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The XRP price dropped 1% in the last 24 hours to trade at $0.5223 as of 02:57 a.m. EST on trading volume that skyrocketed 104% to $2.2 billion.
This comes despite there being speculation over whether an XRP ETF (exchange-traded fund) might be next after the U.S. Securities and Exchange Commission (SEC) approved eight spot Ethereum ETFs yesterday.
Ripple’s CEO, Brad Garlinghouse, said in February that a spot XRP ETF ”simply makes sense.”
Ripple CEO Brad Garlinghouse has expressed optimism about an XRP ETF, stating he would 'certainly welcome' it.
Is an $XRP ETF next in line? 🤔#Ripple #XRP @bgarlinghouse @Ripple pic.twitter.com/ed25Vc0G2e
— TheNewsCrypto (@The_NewsCrypto) February 21, 2024
He called this week’s events momentous for the crypto community, and said the ETH ETF approvals and the passing of the FIT21 crypto bill ”feels like hell has frozen over!!”
Big momentum in crypto this week – ETH ETF passed and bipartisan support on crypto legislation…
Feels like hell has frozen over!! 🥶 https://t.co/70T0qLt1FH
— Brad Garlinghouse (@bgarlinghouse) May 24, 2024
Despite a bullish uptick last week, the XRP price has been on a downtrend, but still trades within the consolidation channel, between $0.55 and $0.50, data from GeckoTerminal shows.
XRP Price Set To Soar Over The Consolidation Channel
XRP trades above the 200-day Simple Moving Average (SMA), an indication that XRP could soar in the long term. The 200-day SMA also acts as a support level, encouraging the bulls to win the struggle, which may push XRP beyond the 50-day SMA at $0.5251.
The Relative Strength Index (RSI) currently coincides with the current retrace, as the RSI nosedives from the 70-overbought region to 44 and continues to move down, hurtling towards the 30-oversold level.
XRP Price Prediction
The XRP price analysis on the 4-hour chart shows that XRP is currently on a downtrend, trading below the critical resistance zone at $0.549. Moreover, the 50-day SMA trades below the 200-day SMA, forming a death cross around $0.52.
However, the bulls remain resilient within the consolidation channel, which may lead to a rally towards a breakout above, as the bulls target $0.65.
If the bears continue exerting more pressure, XRP could breach the lower boundary of the consolidation channel, as the bulls retreat to the support level of around $0.47.
Meanwhile, as the XRP bulls aim for a breakout, some investors are turning to the WienerAI token, $WAI. The token is set to emulate other dog-themed tokens like SHIB and DOGE as it leverages its AI capabilities.
WienerAI Presale Blasts Past $2.5 Million – Best AI Trading Bot Meme Coin Companion To Buy
Investors are piling into WienerAI (WAI) by the minute, with the crypto sector’s cybernetic sausage dog sensation already garnering over $2.5 million in presale, as it hurtles towards the $3 million interim target.
The project combines two of the hottest niches in crypto: AI and meme coins.
Don't be left out in the cold.
GET IT WHILE IT'S HOT
🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥 pic.twitter.com/I69IUJanLC
— WienerAI (@WienerDogAI) May 8, 2024
Aiming to provide a unique level of utility not typically seen in other meme coins, WienerAI features an advanced AI trading bot that provides investors with a smart, user-friendly, on-chain assistant to enhance their trading experience.
WienerAI is more than a trading bot
It's your AI trading companion!
More details coming SOON! pic.twitter.com/HG5C0tE6Rk
— WienerAI (@WienerDogAI) May 14, 2024
WienerAI is set to follow in the footsteps of another successful recent token launch, canine meme coin, and AI security token Scotty the AI ($SCOTTY), which netted close to $10 million in a recent presale.
$WAI holders can also earn passively through the project’s staking function, which provides an annual percentage yield (APY) of 366%.
CONGRATS!
WEENIES ARE BEING STAKED AND STACKED AT RECORD SPEED!
Get yours here: https://t.co/k7IFimoTWr
🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖 pic.twitter.com/WCVGZRODer
— WienerAI (@WienerDogAI) May 11, 2024
According to Crypto Boy, a prominent crypto analyst on YouTube with more than 40K subscribers, $WAI has the potential to soar 100X after launch.
If you are interested in participating in the presale, you can buy the token for $0.00071. But hurry as the price will increase in less than two days.
You can buy WAI tokens on the official website here using ETH, BNB, USDT, or a bank card.
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