XRP Valuation Increases 5% Despite SEC Commissioner Caroline Crenshaw's Criticism of Ripple Agreement; Traders Invest in Layer 2 ICO for Potentially Skyrocketing Profits
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XRP made a 5% leap in the past 24 hours, trading at $2.34 as of 3:36 a.m. EST on a staggering 21% surge in trading volume to $5 billion.
All this, even though U.S. Securities and Exchange Commission (SEC) commissioner, Caroline Crenshaw, lambasted the Ripple deal. She believes the agency's settlement with the company could create a regulatory gap.
The SEC and Ripple filed a joint settlement letter in a court looking to do away with August 2024's injunction against Ripple, and to get back $75 million of the $125 million in civil penalties held in escrow, to return to the crypto firm.
However, Crenshaw was not convinced. She argued that the settlement would be part of a series of dismissals, that weakens the SEC's lawyers' credibility as they are being asked to take opposing legal positions.
XRP Price Gearing Up for a Bullish Run
Two words — Elliott Wave 5 structure. The XRP price seems poised to complete this structure following its bounce back from Wave (4) support at the $2.00 mark.
The Ripple Token price has built a formidable base around this level and has since started a new upward leg, breaking through a local descending trendline, currently trading at $2.34. This suggests the start of a Wave (5) rally according to GeckoTerminal data.
In addition, the price of XRP is now trading above both the 50-day and 200-day Simple Moving Averages (SMAs), showing renewed bullish strength and trend continuation.
The Relative Strength Index (RSI) is at a steady 62.16, showcasing strong bullish momentum but not yet overextended, suggesting room for further upside before hitting overbought conditions.
Furthermore, the Moving Average Convergence Divergence (MACD) is bullish, with the MACD line (0.0242) crossing above the signal line (0.0132) and both lines above the zero line. These momentum indicators reinforce the breakout and the bullish wave continuation story.
With the technical breakout and the wave structure, XRP is eyeing the previous high around $2.75-$2.80. The next move is projected towards $2.75, representing a 17.53% increase from the current price – aligning perfectly well with a typical final leg of a 5-wave Elliott sequence.
On the downside, if the bears take over at this level, the price of Ripple Token could dip slightly back to the $2.00 support level.
While investors are busy buying a new Solana project called Solaxy (SOLX) on YouTube channel 99Bitcoins' suggestion that it may surge 10X post-launch, XRP is marching ahead.
Solaxy Presale Hurrying Towards $34 Million Milestone - The Next 10X Crypto?
Solaxy is the first Layer 2 project for Solana, with a mission to upgrade the network, reduce fees, hasten transactions, decrease network downtime, and boost overall stability.
By processing transactions off Solana's main chain, bundling them together, and submitting them to the mainnet for final verification, Solaxy's system improves efficiency.
Post-launch, Solaxy will also offer a platform where developers can build Decentralized Applications (DApps) or new tokens without compromising Solana's Layer 1 capabilities.
Solaxy has raised an impressive $33.8 million in funding through its presale, signaling strong investor confidence in the project's future.
Those eager to participate in the presale can head to the official Solaxy website to buy SOLX tokens for $0.001718 each using BNB, ETH, USDT, or a bank card. Solaxy also rewards holders with a whopping 118% annual yield if they stake SOLX.
To secure the best deal, investors should act soon, as the next presale price hike is expected in about 8 hours.
Visit the Solaxy website.
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Enrichment Data:
Elliott Wave Theory:The Elliott Wave Theory is employed by traders to identify patterns in the financial markets, particularly in the price movements of assets. A common application is Elliott's five-wave structure, observed in rising prices during a bullish trend and comprising impulse waves and corrective waves.
Sources:[1] https://www.investopedia.com/terms/e/elliottwave.asp[2] https://www.investopedia.com/articles/forex/122115/ripple-xrp-price-analysis-make-prediction.asp[3] https://npgevent.org/privacy-policy/[4] https://stackescape.com/privacy-policy/[5] https://concordcore.tech/privacy-policy/
Investors should consider the potential for XRP's price to surge as it approaches a bullish run, following its prowess in an Elliott Wave 5 structure. Meanwhile, the technology sector isn't hindering from new investments, as seen in the Solaxy project's rapidly approaching $34 million presale milestone. This could mark Solaxy as the next 10X crypto, offering improved Solana network efficiency and a platform for developers to build DApps or tokens.
