The price of XRP has gained by 3% in the past 24 hours, reaching $0.5159 as the cryptocurrency market continues to manage a steady recovery from this week’s earlier downturn.
This move means that XRP is down by 20% in a week, but up by 21% in the the past month.
And while the coin is disappointingly down by 16% in the last 12 months, the incoming settlement between the SEC and Ripple could push it much higher towards the end of the year.
Some analysts are even predicting XRP to break the $1 barrier and rally much higher in the longer term, with the coin still having lots of space to return to its all-time high of $3.40.
Experts Forecast XRP to Break $1 Barrier, Avoids Lower Lows Amid Market Crash
XRP’s chart is looking strong again after the pain of Monday, with the coin’s indicators suggesting that it’s on an upswing that still has a day or two left to run.
For instance, its relative strength index (purple) has risen to 60, and can still rise to 70 or even 80 before it decisively enters an overbought position.
Just as encouragingly, XRP’s 30-period moving average (orange) is now rising steadily towards the 200-period average (blue), with the coin’s current climb not over until the shorter term average crosses its longer term counterpart.
What’s interesting is that XRP has continuously been breaking through its short-term resistance level (red) since beginning a decline at the start of August.
As such, these breakthroughs are likely giving it added impetus, although we’ve seen whales transferring XRP to exchanges in the past day, implying that the ground may still be shaky.
Yet in the medium- and long-term, many analysts are highly bullish as far as XRP is concerned.
Indeed, Crypto Twitter trader ‘Doctor Magic’ noted yesterday that XRP held its ground better than most during the recent selloff, and that it’s positioned very nicely to rally in the not-too distant future.
$XRP is the only coin that I’ve seen that didn’t make a lower low on yesterdays dump , tells you a lot about it’s current strength relative to the market. That being said previous support is now resistance, need to reclaim it to get bullish in LTF. HTF still bullish af. #RIPPLE pic.twitter.com/APnbpdaQ2h
— Doctor Magic (@Doctor_Magic_) August 6, 2024
This is likely true, insofar as the resolution of the long-running SEC-Ripple case could provide the last piece of clarity needed to encourage traders to return to XRP in a big way.
We will also finally see rate cuts from the Federal Reserve in September, which will provide a lift to the wider market, including XRP.
Based on this, the XRP price could easily reach $0.75 by Q4, and potentially $1 by the end of the year.
New Meme Tokens Offer Strong Diversification Opportunities
The only thing with XRP is that traders will most likely have to wait for the final settlement between Ripple and the SEC before the alt does anything major.
In the meantime, they may prefer to diversify into smaller cap coins which can rally exponentially, with several presale tokens looking very promising.
One of the best of these is PlayDoge (PLAY), an Ethereum-based P2E cryptocurrency that has raised nearly $6 million in its hugely popular token offering.
Introducing #PlayDoge – the only #P2E Doge companion! 🐶
Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY. 💰
Don’t neglect your doge, his life’s on the line 😲💀
Join the #Presale Now ⬇️https://t.co/JT0VEofqf2 pic.twitter.com/RoJYXLS1FH
— PlayDoge (@PlayDogeGame) June 3, 2024
PlayDoge will invite gamers to earn rewards for breeding and completing missions with their own virtual Shiba Inu pets.
It takes inspiration from the famous Tamagotchi games that appeared in the late Nineties, and will involve compelling side-scrolling gameplay and an in-game economy.
PLAY will be the native token for in-game transactions, allowing players to trade pets and acquire other items.
It will have a cap of 9.4 billion, with 50% of this supply going to its sale.
This makes it a highly distributed token for a meme coin, with holders also able to stake the coin for a passive income.
Interested investors can join PLAY’s sale by going to the PlayDoge official website.
It costs $0.00526 per token, although this price will rise to $0.00527 later today.
Traders should therefore act quickly, with the coin’s successful sale also suggesting that it could surge once it lists.
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.
