May 17, 2024 5.30pm CEST
| 4 min read
In the last 24 hours the price of XRP it gained 0.5%, rising to $0.5209 on a day in which the entire cryptocurrency market recorded an increase of the same percentage.
Now XRP is up 1% in a week, 3.5% in the last 30 days and 16% in the last year.
This data, however, pales in comparison to the returns recorded by other major tokens in the last 12 months, for example BTC, ETH And SOLbut it also raises the possibility that XRP could compensate with above-average gains during the year.
Furthermore, after the CEO of Ripple for the Middle East and Africa revealed in a speech that the company plans to expand more in the region, XRP price could see sustained rallies in the coming months.
XRP Price Prediction as Ripple Expands in Africa – Will Custody Services Drive XRP Above $0.52?
Today’s chart of XRP looks promising. Indeed, the coin seems ready to record further gains, after having fallen a bit overnight, especially considering that it is about to test its resistance level (Red line), which is located approximately $0.525.
If it can decisively break through this ceiling, it could extend its gains into the weekend.
Other indicators suggest that this eventuality is quite possible, as the relative strength index of XRP (purple line) rose again towards 70 after dropping to 50 in the very early hours of the morning.
Likewise, the 30-day moving average (orange line) is starting to rise again, after having exceeded the 200-day average (blue line) late Wednesday evening.
The coin’s 24-hour trading volume has also increased in recent days, with a move near $1 billion suggesting high interest in the token.
There are therefore several reasons to be bullish on the price of XRPthe first of which is the overall direction of the market, which after a pause in mid-spring appears poised to grow again.
But there are also fundamental factors at play, with Ripple announcing this week its plans to launch custodial services in the region MENA and deepen its presence in the region at large.
This news adds to the imminent conclusion of the long cause Ripple-SECwhich appears to have finally reached its final resolution stage.
It is possible that Ripple have to face one fine of 2 billion dollarsbut the result of this sanction is that it will draw a line in the sand and allow the company to continue to grow.
And in the long run, this suggests an increase in the price of XRP, that it could achieve 1 dollar by the end of 2024.
Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.
Dogeverse: A high-potential memecoin that could bring bigger gains
The only real problem with XRP is that, as a coin that relies more on fundamentals than hype, it may take a while to see truly significant returns.
However, traders looking for quicker and more consistent gains would do well to investigate some of the new meme tokens that are currently on pre-sale.
One of the most promising is Dogeverse (DOGEVERSE)a multi-chain memecoin that has already raised more than 15 million dollars in its presale.
The presale of Dogeverse it is in its final stage and will end soon, as investors have rushed to purchase its tokens based on attractive fundamentals and tokenomics.
Like before multi-chain memecoin themed Doge, Dogeverse will run on Ethereum, Polygon, BNB Chain, Solana, Avalanche and Base.
This means that the DOGEVERSE token it will attract greater demand and usage than it would as a single-chain memecoin, which in turn could drive its price higher than one might assume.
The particularly positive aspect of his tokenomics it’s hard cap is just 120 million, so in theory it could become deflationary over time.
Added to this is its mechanism stakingwhich could see a good portion of the total supply go out of circulation.
These features help explain why the pre-sale has already gone so well, but latecomers can still participate by going to the official Dogeverse website.
Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.
