Like many other cryptocurrencies, Ripple XRP has recently faced downward pressure, dropping to around $0.545. After scaling to a high of $0.63 on August 24, XRP shed some gains, declining to $0.50 on September 6. This represents a more than 20% decrease in less than 2 weeks.
However, there’s been a minor recovery; Ripple XRP trades at $0.563. This slight recovery suggests that buyers are returning to the market.
So, can XRP break above the critical $0.57 resistance level to stage a more profound comeback? This analysis will provide insights into the asset’s subsequent trajectory.
Can Ripple XRP Break Above the 200-SMA Line?
XRP is trading below the 200-day and 50-day Simple Moving Averages (SMA), signaling a bearish outlook for the coin. However, its gradual rise suggests there may be potential for a reversal soon.
The Moving Average Convergence/Divergence (MACD) indicator supports this possibility, as it is above its signal line, with green histogram bars. This observation suggests the momentum might be shifting towards the bulls.
Additionally, XRP has crossed above the 20-day SMA, the middle Bollinger Band. If this momentum continues, the price could hit the upper Bollinger Band.
A break above this upper band would confirm the return of buyers to the market.
The Relative Strength Index (RSI) is at 44, indicating that XRP is still in neutral territory but gradually rising. This could signal increasing buying interest, increasing the potential for a price recovery.
If XRP can maintain its current momentum, it might break above the 200-day SMA, suggesting a possible shift toward bullish market conditions.
On the other hand, if the bulls fail to sustain the present price level, XRP may drop towards minor support at $0.520. Another support level is at $0.502, and a decline below this will signal intense bearish sentiment.
Let’s explore some factors that could further boost XRP’s price.
Ripple’s Smart Contract Addition Could Boost XRP Price
Ripple recently announced plans to add smart contracts to the XRP Ledger (XRPL) mainnet. This upgrade aims to expand the platform’s capabilities and attract more developers.
Ripple stated that introducing smart contracts will establish various use cases for users, builders, and entrepreneurs.
The smart contracts will be available on an Ethereum Virtual Machine (EVM) sidechain before moving to the mainnet. Ripple is also working closely with DeFi developers to refine the project.
This development could significantly increase interest in the XRPL ecosystem. By bringing smart contracts to XRPL, Ripple may attract developers and decentralized applications (DApps).
The added utility may position XRPL as a more programmable blockchain, increasing its appeal to developers and investors. This could raise demand for XRP, potentially fueling an upward price momentum.
Ripple XRP Primed for a Breakout, Trader Says
On September 8, a prominent trader, Crypto Michael, shared an analysis of XRP using the XRP/BTC chart. According to Crypto Michael, the XRP/BTC chart signals an impending price squeeze.
XRP/BTC looks ready for a huge squeeze pic.twitter.com/O0lzuHbTCZ
— Crypto Michael (@MichaelXBT) September 8, 2024
A squeeze occurs when the price trades within a narrow range, preparing to break out. The analyst suggests that it could head higher if XRP reaches $0.55.
A successful breakout from the squeeze could lead to significant gains for XRP as the cryptocurrency prepares to move against Bitcoin. Traders need to monitor this level for potential profit opportunities.
Base Dawgz ($DAWGZ): An Emerging Crypto Opportunity
As the crypto market buzzes with anticipation around XRP’s potential uptrend, a new player has emerged that may offer an intriguing alternative – Base Dawgz (DAWGZ).
This project recently concluded its token presale, raising over $3.2 million from eager early investors. With the listing date on top exchanges fast approaching, there’s a limited time left for those looking to secure DAWGZ tokens.
Project Features: Capitalizing on a Unique Niche
Base Dawgz aims to become the leading dog-themed token on the Base network, a niche with few competitors. This gives the project a distinct advantage in the market.
Moreover, the $DAWGZ token operates across multiple blockchains, including Base, Ethereum, Solana, Avalanche, and Binance Smart Chain.
This multi-chain capability provides seamless access, allowing a broader audience to buy and sell the token. Surprisingly, according to its X post, $DAWGZ has $345 million locked liquidity, increasing its long-term appeal.
You can buy DAWGZ tokens on Uniswap or Raydium at the listing price of $0.008582. Base Dawgz is also available on Dextools and Dexscreener.
The price is expected to rally higher after it hits centralized exchanges (CEXs). Moreover, the upcoming Fed rate cut on September 18 could introduce a bullish push in the crypto market, with meme coins like DAWGZ benefiting significantly.
Therefore, time is of the essence, and interested investors should hurry before the DAWGZ’s CEX launches.
Base Dawgz’s cross-chain functionality has garnered attention from top news outlets. Several crypto pundits and influencers have predicted a significant rise for the token post-exchange launch.
Some believe DAWGZ could be among the best-performing cryptocurrencies this year. However, as with any cryptocurrency investment, investors should exercise appropriate risk management practices, as outcomes can never be guaranteed.
Visit the project’s X page now to explore this emerging crypto opportunity.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
Our Editorial Process
The Tech Report editorial policy is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by real authors.
