Increase in XRP Demand as Court Rejects Settlement Request Between Ripple and SEC, Leaving Scarcely Days for FOMO Buying of This Initial Coin Offering
Jump on our Telegram channel for the latest news and updates on the cryptocurrency world!
The price of XRP took a 2% dip in the past 24 hours, landing at $2.41, despite a 14% surge in trading volume to $5.6 billion. This downward trend comes after Judge Analisa Torres denied a motion from both the US Securities and Exchange Commission (SEC) and Ripple to request an indicative ruling on lifting the injunction prohibiting XRP sales to institutional investors. In addition, the judge turned down the request to reduce the $125 million penalty.
The SEC and Ripple are predicted to file a revised joint motion in the near future. Ripple's Chief Legal Officer Stuart Alderoty had this to say about the ruling: "Today's order doesn't change Ripple's wins (e.g., XRP is not a security, etc.). This is about procedural concerns with the dismissal of Ripple's cross-appeal. Ripple and the SEC are in agreement to settle this case and will revisit this issue with the Court, together."
XRP Price Setting Sail for a Bullish Trend
The XRP price has been following a typical Elliot Wave pattern, seemingly advancing to the 5th wave of a bullish cycle.
Let's break it down:
- Wave 1 marked the initiation of an exciting breakout.
- Wave 2 retraced into a consolidation zone.
- Wave 3 brought an explosive rally that peaked in early January.
- Corrective Wave 4 retested the support zone around $2.00.
- Currently, Wave 5 is taking shape, bolstered by a clear breakout from a longstanding descending triangle pattern. The newfound strength has propelled XRP above both the 50-day and 200-day Simple Moving Averages (SMA).
The current XRP price stands at $2.4181, demonstrating muscle after rebounding from the key support zone between $2.15 and $2.17—an area that combines the 200-day SMA and a historical demand region.
Moreover, the Relative Strength Index (RSI) at the moment is 56.50, suggesting a neutral-to-bullish momentum. This indicates that XRP isn't yet overbought, so there's room for further upward movement before the market becomes overheated.
The Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the MACD line (blue) hovering above the signal line (orange) and both lines pointing upwards.
Token Price Prediction
The completion of Wave 4 and the emergence of Wave 5, in conjunction with favorable technical indicators and the breakout from resistance, bode well for the XRP price trend in the short term.
If the momentum prevails, the next likely XRP price target resides around the $3.00 level, which signifies both a psychological and technical resistance zone. However, be careful around this area as Wave 5 often signifies the end of a lengthy bullish impulse sequence, possibly leading into a broader corrective phase thereafter. Until then, the trend remains bullish, with strong support maintained at the $2.15-$2.17 zone.
Meanwhile, investors are snapping up a brand-new AI-powered crypto called MIND of Pepe (MIND). With over 725K subscribers, 99Bitcoins, a popular crypto channel on YouTube, claims that MIND has the potential to skyrocket 100X post-launch.
MIND of Pepe ICO Closing on $9.5M - Riding Market Trends to Crypto Gains with MIND
MIND of Pepe has garnered attention, raising more than $9.33 million through its presale. Its success stems from its fusion of AI technology with meme coin charm. Instead of relying on ordinary meme coins, MIND equips users with an AI agent that examines market trends, provides crypto insights, and even creates new tokens.
This AI-powered technology lets investors get ahead of the curve on AI-generated cryptocurrencies, setting MIND apart as a trailblazing project in the market.
MIND token holders can even stake their tokens for a jaw-dropping 244% annual percentage yield (APY). Right now, MIND tokens fetch $0.0037515 and can be bought using either crypto or credit cards via the user-friendly widget provided on its official website. Prospective investors will want to act swiftly, as the MIND presale is scheduled to wrap up in approximately 15 days.
Visit the MIND of Pepe website.
Additional News:
- SOL Gains 6% in a Week, This Layer-2 Presale Token Could Be the Next 10X Gem
- Is Bitcoin Ready for an Upswing? Plenty of Investors Chasing This ICO Offering Free Bitcoin
- Examining the Outlook for Sui Price on May 15
To keep yourself in the loop, make sure to join our Telegram channel for all the latest breaking news!
- The emerging trend in the cryptocurrency market sees a new AI-powered crypto, MIND of Pepe (MIND), attracting investor attention, with its unique fusion of AI technology and meme coin charm, potentially skyrocketing 100X post-launch.
- Amidst the cryptocurrency world, the sports and technology sectors are also making headlines, as MIND stands out as a trailblazing project, offering an AI agent for market trend analysis, providing crypto insights, and even creating new tokens, setting itself apart in the competitive market landscape.
