XRP Price Prediction As Volume Soars 120%, SEC Replies to Ripple Lawsuit, And Analysts Say This Crypto May Be Next To Explode

On May 7, 2024

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The XRP price has surged 5.6% in the last 24 hours to trade at $0.55 as of 7:30 a.m. EST on a 120% jump in trading volume to $1.6 billion.

This comes as the Securities and Exchange Commission submitted its final reply in the remedies phase of the ongoing legal dispute with Ripple Labs.

The XRP Price Bulls Poised For Another Bull Rally

The XRP price is hovering around $0.56, a significant level for the coin over the last five days. The price also indicates a downtrend from its peak at $0.74 as the struggle between the bulls and the bears to control price leads to the formation of the falling wedge pattern that signals a bullish trend reversal.

XRPSUSDT Analysis. Source: Tradingview.com

The price indicators are showing positive signs, as the price is currently below the 50-day and 200-day simple moving averages. A further push upwards could confirm the expected rally above the 200 SMA and the upper trendline of the falling wedge.

Additionally, the Relative Strength Index (RSI) has bounced back from the 30 oversold level to the midline level of 50, indicating intense buying pressure. If the momentum continues to increase, the RSI might enter the overbought zone.

The green bars on the Moving Average Convergence Divergence (MACD) indicator and the recent crossover above the signal line are bolstering confidence in XRP’s price increase..

XRP Price May Initiate Bull Rally Above The Falling Wedge Pattern

The XRP price is on the brink of a great bull rally. The presence of the falling wedge fuels the bullish momentum, driving the price higher toward new highs at $0.8329

However, if the bears retake charge, the price might drop to $0.50 within the wedge. Further downward pressure could lead to a retracement towards the lower trendline of the wedge at $0.4359.

Last Call: Buy SpongeV2 Now – The Meme Coin Set to Skyrocket 100X!

Even as some traders anticipate a surge in the XRP price, there are others who are equally upbeat on the SpongeV2 presale.

You still have a chance with #SpongeV2… don’t miss out again 💦$SPONGE #MemeCoin #Bullish pic.twitter.com/HuKpH3JTFI
— $SPONGE (@spongeoneth) March 19, 2024

SpongeV2 is gearing up for its listing on top-tier exchanges, and offering investors a last chance to buy.

With enhanced features, SpongeV2 promises great opportunities for investors compared to SpongeV1, which saw early backers enjoying returns of up to 100x last year in a bear market. At its highest point, SpongeV1 even hit a market cap of $100 million.

GM, frens 🙏 🧽 $SPONGE pic.twitter.com/OZan7HMelt
— $SPONGE (@spongeoneth) April 29, 2024

Enjoy Rewards Via Staking And P2E

Investors can earn substantial passive income with SpongeV2 via its staking mechanism, which offers an annual percentage yield (APY) of 163% on Ethereum and 339% on the Polygon network.

Exciting staking update! 🔥
Over 9.8 billion $SPONGE tokens are staked, valued at over $18.5 million! 💰
Now is the perfect time to stake your $SPONGE and earn passive rewards.
Don’t miss out ! 🧽💸https://t.co/fz33NRaf3G
#Sponge #CryptoStaking pic.twitter.com/4s27AjWh12
— $SPONGE (@spongeoneth) April 23, 2024

A racing game is set to launch soon as well, providing players the chance to earn rewards in SPONGE. There will be both paid and free versions. In the paid version, SPONGE will be the in-game currency, and rewards will be paid in SPONGE tokens.

Don’t forget, #SPONGERS! 🧽💦#SpongeV2 is bringing exciting utility through our upcoming #P2E game! 🔥
Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.
Stay tuned for more info! 🚀#MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1
— $SPONGE (@spongeoneth) March 22, 2024