Is XRP Price Poised to Approach $1? Critical Examination of Resistance Points

The XRP price has dropped by 2% over the last 24 hours, now standing at $0.574 as the cryptocurrency market experiences a 3% decline today following a robust weekend.

XRP still holds an 8% increase over the past week and a 1.5% rise over the month, with the seventh-largest coin in the market appreciating by 15% compared to this time last year.

While these figures may not be particularly striking, they position XRP favorably for potential further gains in the upcoming months.

With this week marking the first of possibly three interest rate reductions from the Federal Reserve this year, XRP’s price could start to rise more steadily in the near future.

Is XRP Price Prepared to Approach $1? Key Analysis of Resistance Levels

The bounce in XRP over the weekend indicates that its resistance level (red) is now increasing, fostering optimism for a sustained price rise in the near to mid-term.

At the time of writing, the coin’s resistance level is just below $0.60, which it was unable to surpass on Saturday.

Source: TradingView

However, after retreating from this target, XRP’s indicators now imply that the altcoin may be poised for another upward movement.

Its relative strength index (purple) has risen from 25 early this morning to just above 45, with its trajectory indicating a continued ascent.

XRP has actually increased by 0.5% in the past hour, which further supports the expectation that today may be favorable for the cryptocurrency.

Its 24-hour trading volume has also rebounded to $1 billion, up from $750 million overnight as buyers seek to acquire the coin at a lower price.

While some large holders have been selling XRP in the past 24 hours, others have started to accumulate the token once more.

20,000,000 #XRP (11,733,269 USD) transferred from #Upbit to unknown wallet https://t.co/GSOIZewqvv

— Whale Alert (@whale_alert) September 15, 2024

Consequently, it appears that the XRP price could see a notable increase in the near future, especially if the Federal Reserve proceeds with an interest rate cut this week, as anticipated.

There is speculation that the Fed may implement a larger cut this week, potentially by half a percentage point, which could encourage increased bullish sentiment.

In this context, the XRP price could reach $0.60 by the end of the week, before advancing to $0.70 by November.

In the long term, the coin continues to show promise, given Ripple’s ongoing initiatives to establish new partnerships and enhance its cross-border transfer services.

New High-Potential Altcoins for Quicker Gains

XRP remains one of the most robust altcoins in the market based on fundamentals, yet it may continue to yield only gradual gains, which could be disappointing for traders seeking larger, quicker returns.

In this scenario, investors might benefit from exploring newer coins, as certain meme tokens (e.g., PEPE, FLOKI, BONK) have outperformed most major cryptocurrencies over the past year.

One new coin that has a strong chance of joining this list is Memebet Token (MEMEBET), an Ethereum-based cryptocurrency that has already raised over $230,000 in its recently launched presale.

Combining its own native meme token with an online crypto-friendly casino, it appears to be one of the most promising new projects in terms of fundamentals.

Its gambling platform will offer more than 1,000 crypto-native games, ranging from traditional slots and table games to a diverse sports book.

Users can place bets using established meme coins such as Pepe, Dogecoin, Bonk, and Shiba Inu, but they can enhance their rewards and bonuses by wagering in MEMEBET.

This creates a strong incentive to hold MEMEBET, which could positively impact its price over time.

As a token, it has a maximum supply of 2 billion MEMEBET, with 70% allocated to the presale, 20% for casino rewards, and 10% for liquidity.

Bob ross painting yet another master piece
Get ready for an epic #Crypto casino gaming experience #MemeBet #Presale coming soon…don’t miss out $XRP #SOL #RNDR #DOGE #BONK #Airdrop pic.twitter.com/9FFxWUvKB4

— MemeBet (@Memebetcasino) May 25, 2024

This structure makes it highly decentralized for a meme coin, and when considering its utility, MEMEBET has very strong potential.

Investors can participate in its sale by visiting the official Memebet Token website, where 1 MEMEBET token is priced at $0.0251.

This price has already increased once since the coin’s sale commenced last week, and it will continue to rise every few days until the sale concludes.

Check Out MEMEBET Here

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