XRP Price Prediction as Ripple Trading Volume Tops Half a Billion – Are Whales Moving In?

On Oct 7, 2023

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The Ripple XRP price has reduced some of its gains and is currently testing the demand zone’s midline at $0.517.

This midline has evolved into a crucial multi-week obstacle that functions as a support level.

The price has the potential to surpass this midline and sustain its upward trajectory.

As of 10:24 a.m. EST, Ripple (XRP) is trading at $0.523, reflecting a 0.4% increase in the past 24 hours.

XRPUSD Price Chart. Source: Tradingview.com

The ascending triangle pattern in Ripple XRP’s price signals a bullish trend continuation. However, it has encountered resistance at $0.55, coinciding with the upper boundary of this triangle. This has caused a decline in price to the lower trendline of the triangle.

Nonetheless, the bullish side appears to have an advantage as the price has remained within the triangle’s confines.

There is also a possibility that the bulls will regroup at $0.517 to push the price higher, surpassing the $0.55 mark. Furthermore, the 50-day and 200-day simple moving averages (SMA) at $0.517 serve as support levels, providing a foundation for bullish forces.

The relative strength index (RSI) has shown significant recovery, steadily rising from its rebound level of 47 to its current position of 52. This reflects a neutral position that could push the RSI into the overbought zone at 70.

Ripple XRP Price Signals Bullish Momentum

The XRP price projection shows a bullish trend, potentially reaching resistance levels of $0.56 and $0.72, supported by the ascending triangle and the underlying SMAs.

However, a candlestick open below the 200-day moving average could trigger a price decline. In such a scenario, monitoring significant support levels at $0.45 and $0.38 is essential, respectively.

Even after concluding its presale phase, Wall Street Memes makes waves, with early investors enjoying high returns. You can take part in its staking program to earn high returns.

Buy Wall Street Memes (WSM)

Early presale investors in Wall Street Memes are celebrating significant gains as the token’s price has surged since its inception.

WSM is the meme stock frenzy of 2021, where small investors challenged Wall Street by driving up prices of heavily shorted stocks such as GameStop ($GME).

Wall Street Memes quickly emerged as a significant and influential retail investing community with over 1 million social media followers. Furthermore, their humorous memes have gone viral, drawing attention from prominent figures like Elon Musk on X (formerly Twitter).

$1m Initial Buyback to Fund Community Rewards

Wall Street Memes has introduced a token buyback and burn program, using profits from the Web3 product to repurchase and remove $WSM tokens from circulation.

The team will transfer $1 million worth of tokens to the rewards wallet on October 11th to support community rewards.

ANNOUNCEMENT 🚨
The first $WSM buyback will be completed in 5 days! 🚀
🔥 HUGE $1m initial buyback to fund community rewards 🔥
Buy Now ➡️ https://t.co/ffr2clEknx pic.twitter.com/WtIbIrQaaU
— Wall Street Memes (@wallstmemes) October 6, 2023

We expect these buybacks to generate higher short-term buying activity in the market, which could positively impact $WSM’s near-term price prospects.

However, the increased funding allocated for community rewards will contribute to the long-term development and growth of the Wall Street Memes community. Eventually, it will likely benefit the future price trajectory of $WSM.

Wall Street Memes ($WSM) Could Shine Bright in 2024

Wall Street Memes raised over $25 million in its recent presale, with most presale participants entering at prices between $0.02 and $0.035. Consequently, leading to gains of up to 2x the current $WSM price.

However, these gains may be the beginning of $WSM, with several compelling reasons the token could become a standout cryptocurrency in 2024.

One notable feature is $WSM’s impressive staking rewards, currently offering a substantial yield of 43%, among the highest in the crypto space. This gives investors a passive income opportunity not commonly found in meme coins.

🔥 Up To 43% APY Now Available 🔥
(at the time of posting)
Stake Now ➡️ https://t.co/X031FQo0bW
Buy Now ➡️ https://t.co/6zkwWf1VRF pic.twitter.com/G3jQHnxKVQ
— Wall Street Memes (@wallstmemes) October 7, 2023

Additionally, anticipation is growing around the launch of a new Web3 product by the Wall Street Memes team, with $WSM as the native token. While this product remains undisclosed, the community’s extensive marketing capabilities are expected to drive significant usage and demand for $WSM upon its release.

Moreover, prominent crypto presale analyst Jacob Crypto Bury has recently invested an additional $10,000 in the token, further underscoring its promising outlook.

This could transform $WSM into a deflationary and yield-bearing meme coin while also serving as the native token for a popular Web3 protocol. Given these factors, $WSM has strong potential to become a top cryptocurrency in 2024.

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