The price of XRP has gained by 8% in the past 24 hours, reaching $0.6495 as the cryptocurrency market falls by 0.5% today.
XRP is now up by 5.5% in a week and by 35% in the last 30 days, although the altcoin has actually lost 8% in a year.
This annual lost is largely because the market is still waiting for the SEC and Ripple to agree a final settlement in their long-running case.
However, the SEC is meeting today to discuss ongoing legal cases, with some XRP holders hoping that they will discuss Ripple, which could be good news for the coin’s price.
Can XRP Reach $1? Bullish Pennant Pattern Indicates Possible Surge
XRP’s chart continues to look bullish, with its indicators showing some real momentum right now.
Its relative strength index (purple) jumped from 45 to 75 yesterday, and despite a brief dip it’s now rising again.
Likewise, its 30-day average (orange) is climbing steeply beyond its 200-day (blue), providing a clear sign of a breakout.
XRP’s volume has also ballooned, rising from $1 billion only a few days ago to just over $3 billion, as of writing.
Much of this likely comes from whales, with data showing a number of big transfers – off exchanges – in the past couple of days.
🚨 38,000,000 #XRP (24,820,423 USD) transferred from #Upbit to unknown wallethttps://t.co/ThCQwxhDuH
— Whale Alert (@whale_alert) July 31, 2024
At the same time, the bigger picture also looks bullish, with one analyst pointing out that XRP’s medium-term chart recently formed a very bullish pennant.
This would suggest that XRP may continue its recent gains over the coming days and weeks, with the coin’s fundamentals and recent news supporting this view.
As mentioned above, the Securities and Exchange Commission is meeting today to discuss ongoing injunctions and cases.
This could potentially relate to Ripple, which by extension could lead to an imminent settlement in the regulator’s case with the cryptocurrency firm.
Either way, the Ripple-SEC case should end this year, something which is likely to clear the way for a big XRP bull run.
Is $XRP slowly pumping because Judge Torres is going to rule on the lawsuit soon? 🤯
— XRPcryptowolf (@XRPcryptowolf) July 30, 2024
And in the longer term, the end of the case will free Ripple to expand its business more vigorously.
It could even hold its own IPO soon after a resolution, something which again would be bullish for XRP.
You can then add the likelihood that the Fed will introduce the first rate cut in years this fall, which will boost bullishness across the board.
As such, the XRP price could reach $1 by the end of the year, if not sooner.
Big Returns with High-Potential Meme Tokens
XRP does look as though its in a good position right now, but traders may also wish to widen their exposure to upside by diversifying into small-cap and meme tokens.
Presales are particularly promising right now, with some of the biggest sales likely to end with their respective tokens rallying upon listing.
One token that could do this is The Meme Games (MGMES), an ERC-20 cryptocurrency that has just raised $300,000 barely a couple of weeks after opening its token offering.
This year’s triathlon has an unexpected obstacle, courtesy of $PEPE. 💩#Olympics #Paris2024 #Triathlon pic.twitter.com/eSnSgp4euz
— The Meme Games (@MemeGames2024) July 31, 2024
The Meme Games is not only a meme token, but also a social betting platform and ecosystem.
Once it launches it will run automated competitions between popular meme characters.
Holders will stake their MGMES tokens on the memes of their choice and then, if they win, earn 10% on top of their usual staking income.
This betting feature has two main benefits, one social and one tokenomic.
Firstly, the ability to compete against peers will help to draw in supporters and grow the coin’s community, which ultimately will help support its price.
Secondly, the extra staking rewards will further incentivize long-term holding, again boosting MGMES price.
The Meme Games therefore has the potential to grow substantially, with its official X account now boasting 17,500 followers.
MGMES will have a max supply of 2.024 billion, with 38% of this going to the presale, 10% going to staking and 9.3% going to games winnings.
Newcomers can join the coin’s sale by going to the official Meme Games website and linking their crypto wallets.
MGMES is available at a price of $0.0091 per token, although this will rise by $0.0001 with every new stage of the sale.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
