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The XRP price has surged 11% in the last 24 hours to trade at $0.51 as of 6.50 p.m. EST on an 84% pump in trading volume to $3.1 billion.
The Ripple token was trending high on several crypto platforms, including Santiment.
”XRP is trending due to the ongoing lawsuit settlement between Ripple and SEC,” it said. ”There is anticipation of a positive outcome, which could have a significant impact on the crypto community.”
XRP Price Outlook: Bulls Break Above the Falling Wedge
XRP is currently trading around $0.51, above its upper trendline. According to data from GeckoTerminal, this comes after a drop from its peak at $0.74, showing a tug-of-war between buyers and sellers, forming a falling wedge pattern, a common sign of potential bullish momentum.
The support zone at $0.42 has given the bulls renewed energy, pushing the price up and breaking above the wedge. This has set a new foundation for a potential bull rally ahead.
XRP/USDT Analysis. (Source: Tradingview.com)
The current price indicators show promising signs, with XRP trading above the 50-day simple moving average (SMA). A potential upward move could confirm an anticipated rally above the 200-day SMA and the upper trendline of the falling wedge, reinforcing the overall bullish sentiment for XRP.
The Relative Strength Index (RSI) has rebounded from the oversold territory at 30, passing the 50 midline to reach 62, indicating strong buying pressure. If this momentum continues, the RSI could move into overbought territory.
The green bars on the Moving Average Convergence Divergence (MACD) indicator signal market positivity, with growth in both volume and size. Additionally, the recent crossover of the blue line above the orange signal line, just below the neutral level, further supports confidence in a potential price surge for XRP.
XRP Price Prediction: Bullish Rally Imminent
The XRP price is on the brink of a significant bullish rally. The falling wedge pattern is boosting this upward momentum, with the potential to push the price to new highs around $0.01234.
However, if bearish sentiment takes over, the price could drop to around $0.50 within the wedge. Further downward pressure could even push it towards the lower trendline of the wedge, estimated at approximately $0.4359.
Shiba Shootout Presale Hurtles Past $661k: Is This Shiba Inu On Steroids?
Meanwhile, as more buyers flock to XRP, interest is also growing in a new SHIB derivative called Shiba Shootout (SHIBASHOOT), which just blasted past 661k in presale funding.
The Shiba Shoot narrative centers on Marshal Shiba, a legendary figure known for his quick wit and speed as he roams the digital plains. Donning a cowboy hat and wielding a blockchain lasso, Marshal Shiba rallies Shiba Inu supporters for an epic showdown. Their mission is to prove that Shiba Showdown rules the Wild West of crypto.
The token will be launched on both Ethereum and the BNB Smart Chain, supporting ERC-20 and BEP-20 standards, as detailed on the Shiba Shootout Wiki.
Saddle up! #ShibaShootout is more than a #memecoin it's a Wild West crypto adventure! 🐾💥
Join Marshal Shiba & the Sharpshooters in Shiba Gulch for fun and excitement. 🤠🚀 pic.twitter.com/a3BFVx7u42
— shibashootout (@shibashootout) July 1, 2024
With 20% of the total token supply (440 million $SHIBASHOOT) reserved for staking rewards, you can join the action by staking your tokens to earn an impressive 1,554% APY.
SHIBASHOOT has already caught the attention of crypto experts like Jacob Crypto Bury, a popular YouTuber with over 41,000 subscribers. Bury believes the project has the potential to surge 10X after its launch, comparing its potential trajectory to successful tokens like Shiba Inu.
You can buy the SHIBASHOOT token on the official website for $0.0196. If you plan to add it to your portfolio, you have a little less than 10 days before a price hike.
Buy SHIBASHOOT here using ETH, USDT, BNB, or a bank card.
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