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The XRP price dropped 3% in the last 24 hours to trade at $2.448 as of 03:32 a.m. EST on trading volume that plunged 31% to $6.3 billion.
This come as Jorge Tenreiro, a lawyer who has been leading US Securities and Exchange Commission (SEC) enforcement efforts against the crypto industry, was demoted to a role in its IT office after the regulatory overhaul that’s begun under President Donald Trump.
Ripple executives, who have been in a long-running legal battle with the SEC, gloated over the development on social media. Ripple’s chief technology officer David Schwartz joked that Tenreiro might become a movie critic.
I'll bet money he quits the SEC to become a movie critic.
— David "JoelKatz" Schwartz (@JoelKatz) February 6, 2025
Stuart Alderoty, Ripple’s top lawyer, joked that Tenreiro had been reassigned to Macrodata Refinement, referring to the department where workers have to classify numbers with seemingly little purpose in the hit TV show “Severance.”
Ripple Token Price Shows Signs Of A Rebound
The XRP price has followed a classic Elliott Wave structure, marking impulsive waves and corrective phases.
The third wave (3) reached a strong peak before encountering resistance and forming a correction into the fourth wave (4).
This correction has touched the 50-day Simple Moving Average (SMA), which is currently acting as dynamic support, according to data from GeckoTerminal.
The Ripple token price previously formed a bullish flag between waves (1) and (2), leading to another impulsive rally. The recent drop to wave (4) tested the horizontal support level, and the price may recover from this level.
Meanwhile, the key resistance remains near the previous high around $3.36, which aligns with the Elliott Wave projection. If the XRP price action follows the anticipated wave (5), a breakout above this level could lead to further upside momentum.
The 200-day SMA ($1.3101) remains far below the current price, suggesting that the long-term bullish trend is intact.
Meanwhile, the Relative Strength Index (RSI) is currently at 38.36, indicating that the price is approaching the oversold territory. This could mean that selling pressure is weakening, and a reversal could be near.
XRP Price Prediction
Given the Elliott Wave structure, the XRP price could be aiming at forming the fifth impulsive wave, which could push XRP toward the next major resistance near $3.50–$4.00. However, to confirm this move, the price of XRP must break above the $2.80–$3.00 resistance zone
Conversely, if the price of the Ripple token fails to hold above the 50-day SMA, another retest of $2.00 could occur before a further breakout. Furthermore, if XRP respects the movement of the rounding top pattern, the next major support could be around $1.5 in the long term.
Meanwhile, investors are also snapping up a new Pepe AI agent hybrid that’s in presale called MIND of Pepe (MIND). 99Bitcoins, a popular crypto channel on YouTube with over 724K subscribers, says MIND has the potential to soar 20X after its launch.
MIND of Pepe Presale Amasses Over $5.2 Million In Presale
The MIND of Pepe presale is soaring ahead as its total raise closes in on the $5.5 million mark.
MIND introduces an independent AI agent that scans social media platforms like X for emerging market trends and then shares its findings with token holders to help give them an edge.
It Is Pepe's World Now. $MIND pic.twitter.com/x63eC7VtKn
— MIND of Pepe (@MINDofPepe) February 6, 2025
Unsurprisingly, MIND has already been added to the “Upcoming Tokens” list on Best Wallet (BEST), a platform known for identifying red-hot tokens like Pepe Unchained (PEPU) and Catslap (SLAP), both of which experienced exponential rallies after their launch.
🚨 $MIND is Now Live in Upcoming Tokens! 🚨@MINDofPepe leverages the power of AI to help users identify new trends and exciting opportunities. The self-evolving AI agent interacts across platforms to deliver real-time updates.
Built on Ethereum, $MIND offers holders exclusive… pic.twitter.com/uyXFpYka5p
— Best Wallet (@BestWalletHQ) January 14, 2025
Currently, MIND tokens are priced at $0.0032662. Presale participants also have the opportunity to stake MIND and earn an average annual yield of a huge 436%.
Buy MIND here before a price hike in about 12 hours.
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