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The price of XRP has risen by 1.6% in the past 24 hours Trading at $0.4943 As of 6.50am EST, with a 112% increase in trading volume to $2.1 billion.
This puts XRP among the biggest gainers on a day when the crypto collapse saw most major tokens trading deep into the red.
The resilience of XRP’s price has sparked optimism for some, with World of Charts on
The falling wedge was broken with strong trading volume, expected to move towards $0.75 in the coming days in case of a successful breakout #Encryption #Xrp #ripple pic.twitter.com/c7tgkMvvU3
– World of Charts (@WorldOfCharts1) June 17, 2024
This technical pattern typically appears with two converging downtrend lines, often seen after a long downtrend, indicating a potential end to selling pressure.
Another analyst, Dark Defender, expressed more optimism. Dark Defender speculated that XRP could rise to $18, matching its previous performance.
Remember the date.
If it happens again, $18 would be a good start. https://t.co/h9bItA7Y1u
— Dark Defender (@DefendDark) June 17, 2024
XRP Price Technical Analysis: Rising Bearish Wedge Signals
XRP is currently trading at $0.51, near the upper trend line. This is after the price fell from its peak at $0.74, indicating a battle between buyers and sellers leading to the formation of a falling wedge pattern, which often indicates a potential shift towards bullish momentum.
XRP/USDT analysis. (Source: Trading View)
Current price indicators are showing promising signs, with XRP trading below the 50-day and 200-day simple moving averages. A potential upside push could confirm the expected rise above the 200 SMA and the upper trend line of the falling wedge.
Moreover, the Relative Strength Index (RSI) has rebounded from the oversold area at 30 to the midline of 45 near the 50 midline level, indicating strong buying pressure. If momentum continues to build, the RSI may move into the overbought zone.
Green bars on the Moving Average Convergence Divergence (MACD) indicate market positivity. The recent crossover above the blue line above the orange signal below the neutral level supports confidence in a potential increase in XRP prices.
XRP Price Prediction: Possibility of bullish momentum with a falling wedge pattern
XRP price is on the verge of a major bullish rally. This falling wedge pattern is fueled by bullish momentum, which could push the price to new highs around $0.75.
However, if the bearish sentiment regains hold, there is a risk that the price could fall to around $0.50 within the wedge’s boundaries. Further downward pressure could lead to a pullback towards the lower trend line of the wedge, which is estimated at around $0.4359.
The pre-sale for the new P2E game has reached $5 million
The optimism that has erupted among some XRP traders appears to be matched by investors who have driven sales recorded by XRP. PLAY The ICO crossed $4.7 million in just three weeks.
The project is an innovative mobile-based Play-to-Earn (P2E) game that brings the DOGE meme to life in a more interactive way. It turns the Doge meme into a Tamagotchi-style virtual pet, enabling players to earn $PLAY tokens as they play.
New high points ✅
We just raised $4.5 million in $PLAY #Pre-sale! 🚀
Put your hands together $PLAY At this price while you can. 🤩
The next price increase is coming very soon!⏳🔥
Buy now – link in bio!#PlayDoge #MimiQueen #P2E #BNB #Ether pic.twitter.com/2Xx72kB8kG
— PlayDoge (@PlayDogeGame) June 17, 2024
The project’s P2E strategy encourages players to take care of their pets and take them on adventurous missions to earn rewards.
In addition to earning through P2E, game holders can earn passively by staking their tokens, with PlayDoge offering a 185% annual return rate.
Cryptocurrency analyst and YouTuber Jacob Burry says $PLAY will likely rise 10x after its launch.
The price of $PLAY tokens is currently $0.0051. If you’re interested in buying, hurry because the price hike is coming in less than two days.
Visit the PLAY website to purchase tokens using ETH, USDT, or a bank card.
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PlayDoge (PLAY) – the latest launch on the BNB chain
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- Play to earn Meme Fusion Coin
- Staking and in-game token rewards
- SolidProof – playdoge.io has been audited
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