Last updated:
Author
Simon Chandler
Author
Simon Chandler
Share
Why Trust Cryptonews
The price of XRP has risen by 1.5% in the past 24 hours, with its move to $0.5192 coming as the alt witnesses a steady increase in open interest today.
XRP is now down by 6.5% in a week and by 16% in a month, with the alt also suffering a very disappointing 6% loss in the past year.
Yet today’s change in price and open interest would indicate that XRP is preparing to test the key $0.525 resistance level, which it has struggled with on numerous occasions in the past week.
And given how neglected the token has been in recent months, XRP looks very much in line for a big move soon.
Can XRP Surpass $1? Key Resistance and Open Interest Surge Point to Big Move
Multiple indicators appear to be moving into place for XRP, which suffered heavily last week as the market endured a characteristic short-term correction.
Now, its relative strength index (purple) has jumped from nearly 20 on Saturday to nearly 70 today, a sign that momentum is returning strongly to the coin.
Probably most bullish of all is the fact that the alt’s resistance (red) and support (green) levels are about to hit each other, forming a pennant that usually signals an incoming break.
Other signs of an imminent break come from XRP’s open interest, which has risen from under $500 million at the end of September to just over $510 million today.
A break has been a long time coming, with XRP falling dramatically since the end of September, when it touched a price of $0.657.
It has been suffering ever since the SEC filed an appeal against certain parts of the July 2023 ruling in its case against Ripple, with the regulator challenging the non-investment contract status of programmatic sales of XRP on exchanges.
However, all is not quite as bad as it seems, with lawyers suggesting that the SEC doesn’t have much of a chance.
The SEC has also recently requested an extension to its deadline for submitting its principal brief in the appeal, with commentators suggesting that a Trump victory would result in Gensler moving on from his position as Chair.
In such a case, the SEC may even abandon its appeal, leaving Ripple free to continue its business as before.
It will be able to pursue new projects, including its RLUSD stablecoin, which is close to launching.
Assuming positive developments, the XRP price could reach $0.60 in the wake of the US election, and $0.70 by the end of the year.
New Meme Tokens for Bigger Returns
Traders should therefore consider diversifying into alternatives, with small-cap tokens often outperforming the wider market over shorter periods.
Investors should also look at presale coins, which can often surge when they list for the first time.
Flockerz is exciting because it’s the market’s first vote-to-earn token, which rewards holders for participating in governance votes.
Every major decision concerning its development and growth will go to its community, with all participants receiving rewards for voting.
As an Ethereum-based token, FLOCK will also be open to staking, enabling holders to earn a passive staking income in addition to their voting rewards.
Demand for Flockerz could therefore be high, with the coin allocating 20% of its 50 billion supply to its presale, with 25% going to staking, and another 25% to voting rewards.
Any investors interested in FLOCK can participate in its sale by going to its official website, with the coin purchasable using ETH, USDT or fiat currency.
Its sale will have 50 stages in total, which each stage bringing in a new price increase.
Interested traders should therefore act quickly, since doing so could lock in the biggest possible return once FLOCK lists on exchanges.
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.
