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The XRP price surged 3% in the last 24 hours to trade at $2.16 as of 10:43 a.m. EST on a 42% plunge in daily trading volume to $1.7 billion.
This comes as US President Donald Trump says that a decision on the next Federal Reserve chair will be coming ”very soon.”
Trump again pressured Fed Chair Jerome Powell, whose term ends in May next year, to cut interest rates, this time calling for a “full point cut.”
XRP Price Currently Consolidating, Could Still Rally
The XRP price has been on a sustained downtrend within a falling wedge pattern in 2025, after hitting an all-time high (ATH) of around $3.39. After hitting point C on the ABCD harmonic pattern within the wedge, the Ripple token price finally broke out of the wedge, which was seen as a bullish outlook.
However, after the breakout, the price of XRP has been consolidating within the 0.382 Fibonacci level at $2.28.
The drop from the Fib level has now drove XRP to trade below both the 50-day and 200-day Simple Moving Averages (SMAs), which is an indication of a slight bearish outlook.
Meanwhile, the Relative Strength Index (RSI) seems to be rebounding from the 40 level, currently at 43, which signals that the bulls could be gaining some momentum.
If the Ripple token picks up some pressure from this level, the next resistance could be the 0.382 Fib level. If the pressure persists, the price of XRP could still rally, with the next target at $3.78, a new ATH, representing a 74% surge from the current level.
XRP/USD Chart Analysis (Tradingview)
Conversely, if the current bearish outlook picks up, the Ripple token could drop back to the wedge and further to the 0.618 Fib level at $1.60.
Meanwhile, investors are flocking to the presale for the new Solana layer-2 project Solaxy (SOLX). The project has already raised over $45.1 million, making it one of the largest token sales of the year.
Popular YouTube channel 99Bitcoins, with over 723K subscribers, says the crypto has the potential to soar 10X post-launch.
Solaxy Crypto Presale Amasses $45.1 Million – Last Chance To Buy
With a fraction over 9 days remaining, the presale for Solaxy, the first-ever Layer 2 blockchain on Solana, is on track to become one of the biggest crypto ICOs of 2025.
Having already raised over $45.1 million, and over $2.5 million of that in the last week, the project has caught the attention of both retail investors and Solana whales.
Solaxy aims to enhance Solana’s capabilities, not replace them. While Solana is already fast, it’s faced congestion and scalability issues at peak usage.
The project steps in as a Layer 2 designed to bundle transactions off-chain using roll-ups, allowing for faster throughput and lower fees.
This approach promises faster, cheaper, and more reliable transactions, positioning Solaxy as a critical upgrade for Solana’s ecosystem.
$SOLX has got what YOU need. 🛸🪐
45M Raised! 🔥 pic.twitter.com/hamUNI7Hgz
— SOLAXY (@SOLAXYTOKEN) June 6, 2025
Solaxy’s recent technical milestones fuel further optimism about the project’s outlook. The team launched a testnet blockchain explorer and optimised rollup handling for enhanced efficiency.
The project’s native token, SOLX, powers the network’s transactions, governance, and staking.
Investors are also being drawn by Solaxy’s staking program, which offers a huge 90% annual return.
The SOLX token is currently priced at $0.001748, and investors can join the presale via the official Solaxy website using ETH, BNB, USDT, or cards.
The project has now placed a timer on its website, indicating investors have only about 9 days left to join one of the most successful presales of the year.
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