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The XRP price rose 4% in the past 24 hours to trade at $0.5730 as of 07:48 a.m. EST on trading volume that surged 15% to $1.79 billion.
The price represents a 9% increase in the last seven days, as many altcoins recovered along with the Bitcoin price rally.
This increase coincides with Ripple’s recent announcement of its plans to venture into the custody business through the acquisition of Standard Custody. This strategic move is viewed as a crucial element that will enhance the demand for XRP Ledger’s services.
Today, we’re excited to announce that Ripple has signed a deal to acquire @StandardCustody, strengthening our product offerings and adding to our growing portfolio of regulatory licenses around the world. Learn more about our latest acquisition: https://t.co/JJp51mEabL
— Ripple (@Ripple) February 13, 2024
Is XRP gearing up for a new rally as we near the bull run?
XRP Price Is Bullish, Breaks The Upper Boundary Of The Falling Wedge
Since November 2024, the XRP price has been in a downtrend, leading to the formation of a falling wedge. However, with support found at $0.57, the bulls managed to break through the wedge’s upper boundary. Currently, XRP is on an uptrend, approaching the $0.600 target, marking an approximate 10% increase.
The price is also trading above both the 50-day and 200-day Simple Moving Averages (SMAs), reinforcing its bullish momentum. Moreover, the Relative Strength Index (RSI) is moving upwards from oversold conditions towards 65, aiming for the overbought zone at 70, which further indicates a bullish trend for the price.
Moreover, the Moving Average Convergence Divergence (MACD) line (blue) is trading above the signal line (orange), indicating that the XRP price’s uptrend is intact and there is positive momentum. This is further supported by the movement of the green bars on the upside, indicating a continuous bullish trend.
XRP Price Prediction
The XRP price long-term analysis shows signs of continued bullish momentum, having breached the upper boundary of the falling wedge pattern. With this, the bulls may drive the price higher, targeting $0.75, as they sweep through the resistance at $0.60
However, the 200-day SMA is trading above the 50-day SMA, forming a death cross at $0.5871. This could signal an upcoming correction, which could allow the bears to drive the price down to reclaim the $0.49 support.
With the XRP price potentially on the brink of a rally, investors looking for other projects with strong upside potential might consider new presale Scotty the AI, an innovative AI crypto ICO that analysts say has the potential to explode at launch.
Scotty the AI Raises $421,848, Closing In On $542,839 Target
Scotty the AI (SCOTTY) is quickly gaining the interest of investors, with the belief that the project’s AI integration will provide the tools and insights necessary for the community.
The project brings about two major features that are designed to change how investors see security and fraud detection in the industry.
One essential feature is Scotty Swap, a go-to hub for hassle-free and fast token exchanges.
Second is ScottyChat, an AI-powered crypto companion able to provide users with market insights and easy access to the world of digital assets.
In its ongoing ICO, SCOTTY has already raised an impressive $421,848, racing to hit its $542,839 target. You can join the presale by purchasing $SCOTTY at a discounted price of $0.0053 per token.
🤝Congratulations to all #ScottyDogs that have joined presale early. 🚀Stages 1 – 3 of presale have sold out very early.
🎉Look forward to heavy marketing as Hype continues to grow for the launch of the #1 meme coin in 2024🚨STAGE 4 now live, BUY here👇https://t.co/YXcyMocjUV pic.twitter.com/3dz4Wzet08
— Scotty The Ai (@ScottyThe_Ai) February 15, 2024
Buy $SCOTTY, Stake, Get Rewarded
Additionally, stake your acquired $SCOTTY tokens to earn an impressive 298% annual percentage yield (APY).
Crypto analyst and YouTuber Michael Wrubel says that Scotty the AI has the potential to explode on launch because of its unique combination as a meme coin backed by powerful AI.
To participate in the presale, you can buy the tokens from the Scotty the AI official website and exchange ETH or USDT for $SCOTTY. You can also make purchases using your bank card.
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