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The XRP price fell a fraction of a percentage in the last 24 hours to trade at $2.2135 as of 11:32 p.m. EST on trading volume that plunged 7% to $1.7 billion.
This comes as Ripple secured its first DFSA (Dubai Financial Services Authority) license for blockchain payments in the UAE, opening the firm’s access to a $400 billion trade hub with regulated cross-border services and a $40 billion remittance market.
The licence will allow Ripple to offer its cross-border payments platform, Ripple Payments, across the region.
Ripple Token Price On A Trend Reversal
The XRP price has formed a clear descending triangle on the 3-day chart following its steep run-up in late 2024.
A descending triangle is generally considered a bearish continuation pattern, especially when it forms after a downtrend. However, in this case, it developed after a sharp rally, making the direction of the breakout a crucial determining factor for future price action.
The Ripple token price has recently broken above the triangle’s descending resistance and is currently trading at $2.2135, suggesting a bullish breakout, a relatively rare but powerful signal when it occurs in descending triangles.
XRP remains below the 50-day SMA ($2.4119), but above the 200-day SMA ($1.0588). The 50-day SMA currently acts as resistance. A successful close and hold above this level would confirm bullish strength.
Meanwhile, the Relative Strength Index (RSI) is at 49.55, which reflects neutral momentum. This level indicates that the asset isn’t overbought or oversold, meaning it has room to move in either direction.
The price of XRP is currently above the 0.5 Fib level at $1.9722, and challenging the 0.382 level at $2.3204. A close above $2.32 would strengthen the bullish case and shift focus toward higher retracement levels like $3.44 and the extension at $5.27 (0.618 Fib projection).
XRP/USDT Chart Analysis (Tradingview)
XRP Price Hints At Surge To $5.27
Despite the descending triangle’s typical bearish bias, the upward breakout from this pattern flips the outlook bullish.
If the XRP price holds above the triangle and clears the 50-day SMA, the next targets lie at the 0 Fib level of $3.45, and eventually the 0.618 extension at $5.27, representing a potential upside of over 125% from the breakout.
However, should XRP fail to break and hold above $2.32, a retest of the triangle breakout level ($2.00–$2.10 zone) could occur. A sustained move below that zone would invalidate the breakout and return XRP to a downward phase.
As XRP flatlines, YouTube channel 99Bitcoins, with more than 725k subscribers, says the Solana Layer-2 presale Solaxy (SOLX) may surge 100x after launch.
Solaxy Presale Closes On $33 Million
While the Solana blockchain has built a strong reputation for its high-speed transactions and low fees, it has also encountered persistent challenges, including network congestion and occasional downtime.
Solaxy aims to unlock “infinite” scalability through rollup technology, providing faster, cheaper, and more reliable transactional throughput within the Solana ecosystem.
Investors have backed the project with $32.9 million in funding in its presale.
This layer-2 solution eases network traffic by handling transactions off the main blockchain, creating a faster processing system for Solana. By doing this, Solaxy reduces the strain on Solana’s mainnet.
Transactions are handled on Solaxy’s layer 2, and bundled together before being sent back for final verification.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
The chain recently launched its blockchain explorer on testnet, a tool that lays the groundwork for tracking transactions across Solaxy’s Layer-2 before they’re bundled and committed to Solana’s mainnet.
It’s still in its testnet phase and functions as a sandbox, a separate environment where developers can test features, refine interfaces, and simulate transaction activity without using real assets or disrupting the live Solana network.
Solaxy also bridges Solana with Ethereum, combining the best features of two of the most prominent networks in the crypto space.
The project’s staking program also offers token holders a huge 122% annual yield.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001712 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 4 hours to secure the best deal.
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