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The XRP price managed a slight gain in the last 24 hours to trade at $0.5197 as of 6:15 a.m. EST as investors slowly start to accumulate the remittance token.
The minor gain printed by the Ripple price throughout the past trading day comes amid the movement of 3 billion XRP tokens in a series of transfers, according to the on-chain tracking platform Whale Alert.
XRP Whale trades: Starting 1 hour ago (5.4% of $XRP circulating supply moved):
– 2:30pm 200,000 $XRP
– 2:34pm 300,000 $XRP
– 2:38pm 500,000 $XRP
– 2:41pm 500,000 $XRP
– 2:45pm 300,000 $XRP
– 2:47pm 200,000 $XRP
– 2:55pm 500,000 $XRP
– 2:58pm 500,000 $XRPTotal $XRP so far: 3b… pic.twitter.com/u5PPTPQmJw
— MartyParty (@martypartymusic) June 1, 2024
Although this movement initially sparked concerns within the crypto community, Marty Party said that the XRP was transferred between Ripple-affiliated wallets. Some in the community also said that these movements were standard fund consolidations related to escrow activities.
The XRP Price Trying To Escape A Negative Channel
4-hour chart for XRP/USD (Source: GeckoTerminal)
The XRP price is attempting to break out of a medium-term negative channel that has formed on its charts. With the upper boundary of this channel confluent with the major resistance at $0.5240, XRP will need to close a 4-hour candle above this threshold before traders can consider entering a long position for the crypto.
A sustained position above $0.5420 might give the XRP price the technical foundation needed to keep rising in the short term. Bulls could then look to push the altcoin’s value above the $0.5359 barrier and possibly as high as $0.5462.
On the other hand, a rejection from the $0.5240 resistance might invalidate this bullish thesis. In this alternative scenario, XRP could drop to the immediate support level at $0.5092. Falling below this technical crutch might then expose XRP to the risk of continuing its downward trend.
Technicals Suggest The XRP Price Might Keep Climbing
Technical indicators on XRP’s 4-hour chart suggest the XRP price might try to challenge the $0.5240 resistance. Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are showing bullish signs.
The XRP price entered into a positive cycle in the last 12 hours. This is evident by the MACD line’s break above the MACD Signal line during this period.
Buyers also seem to be stronger than sellers, as signaled by the RSI value that is above 50. What’s more, both the RSI and MACD lines are positively sloped. Traders might identify this as a sign of increasing bullish momentum and growing buyer strength.
As the XRP price attempts to break out of the descending channel that has emerged on its charts, investors are rushing to buy new ICO PlayDoge (PLAY).
An Explosive Start
PlayDoge is a new canine-themed crypto that is looking to ride the hype around meme coins and blockchain gaming.
Sporting a mascot similar to Dogecoin, PlayDoge has the potential to dethrone the original meme coin to become the leader in the lighthearted sector of the crypto space.
Central to the project is its mission to revive the once-popular Tamagotchi companion games, giving hardcore gaming enthusiasts the opportunity to raise their own companions on the blockchain.
Initially, players’ experiences with their Tamagotchi characters were somewhat limited. The characters inevitably died, requiring players to start over with a new pet. By combining smartphone and blockchain technology, PlayDoge will overcome the game’s past limitations to enable more interesting gameplay.
The revival of a once-popular game has excited crypto investors, who flocked to PLAY’s presale shortly after it went live.
Investors Bet Big On PLAY’s Future
More than $1.5 million has already been sent to PlayDoge’s ICO in just six days. While the presale takes place at playdoge.io, note that there are several official backup domains put in place.
Those include https://playdoge.ltd/, https://playdoge.co/ and https://buyplaydoge.com/. Beware of other unofficial domains using PPC advertising.
Analysts are bullish on PLAY. Crypto YouTuber Jacob Bury recently explored the meme coin’s potential to grow 10X after launch.
Beyond its speculative opportunity, presale investors can also lock up their tokens in PLAY’s lucrative staking program. Any tokens bought and staked during this ICO phase will be eligible for a 219% APY.
Purchase and stake PLAY here using BNB, ETH, USDT or a bank card.
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