The XRP price dropped 1% in the last 24 hours to trade at $0.5447 as of 03:32 a.m. EST on trading volume that rose 24% to $1.1 billion.
This comes as Chris Larsen, the co-founder and executive chair of payments firm Ripple, donated $10 million in XRP to a Political Action Committee (PAC) supporting Democratic presidential candidate Kamala Harris.
It's time for the Democrats to have a new approach to tech innovation, including crypto. I believe @KamalaHarris will ensure that American technology dominates the world, which is why Iâm donating $10M in XRP in support of her. https://t.co/vb9KJA87JK
â Chris Larsen (@chrislarsensf) October 21, 2024
Records from the Federal Election Commission show that the Ripple executive had previously donated $1.75 million to the PAC.
XRP Price Aims For A Breakout
The XRP price action has transitioned from a bearish to a sideways/consolidating movement. This can be observed after the significant drop in early October following a rounded top pattern within the $0.65 resistance.
The price has been moving horizontally, consolidating within the $0.55 and the $0.52 range, according to data from GeckoTerminal.
However, the price of XRP now trades below both the 50-day and 200-day Simple Moving Averages (SMAs), supporting the recent downtrend.
The Relative Strength Index (RSI) is at 47.89, which is in the neutral zone (30-70). This indicates neither overbought nor oversold conditions. It reinforces the view that the market is in a consolidation phase. If RSI moves closer to 30, it would indicate oversold conditions, potentially signaling a buying opportunity.
A breakout from this consolidation zone with increased volume could signal the next big move. In this scenario, the XRP price could surge to the next resistance at $0.65.
XRPUSD Chart Analysis Source: GeckoTerminal.com
However, if the bears take control of the price at this level, the price of XRP could plunge slightly to $0.52 as it keeps moving within the sideways pattern.
As the XRP price bulls search for more buying signals, new meme coin Crypto All-Stars (STARS) has blasted past $2.5 million in its presale.
99Bitcoins, a crypto channel on Youtube with over $706K subscribers, says $STARS has the potential to soar 100X after its launch.
Crypto All-Stars Presale Heads For $3 Million
Crypto All-Stars is off to a roaring start in its presale, having already raised over $2.59 million. The projectâs fundraising efforts show that investors are eager for the launch of the industryâs first platform that enables investors to stake multiple meme coins in one place.
Why Is Everyone Excited?
In its initial presale phase, Crypto All-Stars raised over $350k! đ°
This early success shows that investors see BIG potential here. đ
Could this be the next $PEPE? đ
â web3telepath (@web3telepath) August 15, 2024
There will be 11 meme coins that can be staked on Crypto All-Stars from launch, with rewards earned in STARS tokens: Pepe, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. More meme coins will be added in the coming months.
You can also earn passively through the projectâs native staking mechanism, which offers an impressive 585% annual percentage yield (APY) on STARS tokens.
You can buy the token now for $0.0015188. The price will increase in less than 3 days so donât wait too long to lock in the best deal.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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