XRP and Stellar Soar 20% as Judge Reduces SEC Penalty in Final Verdict 

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Sam Cooling

Author

Sam Cooling

About Author

Sam is a financial journalist with a focus on cryptocurrency market news, based in London. With a Master’s Degree in Development Management from the London School of Economics, Sam’s passion for…

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Last updated:

August 8, 2024 01:31 EDT

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The dust is finally setting over the Ripple SEC case after a Judge reduced the final penalty, and in its wake, the prices of XRP and Stellar (XLM) have exploded.

This article explores the latest XRP and XLM price trends and also uncovers a surprising pick for the most hyped coin launch of August 2024.

The surprise win by Ripple over its retail trading and the status of XRP as security has bolstered market confidence; fuelling upside moves across the chart despite the $125M fine that was greenlit over institutional sales.

XRP Price Analysis: How’s Ripple Shaping Up Now The SEC Battle is Finally Over

As XRP pushes back up into bullish form, Ripple is now trading at a current market price of $0.61 (representing a 24-hour change of +2.65%).

This comes after a mesmerizing +28% gain ripped through the chart over the past 24 hours, as XRP price skyrocketed amid the sensational news.

And while the mythical $1 XRP remains ever elusive, the upside price action has redeemed the crippled Ripple price structure as the pump sent the price back above critical support levels at $0.51 and $0.57.

Better yet? The upside move has also seen Ripple, buoyed by the finalization of the SEC case, push back above strong support from a now ascendant 20DMA (currently at $0.549), adding to the bull case for XRP.

However, price now seems set to consolidate above $0.60 following overheating on the RSI indicator, which is now reading at 69.8. Slowing momentum feeds bearish sentiment beneath resistance at $0.65.

Stellar (XLM) Pumps In Suit After XRP Flips Bullish

Alongside the impressive bounce-back in XRP price, Stellar Lumens (XLM) has also shown strength in the market, with Stellar currently trading at a market price of $0.101 (representing a 24-hour change of -0.2%).

This comes after a +32% bounce, triggered on Tuesday’s crypto market revival, saw XLM fire off lower-trendline floor support at $0.075 to reclaim higher support above the 20DMA.

Reclamation of the 20DMA represents a key strengthening of Stellar’s technical structure, with the moving average currently providing a layer of support at $0.09 as XLM targets upside resistance at $0.117.

However, there could be a need for consolidation here, as the sudden move has significantly heated up the RSI momentum indicator – with this key oscillator now sounding the alarm for minor bearish divergence at 54.6.

Nevertheless, this still leaves Stellar with upside capacity in the chart which could see it shift to higher support above the local resistance level.

Forget XRP and XLM: Pepe Unchained Is The Real 100X HODL In 2024

While XRP and XLM shift bullish – much to the glee of their hodlers, the question remains where they will turn to next in order to grow their already supersized market caps.

After all, it’s no open secret that once a coin surpasses $1Bn market cap, growth becomes immeasurable holder as the risk: reward sours.

This is why smart money investors continue to ape low market cap gems, in the search of superior gains, and standing out as a pack leader in August 2024 is Pepe Unchained.

One of the hottest quickfire meme coin opportunities in the Q3 market appears to be Pepe Unchained (PEPU), after shooting up to a sensational $7.6m+ raised during a stunning presale.

Now entering its late stage, the PEPU presale is poised for an explosive launch on DEX markets in the coming weeks and months, with thousands of retail investors flocking to the Pepe ecosystem expansion.

Behind the hype is a pretty novel idea from a committed development team.

PEPU seeks to do for PEPE what Shibarium did for SHIB – the project is building a bespoke low-cost, high-speed layer-2 scaling solution to unchain PEPE from its ERC-20 nightmare.

After all, Frog Coins need a home chain, which is a huge opportunity in the meme coin space—especially with the fleeting Ethereum ETF hype.

You don’t want to miss this opportunity to learn more about PEPU and grab a stack of Pepe Unchained.

Buy PEPU Here

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.