The price of XRP has jumped by 3.5% in the past hour, racing to $0.6203 amid a combination of promising indicators and SEC speculation.
This rise means that XRP is now up by 3% in a week and by 30% in a month, although the popular altcoin – the sixth-biggest in the market – is actually down by 13% in a year.
However, today’s breakout could potentially reverse this disappointing annual performance, with the coin seemingly in a perfect technical position for a big surge.
And with observers suggesting that the SEC is holding a closed meeting tomorrow in order to discuss a potential settlement with Ripple, the XRP price could have a very good few weeks or months ahead of it.
How 1,000 XRP Could Turn into $100,000: Expert Predicts Massive Returns
XRP’s chart certainly looks very bullish right now, after spending most of the past week struggling.
Most notably, its RSI (purple) has leaped from around 45 earlier this morning to about 75 as of writing.
Source: TradingViewThis signals massive buying pressure, as does the fact that XRP’s 30-day average (orange) has begun pointing upwards again after threatening to fall below the 200-day average (blue).
Most bullish of all is the coin’s trading volume, which has more than doubled in the past few hours.
This highlights just how fresh XRP’s breakout is, yet some traders and analysts had been predicting big things for the alt for days if not weeks now.
This past week saw noted XRP holder and educator Edo Farina suggest that XRP could potentially rise to $1,000 in the more distant future.
$XRP monthly Bollinger Bands are the tightest ever
Tighter than before the historic 60,000% rally that ended in early 2018 pic.twitter.com/OFTTkcDxDU
— Tony “The Bull” Severino, CMT (@tonythebullBTC) July 30, 2024
And as recently as last night, Tony ‘The Bull’ Severino pointed out that XRP’s Bollinger Bands – a measure of momentum and volatility – are at their tightest since 2018.
In other words, XRP had been trading in an exceedingly narrow range for too long, and should now break out.
The surge of the past few hours seems to have validated Severino’s forecast, with the aforementioned SEC meeting also helping to stoke bullishness.
Of course, the regulator’s meeting tomorrow is closed, yet it has been acknowledged that it will involve discussion of injunctions and litigation.
BREAKING: New SEC Closed Meeting on August 1!
The #XRP community speculates about a meeting with Ripple. pic.twitter.com/yehOjtrhNM
— JackTheRippler © (@RippleXrpie) July 28, 2024
As such, some XRP holders are getting excited, and even if we do not see a final settlement between the SEC and Ripple in the immediate wake of this meeting, a settlement will come eventually.
And there’s little doubt that the case’s resolution will be a massive boon to XRP and its price, which could reach $1 before the year is done.
Market-Beating Returns with New Meme Tokens
XRP certainly looks ready to enjoy a long-overdue rally, yet traders may also opt to diversify their portfolios into newer tokens, which can also outperform market averages.
This includes presale tokens, which often generate enough momentum during their sales to rally strongly when they list.
One token likely to do this is WienerAI (WAI), a new Ethereum-based cryptocurrency that has raised over $8 million in its imminently closing token offering.
$8 Million raised and launch is around the corner!! The hype is real! pic.twitter.com/XiiZ3UqIns
— WienerAI (@WienerDogAI) July 26, 2024
With its sale ending in only two days, WienerAI has garnered so much attention as a result of its enviably strong fundamentals.
It will launch its eponymous AI-based chatbot, which traders will be able ask questions regarding the cryptocurrency market.
It will offer its analysis of likely winners and losers, as well as provide advice on the timing of moves.
Another helpful feature will be its atomic swap facility, enabling users to quickly trade any token it recommends.
And when combined with front-running and MEV protection, WienerAI looks ready to become a very useful new tool in any self-respecting trader’s arsenal..
Its native token, WAI, will have a capped supply of 69 billion, with 30% of this having been allocated to the presale.
Also encouraging is WienerAI’s rapidly expanding community, with its account now boasting over 16,000 followers.
This shows how popular the project has already become, and how big it could be once it launches later this week.
Investors can still join its sale by going to the official WienerAI website, although they should act quickly, since there’s only two days left before the token lists.
Buy WAI Today
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