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The XRP price has surged 1.6% in the last 24 hours to trade at $0.4943 as of 6.50 a.m. EST on a 112% surge in trading volume to $2.1 billion.
That put XRP among the top gainers on a day when a crypto crash saw most major tokens trading deep in the red.
The resilience of the XRP price prompted optimism from some, with World of Charts on X saying a “breaking falling wedge with strong volume” suggests a possible push towards $0.75 in the upcoming days.
Breaking Falling Wedge With Strong Volume Expecting Move Towards 0.75$ In Coming Days Incase Of Successful Breakout #Crypto #Xrp #Ripple pic.twitter.com/c7tgkMvvU3
— World Of Charts (@WorldOfCharts1) June 17, 2024
This technical pattern typically emerges with two converging descending trend lines, often seen after a prolonged downtrend, suggesting a possible end to selling pressure.
Another analyst, Dark Defender, expressed even more optimism. Dark Defender speculated that XRP could soar to $18, drawing parallels with its past performance.
Remember the history.
If it repeats, $18 will be a good start. https://t.co/h9bItA7Y1u
— Dark Defender (@DefendDark) June 17, 2024
XRP Price Technical Analysis: Bullish Falling Wedge Signals Rally
XRP is currently trading around $0.51, near its upper trendline. This is after the price dropped from its peak at $0.74, indicating a battle between buyers and sellers leading to the formation of the falling wedge pattern, which often signals a possible shift towards bullish momentum.
XRP/USDT Analysis. (Source: Tradingview)
The current price indicators indicate promising signs, with XRP trading below the 50-day and 200-day simple moving averages. A potential upward push could confirm an anticipated rally above the 200 SMA and the upper trendline of the falling wedge.
Moreover, the Relative Strength Index (RSI) has rebounded from oversold territory at 30 to the midline to 45 near the 50 midline level, indicating strong buying pressure. If momentum keeps building, the RSI could move into overbought territory.
The green bars on the Moving Average Convergence Divergence (MACD) indicator market positivity. The recent crossover above the blue line over the orange signal below the neutral level further supports confidence in a potential price increase for XRP.
XRP Price Prediction: Potential For Bullish Momentum With Falling Wedge Pattern
XRP’s price is on the edge of a significant bullish rally. A falling wedge pattern fuels this upward momentum, potentially pushing the price to new highs around $0.75.
However, if bearish sentiment retakes hold, there’s a risk that the price could decline to around $0.50 within the confines of the wedge. Further downward pressure might even trigger a retreat towards the lower trendline of the wedge, estimated at approximately $0.4359.
New P2E Game Presale Hurtles To $5million
The optimism that’s breaking out among some XRP traders seems to be matched by the investors who have propelled sales recorded by the PlayDoge (PLAY) ICO past $4.7 million in just three weeks.
The project is an innovative mobile-based Play-to-Earn (P2E) game that brings the DOGE meme to life in a more interactive way. It transforms the Doge meme into a Tamagotchi-style virtual pet, enabling players to earn $PLAY tokens as they play.
New High Score ✅
We’ve just blasted through $4.5M in the $PLAY #Presale! 🚀
Get your hands on some $PLAY at this price while you can. 🤩
The next price increase is coming very soon!⏳🔥
BUY NOW – Link in Bio!#PlayDoge #MemeCoin #P2E #BNB #ETH pic.twitter.com/2Xx72kB8kG
— PlayDoge (@PlayDogeGame) June 17, 2024
The project’s P2E strategy encourages players to care for their pets and take them on adventurous quests to earn rewards.
In addition to earning through P2E, holders can earn passively by staking their tokens, with PlayDoge offering an 185% annual percentage yield.
Crypto analyst and YouTuber Jacob Bury says that $PLAY could potentially surge 10X after its launch.
$PLAY tokens are currently priced at $0.0051. If you are interested to buy, hurry as a price hike is coming in less than two days.
Visit the PLAY website to buy tokens with ETH, USDT, or a bank card.
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