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Junior Content Creator
Harvey Hunter
Junior Content Creator
Harvey Hunter
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Over the past 24 hours, the XRP price has held steady after some slight fluctuations, up 0.08%.
Meanwhile, a transaction placing XRP at a valuation of $1,000 per coin has left investors stumped.
This lacklustre price action continues from last Friday, with XRP up a mere 0.25%.
Although it has made some progress, it has markedly underperformed compared to the rapid growth seen in other notable altcoins over the same period.
Despite this largely negligible price action, more eyes are on XRP. The altcoin’s trading volume has surged by 19.03% to $1.236 billion over the past 24 hours.
Will the Transaction Push XRP to $1,000?
The September 26th transaction set an RLUSD rate that would place XRP at around $1,000 a piece, according to XRPscan.
This coveted valuation sent traders into a frenzy, speculating that Ripple’s stablecoin would propel XRP to $1,000.
However, this quickly proved unfounded as the transaction was revealed to be a decentralized exchange (DEX) offer.
Pseudonymous XRP Validator Val provided commentary on X, clarifying that the transaction was “just a DEX offer. Anyone can offer those, and no one in their right mind would sell 6,000 RLUSD for 6 XRP.”
In DEXs, users can place a limit order specifying the price at which they are willing to buy or sell a particular cryptocurrency in a peer-to-peer transaction.
Such trades do not reflect the actual value of the cryptocurrency. “RLUSD will not put XRP at $1,000, folks,” Val Summarised.
XRP Price is Not Going to $1,000, But How Far Can It Go?
While disappointing, this is not to discredit the stablecoin’s potential to push the XRP price.
RLUSD won’t boost XRP directly, but it will help bring users into the wider Ripple ecosystem, which could have long-term advantages for the coin’s price.
A factor that factor that contributes to an increasingly bullish outlook for XRP, in favour of an upward breakout from the 4-year symmetrical triangle pattern.
Most significantly, it seems that XRP has found comfort in its new bullish lean, as its Relative Strength Index (RSI) remains firm in its position above the neutral line, currently at 55.
Although this is neutral, it exhibits a strong bias towards buying pressure.
This sentiment is mirrored by the Chaikin Money Flow (CMF), which is gradually moving away from negative territory week on week. It is now at -0.057, just half of what it was at the start of the month.
Meanwhile, as the MACD line reaffirms a comfortable lead above the Signal line, it seems that bulls are in control, making a breakout in the near term credible.
For the XRP price to continue its upward trajectory, it must break the $0.60 level and reclaim the 200 SMA as support.
A clean break above these levels would signal the potential for a larger rally and a shift in market sentiment.
The extent of such a move could trigger a 225% rally in the coming months, reclaiming the past high of $1.97.
However, with fundamental catalysts stacking up in favour of an altseason, the potential for even further growth is considerable.
This New Opportunity Has Higher Gains Potential
Although a $2 XRP is certainly an appealing prospect, emerging opportunities hold the potential for truly substantial gains.
Strategic investors may find an advantage in diversifying into newer low-cap meme coins that have the potential to rally exponentially.
Specifically, Crypto All-Stars ($STARS) presents a unique opportunity by pioneering the industry’s first meme coin staking platform.
The MemeVault brings together the entire meme coin community under the Crypto All-Stars umbrella, staking to earn rewards in the project’s native token, $STARS.
This allows the most dedicated meme coin holders to stay true to their favorite coins while capitalizing on the gains staking offers. Something which may be credited to its instant success, raising over $1.6 million in its presale already!
This confidence is bolstered by STARS’s commitment to transparency, with two successful audits ensuring investor safety.
Beyond its pioneering approach to meme coin staking, $STARS itself offers one of the biggest passive income opportunities right now, with a lucrative 887% APY. While the market wanes amidst recent volatility, All-Star investors are raking in consistent gains!
Join the Crypto All-Stars community on X and Telegram to stay up to date on the latest announcements.
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.
