Ripple Investors Jump Ship as an Under-the-Radar Crypto Scores $6 Million
Following an eventful 2023, the crypto market this year has been disappointing for Ripple (XRP) investors. Prices have remained largely on a support line despite Bitcoin hitting new all-time highs.
However, prices are beginning to show signs of improvement as we approach the second half of the year.
This article will provide an analysis of Ripple’s current price trends and look to see whether an innovative new meme coin, PlayDoge, represents a more promising investment opportunity at this time.
$XRP // Weekly.
2 year accumulation going to burst by the summer. pic.twitter.com/UeybONdsY4
— Tyler (@TylerDurden) April 9, 2024
Despite the continued slow price action, some prominent traders in the crypto community suggest that a turnaround could be imminent.
As XRP price action continues to fight resistance, Ripple is currently trading at a market price of $0.47 (representing a 24-hour change of +0.2%).
Continued downside price action has been fuelled by sustained resistance from the 20DMA (currently standing at $0.49), which has acted to suppress any upside moves since late May.
The descendant suppression from this key moving average now forms the make-or-break for Ripple price, with any bullish XRP prediction now contingent on flipping this capstone resistance to support.
Despite this, the past week has seen XRP establish steadfast support above $0.465 – with 3 support confirmations bolstering market confidence.
Meanwhile, throughout this consolidation above $0.465 support, the RSI has shifted into a very bullish poise – reading at 37.77 – indicating significant upside capacity in the chart.
Currently, Ripple’s price analysis indicates a potential rise to $0.52 if it rebounds, marking a potential 9.6% increase.
Conversely, a downward
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