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The XRP price dropped 3% in the last 24 hours to trade at $0.6047 as of 03:49 a.m. EST on trading volume that plunged 50% to $2.6 billion.
This comes as the U.S. Securities and Exchange Commission (SEC) hints at a looming appeal after District Judge Analisa Torres ordered Ripple to pay a $125 million fine, while the SEC had sought a much larger penalty of $2 billion. The SEC may still be considering appealing certain aspects of the case.
After a sustained surge this week, XRP now trades within the $0.60 range. Can XRP surge above the currency resistance?
XRP Price To Continue Rallying
The XRP price dropped from the $0.65 resistance to the $0.47 support from Aug. 1 to Aug. 6, according to data from GeckoTerminal. Bulls, however, capitalized on this support to push the token back to the resistance zone, forming a complete rounding bottom pattern.
Now, the XRP price aims for a rally above the pattern, with the remittance token trading above both the 50-day and 200-day Simple Moving Averages (SMAs).
Additionally, the Relative Strength Index (RSI) rose from the 50-midline level to the current level at 62, an indication of sustained buying pressure from optimistic investors.
The Moving Average Convergence Divergence (MACD) also crossed above the neutral line recently, indicating that the XRP price is currently on an uptrend.
The green bars on the histogram also extend above the zero line, signaling that XRP is moving with positive momentum.
If this bullish momentum continues, the price of XRP could soar above the current resistance and aim for $0.80.
However, if bears take control of the price at this level, the XRP price could go through a correction, with the $0.50 level acting as the immediate support level.
While the XRP price looks to continue its rally, investors are piling into the new Ethereum Layer-2 meme token Pepe Unchained (PEPU), which has just blasted past $7.8 million in funds raised in its presale.
Pepe Unchained: The New Meme Coin Joining Ethereum’s Layer-2 Ecosystem
Pepe Unchained (PEPU) is quickly becoming a hot topic in the cryptocurrency world, with its presale surging past $7.8 million.
This new meme token, a successor to the original PEPE, operates within the layer-2 ecosystem, aiming to address the scalability, speed, and efficiency issues that often plague layer-1 blockchains like Ethereum.
Pepe is gearing up to surf his own Layer 2 blockchain – the first of its kind! 🐸🌊 pic.twitter.com/T41V8wNDBh
— Pepe Unchained (@pepe_unchained) August 8, 2024
Unlike its predecessor, which struggles with rising gas fees and network delays, Pepe Unchained promises a more efficient and cost-effective version of PEPE.
This shift to layer-2 technology is a significant draw for investors, who are also enticed by the token’s staking program, offering a substantial 258% annual reward.
Prominent crypto analysts, like those at 99Bitcoins, suggest that $PEPU could see a 100X increase post-launch, further fueling the buzz.
If this interests you and you want to participate, $PEPU tokens are available at $0.0089461 each. With a price hike coming in less than four hours, buy immediately to lock in the best deal.
Purchase $PEPU from its official website here using ETH, USDT, or a bank card.
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