XRP Price Prediction As Ripple Co-Founder Chris Larsen Pledges Another $10M To Kamala Harris Campaign, And Analysts Say This ICO Could 100X
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.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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