Altcoins
XRP Price Rises Over 4% As This New Altcoin Is Also Bullish
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XRP gains 4% this week and targets $1 target in 2024; The Meme Kombat presale is almost sold out.
XRP woke up after a period of consolidation, pumping 4% since yesterday and 10% this week. After recently surpassing $0.57, is XRP on its way to hitting $1?
XRP Shows Strength Amid Broader Market Recovery
Although XRP is not the highest gaining crypto this week, its price chart is showing notable strength, potentially paving the way for a much more bullish trajectory.
Data from CoinMarketCap indicates that XRP is up 3% today so far and 10% this week, but down 0.5% this month and 85% from its all-time high from $3.84 in 2018.
The XRP price chart shows its recent pump rebounding from multi-year trendline resistance, swinging it towards support.
This move follows the formation of a long-term triangle, but the recent rebound could indicate that a breakout is on the horizon. The impending crypto bull market exasperates this.
XRP/USDT price on Binance | Source: TradingView
If XRP maintains this new support, a move towards $1 or higher seems likely in 2024.
Its current price of $0.57 requires a 75% increase to reach $1. Although such gains would be exaggerated in conservative financial markets, crypto’s high-octane environment makes it possible.
Additionally, as Ripple Labs’ lawsuit against the SEC nears completion, a decisive victory would undoubtedly lead to a drastic rise in XRP.
Returning to his price chart, a leading trader and user speculate that its recent breakout above multi-year trendline resistance will result in new highs and “price discovery.”
The analyst noted that the breakout aligns with bullish divergence and a “super bullish” stochastic RSI.
XRP/USDT Price at Poloniex | Source: TradingView
That said, other analysts are more skeptical and waiting for further confirmation before becoming optimistic. One of them is Coinskid, which Underlines an imminent bearish scenario in the middle of a “huge descending triangle”.
So, even though some analysts believe the current chart formation is very bullish, Coinskid states:
“We need to see XRP invalidate the potential downtrend by removing the second local high.”
According to the analyst, this second local high is around $0.7.
Another risk is Ripple Labs’ lawsuit against the SEC. While Ripple Labs appears to be on the path to victory, a blind defeat would forge a black swan event and potentially send the price of XRP lower.
This concern weighed on XRP during the last bull market, preventing it from creating a new ATH and pushing traders to look for alternatives.
While all projects have risks, Meme Kombat provides a solid alternative. This is a new pre-sale, allowing investors to get involved from the start before the exchange launches.
Meme Kombat Surpasses $8.9M in Presale, Offers 106% Stake APY
Kombat meme is a GambleFi utility token crossover coin that blends several important industry trends into one viral cryptocurrency.
Starting with its gameplay premise, users can enter a gamified battle arena to bet on AI-generated fights between coin-op characters. Players will stake with the $MK token, creating inherent value that will result in constant demand.
The fun gaming arena adds a tribal touch, with community members from different coins likely participating and supporting their respective mascots.
Multiple game modes are available, including single player, multiplayer, and side bets.
Meme Kombat’s roadmap nods to different seasons, each including new characters, game modes, and rewards. These seasons keep Meme Kombat relevant to the hottest trends in the industry.
Staking is another hype feature, offering investors passive rewards on a coin with a utility nature.
Currently, stakers can get an APY of 106%, but this will decrease as the staking pool increases.
Its website shows that over 80% of Meme Kombat tokens have already been staked. This shows a vote of confidence in its long-term potential from community members.
However, those looking to purchase thousands of dollars at a fixed pre-sale price shouldn’t wait. With just $1.1 million to raise at the ICO, the token is expected to hit exchanges soon, where its price will be determined by supply and demand.
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