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Simon Chandler
Author
Simon Chandler
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Why Trust Cryptonews
The price of XRP has risen by 1% in the past 24 hours, with its move to $0.5795 coming as the crypto market as a whole post a 3.5% return today.
XRP has now increased by 13% in a week, with the alt also up by 10% in the last 30 days.
Yet what’s interesting about XRP is that it remains down by 7.5% in the past year, with this underperformance arguably putting it in a position to make some very big gains in the next few months.
It may even begin a climb towards $1, a target which becomes likelier in the event of a Federal Reserve rate cut next month.
XRP is Up 13% in a Week – Is $1 Possible in August?
XRP’s chart is in much the same position it was in yesterday, which means that rises and fall are equally likely in the near term.
For example, its relative strength index (purple) is seesawing around the 50 level, with neither buyers nor sellers dominating right now.
Something similar is going on with 30-period moving average (orange), which is just above the 200-period average (blue), but which could easily slide downwards again in the next one or two days.
However, it remains encouraging to see the resistance (red) and support (green) levels beaming towards each other, close to creating a chokepoint that could bring a big move.
Big moves downwards may be just as likely as upwards, yet given that XRP is still in an oversold zone over the medium- and long-term, it’s credible to suggest that a rally may be coming.
Sooner or later a bullish rally will arrive, although for now it seems that whales, at least, are preparing to sell their stashes of the coin.
Either one of two things could change this situation, with the first being that the Federal Reserve finally cuts rates in September, as the Bank of England did this month.
Combined with cuts elsewhere in the world, a reduction in rates would boost demand for more speculative assets, such as cryptocurrencies.
What’s also encouraging is that Ripple has already announced a couple of partnerships since it settled with the SEC.
The latest, announced today, involves a deal with SBI Holdings, who will promote the use of XRP Ledger in the Japanese and Asian Web3 sector.
This will help use of the XRP Ledger to grow, which in turn will boost the XRP price.
While it won’t hit $1 in August, it could reach this target by October or November.
High-Potential Alternatives
While XRP is certainly due a big bull run, holders may still have to show some patience, given that the coin’s moves depend more on fundamentals than on viral hype.
As such, they may also opt to diversify into newer tokens in the meantime, with a variety of presale coins looking like they could rally big in the next few weeks.
A great example of this is Base Dawgz (DAWGZ), a multi-chain token that has nearly raised $3 million in its ongoing sale.
DAWGZ is one of a very small handful of multi-chain meme coins in the market, with the coin running on Ethereum, Base, Solana, Avalanche, and BNB Chain.
More chains will be added after it launches, with its existence on multiple networks potentially giving it a much greater reach.
It could attract use on a much higher number of platforms, pushing its price in the long run.
DAWGZ has also chosen an interesting meme, which in its case is a base-jumping, thrill-seeking Shiba Inu dog.
This should appeal to the more adventurous traders in the market, with the coin already boasting more than 5,000 followers on X.
This gives it a good foundation to continue growing once it lists, with investors able to join its sale by going to the official Base Dawgz website.
1 DAWGZ currently costs $0.007784, with the coin having a max supply of 8.453 billion tokens.
20% of this will go to staking, 20% to its presale, 20% to liquidity and 10% to listings.
This will make it a relatively decentralized meme coin, while its fundamentals should help it rally strongly 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.
