XRP price has seen a bullish trend, closing the week above the $0.5400 level and reaching an intra-day high of $0.5415. This positive movement can be attributed to the overall positive sentiment in the cryptocurrency market, particularly following Bitcoin’s surge above $63,000. As Bitcoin gains momentum, it often boosts confidence in other cryptocurrencies like XRP. Additionally, XRP’s recent increase in value has been fueled by news of Ripple co-founder Chris Larsen donating $1 million worth of XRP to the Harris-Walz 2024 presidential campaign. This donation highlights the growing institutional interest in XRP and is expected to improve market sentiment, potentially attracting more investors.
On a positive note, Ripple co-founder Chris Larsen made headlines by donating $1 million in XRP to support Vice President Kamala Harris’s presidential campaign through the Future Forward USA political action committee. This is Larsen’s first recorded cryptocurrency donation, bringing his total contributions to Harris’s campaign to over $1.9 million. However, this donation comes amidst Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) regarding the classification of XRP as a security. Regardless of this legal challenge, Larsen’s high-profile donation highlights the growing impact of digital assets in American politics.
Ripple CEO Brad Garlinghouse criticized the SEC for disregarding the court’s ruling that XRP is not a security, suggesting that the agency is overstepping its boundaries. This criticism coincided with Bitnomial’s lawsuit against the SEC, arguing that XRP futures should fall under the Commodity Futures Trading Commission (CFTC) rather than the SEC’s regulation. Ripple’s Chief Legal Officer, Stuart Alderoty, also condemned the SEC’s actions, accusing the agency of setting a dangerous precedent by enforcing compliance through threats. Ripple’s ongoing legal battles are expected to bolster XRP’s market presence and improve investor confidence.
XRP is currently trading at $0.5380 within a symmetrical triangle pattern, signaling a potential breakout in either direction. Immediate resistance is at $0.5436, just below the upper boundary of the triangle. If the price surpasses this level, the next resistance levels to watch are $0.5508 and $0.5582. On the downside, XRP finds support at $0.5297, with stronger support at $0.5233 and $0.5161. The Relative Strength Index (RSI) stands at 55, indicating neutral momentum with room for movement in either direction. A break above the $0.5436 resistance could drive further bullish momentum.
Pepe Unchained ($PEPU) has raised over $18.4 million in its presale, with just a few thousand dollars left to hit its $18.6 million target. The token’s presale price is currently at $0.00996 per $PEPU, with potential for a price increase. Analysts are discussing $PEPU’s growth potential, noting its secure contract audits and high staking Annual Percentage Yield (APY) of 499%. With strong investor sentiment, it might be a good time to consider adding $PEPU to one’s portfolio before the next price increase. However, it is important to remember that cryptocurrency is a high-risk asset class, and this article is for informational purposes only and does not constitute investment advice.
