, presenting a compelling entry point for investors seeking to acquire tokens before a potential surge in value as it strives to reach $30 million.

Too late pic.twitter.com/QmesJ7m2Dp

— Wall Street Memes (@wallstmemes) August 29, 2023

The total supply of $WSM tokens is capped at 2 billion, exclusively dedicated to the community. The presale will unleash 50% of the tokens, allocating 30% for community rewards, while the remaining 20% will ensure liquidity across various exchanges.

Interested investors can buy WSM tokens through Ethereum (ETH) and Tether (USDT) by linking the wallets to the WSM token website or using bank cards.