Ripple Jumps 18% as Whales Buy the XRP Dip - Here's the Next Coin to Watch
Ripple Jumps 18% as Whales Buy the XRP Dip – Here’s the Next Coin to Watch
A brief period of whale activity has sent the price of Ripple’s XRP up 18% from a bottom of $0.438 on August 5 to its current price of $0.517.
According to data by CoinCodex, the token began to rise on Monday at 13:29 UTC, and over the course of the next twenty-four hours, it blew up 18% to its current price, around which it has held the fort at for the last 24 hours, a sign of growing stability and investors’ confidence in Ripple’s payments-focused cryptocurrency.
Dip buyers bundled in ahead of the United States SEC’s closed meeting on Thursday. Items on the agenda include various topics concerning settlement, which are likely to concern Ripple, as the XRP maker has been fending off an SEC lawsuit since December 2020 for allegedly selling XRP as an unlicensed security.
Ripple has shrugged off the worst of its legal troubles thanks to a landmark ruling in July 2023 by Judge Analisa Torres in a Securities and Exchange Commission (SEC) lawsuit.
Torres said sales of XRP to the public do not necessarily constitute securities sales. However, sales to institutions could constitute securities infractions under the Howey test.
XRP Price Analysis –
XRP’s price performance was generally positive throughout July, but the market crash sent the token spiraling down at the start of August.
The brief crash is unlikely to have seriously hurt the cryptocurrency, though, as both support (green line) and resistance (red line) have steadily risen recently.
With a stable relative strength index (RSI) of 56, Ripple is one of the more stable cryptocurrencies today.
However, its seven-day losses of 21% are markedly heavier than Bitcoin’s ($BTC), which shed 13.5% over the period and currently sits at $56,891.
XRP is top ten market cap token that is listed on virtually every exchange; its price is also tied to the fate of Ripple, so headlines in the press can exacerbate its volatility.
That’s why investors may want to diversify their portfolios with presales. Presales offer the opportunity to buy in at rock-bottom fixed prices long before a new token gets listed on exchanges.
This gives them a first mover advantage.
One presale that exciting influencers is PlayDoge ($PLAY). PlayDoge is offering is something with no clear competitors yet. Rhe multichain Play-to-Earn (P2E) meme coin powering it, PlayDoge ($PLAY), has already raised $6 million barely one month in.
The feverish buying comes off the back of recommendations by several YouTube crypto analysts, including Clinix Crypto, 99Bitcoins, ClayBro, and Matthew Perry.
Fans of the 90s handheld digital pets will delight to see how PlayDoge gives them strong crypto incentives to rekindle their childhood and become attentive virtual pet owners again, while embarking on exciting in-game adventures and mini-games.
And those that have bad memories of Tamagotchi the first time around need not fear: the difficulty curve on PlayDoge is a lot more forgiving, making him a much more resilient pet than the high-maintenance Tamagotchis you probably remember.
$PLAY’s home chain is Binance’s BNB Chain. This could significantly facilitate a potential future Binance listing.
Moreover, SolidProof audited Playdoge’s smart contract, giving prospective investors peace of mind about the project’s security.
Joining the presale is easy: connect your wallet and start purchasing $PLAY using BNB, ETH, or USDT. PlayDoge also offers the option to use credit cards.
To keep up with the latest information about the project, you can connect with the community via X and Telegram.
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.