Join Our Telegram channel to stay up to date on breaking news coverage
The XRP price plunged 5% in the last 24 hours to trade at $2.34 as of 09:17 p.m. EST on trading volume that rose 48% to $5.2 billion.
This comes after the first-ever White House Crypto Summit on Friday left investors underwhelmed, just as an executive order to set up a Strategic Bitcoin Reserve had done a day earlier.
Just a few minutes ago, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve.
The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it…
— David Sacks (@davidsacks47) March 7, 2025
Ripple Token Price Aims For A Trend Reversal
The XRP price experienced a strong parabolic rally in late 2024, pushing the asset to a peak of $3.40. This rally was followed by a period of consolidation inside a rising channel, indicating a steady uptrend.
However, the XRP price recently broke below this channel, suggesting that bullish momentum has weakened.
The breakdown led to a dip below the 50-day Simple Moving Average (SMA) ($2.67), which previously acted as a strong support level. The Ripple token pric attempted a recovery but faced rejection near the channel’s lower boundary, reinforcing the bearish sentiment. Now, the 200-day SMA ($1.59) stands as a crucial support level if the downtrend continues.
Meanwhile, the Relative Strength Index (RSI) is at 45.79, indicating neutral momentum. A drop below 40 could suggest increasing bearish momentum, while a move above 50 would signal growing strength.
The blue Moving Average Convergence Divergence (MACD) line (-0.0483) is below the orange signal line (-0.0576), confirming bearish momentum. A bullish crossover (MACD moving above the signal line) would indicate a shift toward upward momentum.
XRP/USDT Chart Analysis Tradingview
XRP Price Prediction
XRP is at a critical decision point. If the Ripple token price remains below $2.67, the price could decline further toward $2.00 and eventually test the 200-day SMA ($1.59) as support.
Conversely, if the price of XRP reclaims $2.67 and breaks above the rising channel resistance, it could retest $3.00-$3.40 levels.
As the XRP price drops, investors are buying into a new Solana layer 2 project called Solaxy (SOLX).
According to 99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, Solaxy has the potential to soar 10X after its launch.
Solaxy Presale Heads For $26 Million
Solaxy has raised over $25.4 million, showcasing remarkable investor demand for the innovative project.
SOLX is a Solana layer 2 solution that is designed to enhance speed, scalability, and efficiency within the Solana ecosystem. Solaxy addresses key issues such as network delays and transaction failures while simultaneously leveraging Solana’s inherent strengths.
The project also provides an optimized user experience tailored to the growing demands of the blockchain industry while focusing on performance and customization.
Additionally, Solaxy bridges Solana with Ethereum, combining the best features of two of the most prominent networks in crypto space.
🚨 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
By leveraging Ethereum’s liquidity and security alongside Solana’s speed and scalability, Solaxy aims to create a robust ecosystem tailored to accommodate the growing demands of the decentralized finance (DeFi) and meme coin communities.
Buyers of the SOLX token can also earn passively on the platform, with a huge 161% annual yield currently on offer.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001656 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 7 hours to lock in the best deal.
Related Articles
- Trump Family’s World Liberty Financial Buys WBTC, ETH, MOVE
- Trending Meme Coins to Invest In Now
- Pro-XRP Lawyer Slams Bitcoin Maxis For Trump Criticism
Best Wallet - Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- Stake To Earn Native Token $BEST
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
