February 23, 2024

XRP has lost 2.5% in the last 24 hours, trading at $0.518. However, the token is up by 3% in the last seven days, indicating that a few buyers are still active in the market.

But XRP has recorded significant losses in the past month, slipping off a high of $0.58 with a price decline of over 10%.

Despite this discouraging outlook, several enthusiasts are bullish on XRP. Notable Strategists and XRP enthusiasts, Dark Defender predicts that XRP’s price could breach the $1 resistance to reach new highs in the coming weeks.

But the question is: Does XRP have enough momentum to reach this level? Let’s explore the following analysis for hints.

XRP Price Analysis by Dark Defender

Crypto analyst Dark Defender examined XRP’s price a few days ago. He sees a possibility for the token to reach $18. However, considering its current price rate, XRP will need a 3300% increase to reach this level.

Dark Defender used various indicators and chart patterns to predict XRP’s future price, outlining three possible targets. One pattern the analyst used is the ABC Correction, which helps spot temporary reversals in price trends. 

Notably, the ABC Correction consists of three waves: A, B, and C, each marking potential entry points during pullbacks. 

Dark Defender analyzed the waves for XRP, predicting that wave three will finish at approximately $1.88. The analyst thinks XRP could rise even higher, reaching $18.22.

While completion of the regular ABC corrective wave hints at upward movement, Dark Defender warned of a potential drop to $0.3917 if specific conditions aren’t met. 

The analyst believes the chance of a price decline decreases if XRP stays above $0.52. He noted XRP’s progress toward $1.88 after identifying a daily break for the indicators.

In another short-term XRP prediction about, Dark Defender said the coin could reach $0.60 in days.

According to the analyst, this move is possible since XRP had three consecutive closes above $0.5286 in a 4-hour Time Frame. Meanwhile, Dark Defender added that the $0.6649 resistance is still vital. So, traders should apply caution.

In all, analyst Dark Defender is bullish on XRP price in both shorter and longer timeframes. However, XRP must first break past the strong resistance level before the main rally.

Ripple Price Analysis: XRP Faces Major Test at Moving Averages

XRP trades below its 50-day and 200-day simple moving averages (SMAs). Breaking above the SMAs would shift momentum to the bulls, triggering an uptrend. This could boost XRP’s price as more buyers come in expecting further gains.

However, sellers may take control again if XRP fails to push above resistance at $0.66.

In that case, the price could drop as bearish sentiment returns. According to the chart, if bullish momentum fades, XRP may retrace back to support around $0.430. This is an important area to hold to prevent steeper losses.

The RSI is currently at 44, neither overbought nor oversold, yet signaling indecision in the market.

Overall, XRP is approaching a crucial test at the SMAs and resistance level. For now, traders may want to wait and see if XRP can close above the SMAs and resistance before buying. Remember that breaking these levels signals an uptrend.

Otherwise, more sideways trading or losses are possible if the $0.430 support fails.

Sponge V2 Launch: Last Chance to Buy Before 100X Rally

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>>>Visit Sponge V2 Presale<<<

Sponge V2, the newest version of the popular Sponge ($SPONGE) meme coin, is making waves in the crypto market. After the huge success of Sponge V1, which reached almost $100 million in market cap and attracted over 13,000 holders, Sponge V2 brings fresh ideas and chances for investors.

Sponge V2 introduces the Play-to-Earn (P2E) utility to enhance the ecosystem’s appeal to investors, thereby boosting demand and the token’s price. In the Sponge platform, users play or bet on upcoming P2E games using $SPONGEV2 to earn more coins.

Sponge Meme Coin Surges Post V2 Relaunch on Polygon

The old version, the $SPONGE V1 token on Ethereum, is no longer in use. Instead, $SPONGE V2 was introduced on Ethereum’s Layer 2 sidechain, Polygon, which handles transactions faster and with lower fees. Following the launch of SpongeV2 on Polygon, the coin price has increased.

A few minutes after the launch, investors who bought at the previous rate of $0.000025 gained more than 300% ROI.

The migration to Polygon also speeds up the release of a new game where players can earn money by playing. In this game, players race against each other to climb a global leaderboard. The winner of the race will be rewarded with SPONGE V2 tokens.

Additionally, staking your $SPONGE on Polygon can earn you more rewards, with returns of over 1,512%, much higher than the 200% return for staking on Ethereum. So far, the community has staked nearly 8 million tokens. The rate for staking isn’t fixed.

It changes based on how many tokens are staked and for how long. If the project becomes very successful, the rewards could be even higher. Prospective investors should visit the official Spongetoken. VIP page for more details.


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