XRP Price Pumps 8% Amid Optimism Over SEC Settlement As Experts Say This P2E Dogecoin Might Be The Best Crypto To Buy Now

On Jul 31, 2024

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The XRP price soared 8% in the last 24 hours to trade for $0.6444 as of 01:15 a.m. EST on trading volume that surged 144%.

It comes amid speculation of a settlement in the longstanding Ripple lawsuit against the US Securities and Exchange Commission. The two have a closed-door meeting on Thursday after the regulator canceled the previous one.

🚨 #Ripple vs. #SEC: A secret meeting is set for August 1! This could be the breakthrough for Ripple’s final settlement! 📈💼
Did you all fill your #XRP bags folks? Retweet of you are ready! pic.twitter.com/fWcdvjTWvS
— Collin Brown (@CollinBrownXRP) July 30, 2024

XRP advocate attorney Fred Rispoli recently speculated that the case could end either on July 13 or on July 31, making Wednesday an important date for the Ripple community.

July 31, although I could see her doing July 13 to be poetic.
— Fred Rispoli (@freddyriz) July 2, 2024

In a follow-up message on Tuesday, Rispoli acknowledged that time was running out

I’m running out of time to hit my 7/31 prediction for the remedies ruling! #XRP
— Fred Rispoli (@freddyriz) July 30, 2024

Another factor to consider for the XRP price is the upcoming token unlock. On August 1, the Ripple ecosystem will unlock 1 billion XRP tokens as part of a monthly program going back to 2017. This is aimed at alleviating the pressure on the token, given its extremely vast supply. Sometimes, the unlock brings about a stalemate in XRP’s price or a slight drop.

🚨 August Token Unlocks 🚨
💰 Nearly $1.5B in tokens from major crypto projects set to be unlocked! Highlights include:
🔓 1B $XRP tokens worth $609M on Aug 1. Ripple has unlocked 1B tokens monthly since 2017.
🔓 Wormhole to unlock 33.3% of its supply on Aug 3, valued at… pic.twitter.com/oi5MK26ckO
— ChaiDEX | (@chaidexHQ) July 30, 2024

XRP Price Prediction

The XRP price is trading with a bullish bias, consolidating within a wedge pattern. Prospects for further upside remain high, as the payments token holds above the Fibonacci Golden Zone. If bullish momentum increases, the Ripple price could shatter resistance due to the upper trendline of the pattern.

Meanwhile, the Relative Strength Index (RSI) is well above the mean level of 50, showing the bulls control the market. Furthermore, its position below 70 indicates there remains significant room for the upside before XRP is considered overbought.

Traders looking to take long positions on the Ripple token, however, should consider waiting for the XRP price to break and close above the 23.6% Fibonacci retracement level of $0.6811. Elsewhere, renowned analyst @ali_charts on X says a bullish breakout could occur if the price breaches $0.90, after

$XRP has been consolidating within a symmetrical triangle for 6 years! A bullish breakout could occur if #XRP surpasses $0.90. pic.twitter.com/YzW3jDuvF9
— Ali (@ali_charts) July 30, 2024

The Moving Average Convergence Divergence (MACD) is also northbound, pulling away from the signal line, which means it is delaying the sell signal.

GeckoTerminal: XRP/USD 1-day chart

Conversely, a rejection from the upper trendline of the pattern could see the XRP price drop. While the levels in between $0.6248 and $0.5793 remain critical to watch, only a slip below $0.5338 would invalidate the bullish thesis.

The bullishness around the XRP price is also seen in the presale of PlayDoge (PLAY), a new Dogecoin derivative that influential crypto YouTuber Jacob Bury says could be the next 10X crypto.

Promising Alternative To XRP

Investors have already socked more than $5.8 million into PLAY, the powering token for the PlayDoge ecosystem. PLAY is a play-to-earn (P2E) DOGE companion game that transforms the iconic Doge meme into a Tamagotchi-style virtual pet.

The project mixes ‘90s nostalgia with modern blockchain technology in allowing users to care for an 8-bit pixel Doge in this retro-style mobile game.

Players get to feed, play mini-games, and bond with their virtual pet, earning $PLAY tokens for their performance in the process.

In addition to earning through P2E, token holders can also earn passively by staking $PLAY for an impressive 80% annual percentage yield (APY).

As a Dogecoin derivative, $PLAY is a meme coin centered on the Shiba Inu dog breed. But the similarities end there. PlayDoge also differs from Dogecoin in that it runs on the BNB Chain, a blockchain created by the world’s largest crypto exchange, Binance.