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Simon Chandler
Author
Simon Chandler
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XRP has dipped by 1.5% in the past 24 hours, slipping to $0.5886 as the crypto market loses 3% today.
The altcoin is now down by 3% in a week, and while it holds on to a 2.5% gain in the past fortnight it’s also down by 2.5% in a month.
Such percentages may be disappointing, but analysts are predicting that XRP is likely to break out soon, with some setting $1 as the coin’s target for next year.
Given that it remains up by only 11% in the past year, XRP is certainly due a big push, and we may see the beginnings of a rally very soon.
Can XRP Legal Wins Push Price to $1? Analysts Predict It Might Be Possible
Possibly the most bullish thing about XRP’s chart at the moment is that it has been trading within a rising range, with the coin pushing its resistance (red) and support (green) level increasingly upwards.
And while the token has dipped in the past day, it looks ready to bounce back up again in the near term, with its relative strength index (purple) jumping from less than 30 this morning to just under 50 as of writing.
At the same time, XRP’s 30-period moving average (orange) fell below the 200-period average (blue) yesterday, providing another sign that the alt is getting closer to a rebound.
The past few days have seen whales move XRP to exchanges, meaning that we may still have to wait a few days for any recovery.
Yet the overall picture for XRP remains very good, with some analysts highlighting $1 as a realistic target for the coin in 2025.
Other analysts have also noted that, in recent days, XRP has broken out from longer term trend lines.
Regardless of the timescales involved, it does seem that the market continues to undervalue XRP.
On the one hand, the past few weeks have brought an end to Ripple’s famous case with the SEC, with the cryptocurrency firm receiving a penalty that was only 6.25% of what the regulator originally wanted.
Ripple therefore has a clean bill of legal health, enabling it to continue expanding its business without fear of serious obstacles.
On the other hand, we are likely entering a more bullish period for the market, one which will stem from rate cuts the Federal Reserve is likely to introduce next month.
This will all help the XRP price, which could hit $0.75 by Q4 and $0.90 by the end of the year.
Bigger Returns with New High-Potential Meme Coins
XRP holds considerable potential, yet many traders may find its slow-burning growth frustrating.
In that case, they may prefer to investigate some of the more promising newer coins that have hit the market in recent weeks, including presale tokens that can occasionally surge once they list.
One presale coin with a strong chance of doing this is PlayDoge (PLAY), an Ethereum-based play-to-earn crypto that has raised $6.3 in its soon-to-be-ending sale.
The coin will list on exchanges on Thursdays, giving newcomers only a couple of days to buy some at its final sale price.
Its token offering is very close to selling out, and that reason why it has been so successful is that PlayDoge represents a rare meme token with utility and fundamentals.
Its upcoming P2E game will given users the chance to earn rewards for breeding and completing missions with their own 8-bit Shiba Inu pets.
It takes its inspiration from the much-loved Tamagotchi games that first emerged in the late Nineties, although it will side-scrolling gameplay and an in-game market.
PLAY will be the native token for in-game transactions, enabling holders to trade pets and buy other virtual items.
As a token, it will have a cap of 9.4 billion, with 50% of this supply going to its sale.
Ramping up demand for the token will be the fact that holders can also stake it, earning themselves a passive income.
Investors can join the presale before it ends by heading over to the PlayDoge official website.
PLAY is now selling at $0.00532 per token, its final sale price.
But given its popularity (e.g. PayDoge already has 10,000 followers on X), this price could race upwards once it lists towards the end of the week.
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.
