Market
XRP Price Rebound in Jeopardy: Recovery May Falter
XRP price declined heavily from the $0.5250 resistance zone. It tested the $0.4540 support zone and is now attempting to recover above $0.4880.
- XRP is correcting losses above the $0.4820 and $0.4840 levels.
- The price is now trading below $0.5050 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $0.4950 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could dip again if it stays below the $0.5050 resistance zone.
XRP Price Takes Hit
XRP price started a major decline like Ethereum and declined below the $0.50 support. The price even spiked below the $0.4650 support zone. A low was formed at $0.4533 and the price is now correcting losses.
There was a move above the $0.470 and $0.4750 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $0.5271 swing high to the $0.4533 low. There is also a connecting bullish trend line forming with support at $0.4950 on the hourly chart of the XRP/USD pair.
The pair is slowly moving above the 61.8% Fib retracement level of the downward move from the $0.5271 swing high to the $0.4533 low. However, it is still trading below $0.5050 and the 100-hourly Simple Moving Average.
On the upside, the price is facing resistance near the $0.500 level. The first key resistance is near $0.5050. The next major resistance is near the $0.5120 level. A close above the $0.5120 resistance zone could send the price higher. The next key resistance is near $0.5250.
If there is a close above the $0.5250 resistance level, there could be a steady increase toward the $0.5320 resistance. Any more gains might send the price toward the $0.550 resistance.
Another Drop?
If XRP fails to clear the $0.5050 resistance zone, it could start another decline. Initial support on the downside is near the $0.4950 level and the trend line.
The next major support is at $0.4900. If there is a downside break and a close below the $0.490 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.4740 support in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.4950 and $0.4900.
Major Resistance Levels – $0.500 and $0.5050.
Market
Harmful Livestreams Prompt Ban Calls
Since its launch earlier this year, the meme coin platform Pump.fun has become a notable name in the crypto industry. This platform allows users, regardless of their technical know-how, to create and launch meme coins swiftly.
However, the live-streaming feature has led to serious controversies and calls for a ban due to inappropriate content and financial malfeasance.
Originally, Pump.fun’s livestream was intended to let developers promote their meme coins. Regrettably, some users have misused it to broadcast extreme and harmful activities. A notable incident involved a developer promoting self-harm if his cryptocurrency reached a $25 million market cap.
Additionally, some users threaten to harm pets or even humans if their coins do not achieve certain market capitalization goals.
The situation reached a critical point when Beau, a safety project manager at Pudgy Penguins, reported an alarming livestream. In it, an individual threatened to hang themselves if their coin did not reach a specific market cap.
“Shut down the livestream feature. This is out of control,” Beau stated.
The platform has also been a hotbed for financial scams, prominently featuring “rug pulls.” A recent case involved a school-aged individual who created a meme coin named QUANT, quickly amassing $30,000 and then exiting the project, leaving investors with worthless digital tokens. This led to the kid’s doxxing, with his personal information and that of his family maliciously shared online.
In response to these incidents, some community members have called for the complete shutdown of the platform. Conversely, others suggest that simply disabling the livestream function might suffice.
Eddie, a legal intern, strongly criticized the platform’s governance. He believes that turning off the livestreams or moderating them is crucial.
“There is an art to shock value on stream. Simply sharing nudity or other shocking and even horrific content is not innately interesting. People seek stories and novel concepts that engage them. The content shared on pump livestreams at the moment are not only uninteresting, but conceptually lazy,” Eddie said.
Yet Alon, a Pump.fun executive, claims that the platform’s content has been moderated since day one.
“We have a large team of moderators working around the clock and an internal team of engineers that’s working on helping us deal with increased scale of coins, streams, and comments. I admit that our moderation isn’t perfect, so if you’re aware of a coin where moderation isn’t enforced, please report it in our support channels immediately,” Alon said.
The ongoing debate reflects the platform’s dilemma. While it offers users significant creative freedom, it also poses serious risks without stringent moderation.
Now, the community and stakeholders await decisive action. The call for stronger moderation is loud and clear, aiming to protect both the platform’s integrity and its users from further harm.
Despite these controversies, Pump.fun has continued to perform well financially. Data from DefiLlama shows that the platform has amassed over $215 million in revenue since March 2024.
Furthermore, the platform has facilitated the deployment of more than 3.8 million meme coins.
Disclaimer
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Market
XRP Price Builds a Base: Can Bulls Ignite a New Rally?
XRP price surged further above the $1.45 and $1.50 resistance levels. The price is now consolidating gains near $1.40 and might aim for more upsides.
- XRP price started a fresh surge above the $1.40 resistance level.
- The price is now trading above $1.350 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is showing positive signs and might extend its rally above the $1.450 resistance.
XRP Price Holds Gains
XRP price formed a base above $1.250 and started a fresh increase. There was a move above the $1.350 and $1.40 resistance levels. It even pumped above the $1.50 level, beating Ethereum and Bitcoin in the past two days.
A high was formed at $1.6339 before there was a pullback. The price dipped below the $1.50 support level. A low was formed at $1.3007 and the price is now rising. There was a move above the 23.6% Fib retracement level of the downward move from the $1.6339 swing high to the $1.3007 low.
The price is now trading above $1.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.420 level. The first major resistance is near the $1.450 level.
There is also a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $1.6339 swing high to the $1.3007 low.
The next key resistance could be $1.500. A clear move above the $1.50 resistance might send the price toward the $1.5550 resistance. Any more gains might send the price toward the $1.620 resistance or even $1.650 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Limited?
If XRP fails to clear the $1.450 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3450 level. The next major support is near the $1.320 level.
If there is a downside break and a close below the $1.320 level, the price might continue to decline toward the $1.300 support. The next major support sits near the $1.240 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.4200 and $1.4000.
Major Resistance Levels – $1.4500 and $1.5000.
Market
Solana (SOL) Bulls Stay in Control: Rally Far From Over?
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