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The XRP price soared 15% in the last 24 hours to trade at $0.81 as of 01:27 a.m. EST on trading volume that surged 78% to $11 billion.
This comes as the US Securities and Exchange Commission (SEC) chair, Gary Gensler, hinted at a potential departure from his role during remarks at PLI’s 56th Annual Institute on Securities Regulation. Gensler addressed different SEC topics, which included US capital markets, corporate governance, and disclosure rules.
At the end of his speech, he hinted at a potential resignation, saying, “It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world.”
On the topic of crypto, Gensler emphasized that Bitcoin is not a security. “Not every asset is a security,” he said. “Former Chairman Clayton and I have both said that Bitcoin is not a security, and the Commission has never treated Bitcoin as a security.”
XRP Price Aims For A Continued Surge
The XRPUSD chart analysis shows a strong bullish trend, with the XRP price experiencing a significant upward price movement over the past few days. This rally has brought the price well above previous resistance levels and is accompanied by high trading volume, indicating strong buying interest.
According to data from GeckoTerminal, the $0.50 support allowed the price of XRP to soar through a parabolic rise.
XRP now trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), which suggests that the asset is in a sustained bullish rally.
Moreover, the Relative Strength Index (RSI) is currently at 87, a value that indicates that XRP is in overbought territory. While this high RSI confirms strong buying pressure, it also suggests that a pullback or consolidation could occur soon, as prices rarely sustain an extremely overbought condition without a pause or retracement.
The Moving Average Convergence Divergence (MACD) line (blue) is well above the signal line (orange) and both are above the zero line, which is a bullish sign. The recent widening of the MACD and signal lines, along with increasing green histogram bars, indicates strong positive momentum.
However, the large gap between the MACD and the signal line suggests that the price could be reaching an overextended level.
XRP Price Prediction
According to the XRP price analysis on the 1-day time frame, XRP is currently on a sustained bullish trend. Major indicators, including the MACD and RSI, show that this trend may continue. If this trend persists, XRP might eye the $1.0 level in the short term.
However, the RSI shows that the asset is now overextended and overvalued. If the bears interpret this as a sell signal, XRP could plunge back to the $0.55, within the 50-day SMA.
As the XRP price soars, investors looking for new opportunities might want to consider a new meme coin ICO called Flockerz (FLOCK).
It has raised over $1.85 million in its presale and offers a stratospheric annual percentage yield (APY) of 1,048%.
According to ClayBro, a prominent crypto analyst on YouTube with over 131K subscribers, FLOCK is poised to achieve massive gains after its launch.
Flockerz Raises Over $1.85 Million In Blockbuster Presale
Flockerz is a community-controlled meme coin powered by its unique Vote-to-Earn (V2E) incentive mechanism. Holders of FLOCK can earn additional tokens by participating in key decision-making processes that shape the project’s future.
The underlying framework of Flockerz is anchored in a decentralized autonomous organization (DAO) called Flocktopia, where every holder’s voice matters. In this way, FLOCK holders have a say in critical decisions such as protocol changes, budget allocations, adjustments to tokenomics, grant approvals, investment strategies, etc.
To participate in the voting process, users must buy FLOCK tokens. The greater the number of tokens an investors owns, the more influence they have in voting. When a new suggestion is comes, members of The Flock vote.
The flock is flying high! We’ve officially crossed $300K! pic.twitter.com/MsLc5PeoyX
— Flockerz (@FlockerzToken) September 28, 2024
Investors interested in joining the presale can visit the official Flockerz website to buy FLOCK tokens at the current price of $0.0060289 per token using BNB, ETH, or USDT. You can also make a purchase using your bank card.
Buy FLOCK before a price hike in two days to secure the best deal.
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