XRP has been experiencing 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 optimism in the cryptocurrency market, especially following Bitcoin’s surge past the $63,000 mark. The rise in Bitcoin’s price often boosts confidence in other cryptocurrencies, including XRP. Additionally, XRP’s recent uptick has been supported by news of Ripple co-founder Chris Larsen’s donation of $1 million worth of XRP to the Harris-Walz 2024 presidential campaign. This high-profile contribution highlights the increasing institutional interest in XRP and may attract more investors to the cryptocurrency.
The donation from Chris Larsen to Vice President Kamala Harris’s presidential campaign could potentially bolster XRP’s market visibility and credibility. Despite ongoing legal battles between Ripple and the U.S. Securities and Exchange Commission (SEC) regarding the classification of XRP as a security, Larsen’s significant contribution to the campaign could attract more institutional investors and improve market sentiment. This increased interest could lead to a positive price movement for XRP in the coming months, enhancing its position in the market.
Ripple’s legal battles with the SEC have been ongoing, with conflicting rulings on whether XRP should be classified as a security. While a U.S. District Judge ruled in 2023 that XRP is not a security, the SEC continues to argue otherwise, creating tension between Ripple and the regulator. Ripple CEO Brad Garlinghouse criticized the SEC for not adhering to the court’s ruling, suggesting that the agency is overstepping its authority. Additionally, Bitnomial’s lawsuit against the SEC added pressure, arguing that XRP futures should fall under the Commodity Futures Trading Commission (CFTC) and not under the SEC’s regulation.
XRP is currently trading at $0.5380 and consolidating within a symmetrical triangle pattern, indicating a potential breakout in either direction. Immediate resistance levels are at $0.5436, with further resistance at $0.5508 and $0.5582. On the downside, XRP finds support at $0.5297, followed by stronger support at $0.5233 and $0.5161. The Relative Strength Index (RSI) at 55 suggests neutral momentum, with room for movement in either direction. A break above the $0.5436 resistance could drive further bullish momentum for XRP.
Pepe Unchained ($PEPU) has been attracting attention in the meme coin market, raising $18.4 million in its presale so far. The token’s presale price is currently at $0.00996 per $PEPU, with investors eagerly watching for a potential price increase. Popular crypto analyst Jacob Crypto Bury has highlighted $PEPU’s strong presale performance, secure contract audits, and high staking Annual Percentage Yield (APY) of 499%. While Bury maintains a neutral stance, he suggests that $PEPU could be a top performer in the meme coin space. With strong investor sentiment, now might be a good time to consider adding $PEPU to your portfolio before a potential price increase.
