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The XRP price has climbed 2% in the last 24 hours to trade at $0.5324 as of 6:30 a.m. EST on a 22% drop in trading volume to $1.2 billion.
This comes after Ripple co-founder Chris Larsen’s donated $1 million in XRP to support US Democratic presidential candidate Kamala Harris.
It’s the first time Harris has received a cryptocurrency donation, highlighting Ripple’s support for her campaign, despite the company’s ongoing legal battle with the US Securities and Exchange Commission (SEC).
🇺🇸 Chris Larsen, co-founder of Ripple, contributed $1 million in crypto to a political action committee (PAC) that is backing Kamala Harris' campaign. 👀 pic.twitter.com/yyujg8inrF
— Crypto Crib (@Crypto_Crib_) October 11, 2024
Federal Election Commission (FEC) filings reveal that Chris Larsen contributed to Future Forward USA, a prominent super PAC supporting Kamala Harris’s 2024 presidential campaign. Additionally, the Ripple co-founder recently signed a letter endorsing Harris as a candidate.
XRP Price Signals A Bullish Reversal: Can The Bulls
The price action for the XRP/USDT 4-hour timeframe shows the price currently trading at $0.5367, reflecting a 0.39% decline in the last 24 hours. According to data from GeckoTerminal, the price indicates that XRP saw a steep fall in early October, dropping from the $0.6800 level.
This sharp decline led to a break below both the 50-period Simple Moving Average (SMA), which is the green line and the 200-period SMA, shown in blue.
XRPUSDT Analysis Source: Tradingview
After this steep drop, XRP entered a consolidation phase, trading between $0.5200 and $0.5400 for several days. This sideways movement suggests market indecision, with traders waiting for a clearer direction. The 50 SMA is currently positioned at $0.5319, offering immediate support. The 200 SMA at $0.5687 serves as a significant resistance level that XRP would need to overcome to regain bullish momentum.
The Relative Strength Index (RSI) is currently at 52.09, indicating a neutral stance regarding market conditions. The RSI suggests that XRP is neither overbought nor oversold, providing room for potential movement in either direction. However, the slight upward slope of the RSI hints at some developing bullish momentum.
If XRP breaks out of its consolidation range, there is potential for a rally. A move above the 50 SMA could allow XRP to challenge the 200 SMA at $0.5687, potentially leading to a rally toward the $0.6000 mark. However, if the XRP price fails to hold above the 50 SMA around $0.5319, further downside pressure could ensue.
XRP is currently in a consolidation phase after a steep fall. Its immediate resistance is at the 200 SMA, near $0.5687, while support is at the 50 SMA, around $0.5319.
A breakout above the 200 SMA could drive a rally, while a failure to hold support at $0.5300 may lead to additional declines. The RSI supports a neutral outlook with a slight bullish bias.
Crypto All-Stars Presale Shoots Past $2.2 Million: Best Crypto To Buy Now?
As XRP traders await a possible rally, investors looking for other bullish projects may want to consider Crypto All Stars (STARS), a unique meme coin that offers investors a huge 672% annual yield on staked STARS tokens.
The innovative project has launched a user-friendly platform called “MemeVault,” which allows investors to conveniently stake multiple top meme coins in one place – an industry first.
This platform simplifies the staking process, allowing users to stake 11 popular meme coins at launch. They are Pepe, Dogecoin, Shiba Inu, Floki Inu, Milady, Brett, Turbo, Mog Coin, Toshi, Bonk, and Coq Inu.
Let's rise together, All-Stars! 🌟
By staking your favorite meme coins in the MemeVault, you're not just earning STARS – we're forging a stronger community! pic.twitter.com/3b95O8Cahr
— Crypto All-Stars Contact Desk (@all_stars_coinC) October 3, 2024
According to prominent crypto analyst and YouTuber Clay Bro, with over 130k subscribers, STARS could offer massive gains once it launches.
Currently, $STARS tokens are priced at $0.0014947. Investors should buy before the price increases in less than 24 hours to secure the best deal.
Buy STARS on the official website here and stake tokens for a 672% APY.
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