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The XRP price soared 11% in the last 24 hours to trade at $1.9957 as of 5:25 a.m. EST on trading volume that surged 32% to $8.5 billion.
This comes after the US Senate confirmed President Donald Trump’s pro-crypto nominee, Paul Atkins, as chair of the Securities and Exchange Commission (SEC) in a 52-44 vote mainly along party lines.
🚨JUST IN: Paul Atkins is officially confirmed as new SEC Chair!
💥BULLISH FOR #XRP💥 pic.twitter.com/Wl68riS2NM
— JackTheRippler ©️ (@RippleXrpie) April 10, 2025
Atkins’ confirmation was reportedly delayed due to several financial disclosures he needed to file after marrying into a billionaire family.
Can The XRP Price Invalidate The Descending Triangle Formation?
The XRP price chart currently reveals a clear descending triangle pattern that has played out over the past few months, typically a bearish continuation formation.
This structure is formed by a horizontal support level around the $1.93 level and a downward-sloping resistance line connecting a series of lower highs, according to data from GeckoTerminal.
The triangle’s apex was recently breached to the downside, signaling a potential bearish breakout.
However, the Ripple token price has now rebounded to trade within the triangle, which suggests that XRP has upward potential.
The 50-day Simple Moving Average (SMA) is trending downward and currently sits at around $2.29, which is above the current price of $1.9957. This indicates a bearish short-to-medium-term trend. Meanwhile, the 200-day SMA is the last major support at around $1.8662.
Meanwhile, the Relative Strength Index (RSI) stands at 43.15, which is below the neutral 50 mark but not in oversold territory. This reflects a weak momentum environment without extreme selling pressure.
Ripple Token Price Prediction
Given the rebound from the lower boundary of the descending triangle, the XRP price may be entering a bullish trend reversal.
A recovery above $2.29 (50-day SMA) would negate the bearish structure and restore bullish sentiment. If bears take control of the price, the price of XRP may soar to the next possible resistance around point D at $2.53.
Conversely, if the 200-day MA fails to hold as support, the price could drop toward the next psychological and technical support near $1.50.
Meanwhile, investors are flocking to buy a new Solana project called Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 725K subscribers, says the crypto has the potential to soar 100X post-launch.
Solaxy Presale Closes On $30 Million – Next Big Crypto?
Solaxy, a new crypto project in its presale phase, is positioning itself to save and upgrade the Solana ecosystem from its congestion issues.
The project aims to address those issues by implementing off-chain processing mechanisms similar to Ethereum’s layer-2 solutions. This model has already been proven successful by platforms like Arbitrum and Optimism.
By processing transactions off Solana’s main chain, bundling them together, and submitting them to the mainnet for final verification, Solaxy’s system enhances efficiency.
Investors are flocking to back the idea, socking $29.5 million into its blockbuster presale.
🚨 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
Once launched, Solaxy will also provide a platform where developers can build decentralized applications or launch new tokens without compromising Solana’s layer-1 capabilities.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.00169 each using BNB, ETH, USDT, or a bank card.
Solaxy also offers holders who stake SOLX a huge annual yield of 137%.
Interested investors will want to buy SOLX before the next presale price hike in less than 32 hours.
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