{"id":562820,"date":"2024-08-09T10:55:09","date_gmt":"2024-08-09T10:55:09","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=562820"},"modified":"2024-08-09T10:54:56","modified_gmt":"2024-08-09T10:54:56","slug":"xrp-price-stalls-at-0-6-as-sec-appeal-looms-but-heres-a-crypto-top-traders-are-buying-for-exponential-gains","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/xrp-price-stalls-at-0-6-as-sec-appeal-looms-but-heres-a-crypto-top-traders-are-buying-for-exponential-gains","title":{"rendered":"XRP Price Stalls At $0.6 As SEC Appeal Looms, But Here\u2019s A Crypto Top Traders Are Buying For Exponential Gains"},"content":{"rendered":"

The XRP price dropped 3% in the last 24 hours <\/span>to trade at $0.6047<\/span><\/a> as of 03:49 a.m. EST on trading volume that plunged 50% to $2.6 billion.<\/span><\/p>\n

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.<\/span><\/p>\n

After a sustained surge this week, XRP now trades within the $0.60 range. Can XRP surge above the currency resistance?<\/span><\/p>\n

XRP Price To Continue Rallying<\/h2>\n

The XRP price dropped from the $0.65 resistance to the $0.47 support from August 1 to August 6, according to data from <\/span>GeckoTerminal<\/span><\/a>. The bulls, however, capitalized on this support to push the token back to the resistance zone, forming a complete rounding bottom pattern.<\/span><\/p>\n

XRP price aims for a rally above the pattern, as the price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs).<\/span><\/p>\n

Additionally, the Relative Strength Index (RSI) trades from the 50-midline level to the current level at 62, an indication of sustained buying pressure from optimistic investors.<\/span><\/p>\n

The Moving Average Convergence Divergence (MACD) also crosses above the neutral line, showing that XRP is currently on an uptrend.<\/span><\/p>\n

The green bars on the histogram also extend above the zero line, showing that XRP is moving with positive momentum.<\/span><\/p>\n

If the momentum continues, the price of XRP could soar above the current resistance as it aims for a new target of $0.80.<\/p>\n

\"XRP
XRP Price Chart Analysis Source: GeckoTerminal.com<\/figcaption><\/figure>\n

However, if the 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. <\/span><\/p>\n

Meanwhile, investors are also piling into the new Ethereum Layer-2 meme token <\/span>Pepe Unchained (PEPU)<\/span><\/a>, which has just blasted past $7.8 million in funds raised in its presale.<\/span><\/p>\n

Pepe Unchained: The New Meme Coin on Ethereum’s Layer-2<\/h2>\n

Pepe Unchained (PEPU) is quickly becoming a hot topic in the cryptocurrency world, with its presale surging past $7.8 million. <\/span><\/p>\n

This new meme token, a successor to the original PEPE, operates on Ethereum’s Layer-2, aiming to address the scalability, speed, and efficiency issues that often plague Layer-1 blockchains like Ethereum.<\/span><\/p>\n

\n

Pepe is gearing up to surf his own Layer 2 blockchain – the first of its kind! 🐸🌊 pic.twitter.com\/T41V8wNDBh<\/a><\/p>\n

— Pepe Unchained (@pepe_unchained) August 8, 2024<\/a><\/p><\/blockquote>\n