XRP's Estimated Value Ascends: With Vivopower Investing $100M in Ripple's Token Reserve Method, Traders Amass Solaxy Tokens Before Time Expires
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The XRP price jumped over 1% in the last 24 hours, reaching $2.188 as of 5:00 a.m. EST, with a 6% increase in trading volume to $1.8 billion.
This development follows BitGo, a leading digital asset solution provider, and VivoPower, a publicly listed company, unveiling a strategic partnership. VivoPower, having amassed $121 million, plans to leverage BitGo as its exclusive over-the-counter (OTC) trading desk to acquire XRP. The firm aims to purchase an initial $100 million worth of XRP tokens.
XRP Price: Making a Run for the Falling Wedge Breakout
The XRP price chart on the 3-day timeframe shows a developing falling wedge pattern, characterized by converging downward-sloping trendlines. This formation has emerged after the Ripple token's peak near $3.37 and subsequent correction, as indicated by GeckoTerminal data.
The wedge's support has been consistently tested, notably near the $2.00 region, aligning with the 0.382 Fibonacci retracement level ($2.2758) and psychological support. On the other hand, the resistance trendline has repeatedly blocked rally attempts, most recently around $2.70-$2.80 (point D). As XRP consolidates toward the wedge's apex, a breakout seems imminent.
Not only does this setup receive reinforcement from the ABCD harmonic pattern, but it also adds to the pattern's bullish reversal potential. Furthermore, the 50 Simple Moving Average (SMA) at $2.4051 serves as near-term resistance, while the 200 SMA at $1.1579 remains significantly below the current price, indicating a persisting bullish macro trend. The Relative Strength Index (RSI) sits at 46.89, hovering near the midline with room to accrue momentum.
XRP Price Forecast
Given the falling wedge pattern, XRP looks poised for a possible bullish reversal. If the Ripple token manages to break and close above the wedge's resistance, particularly surpassing the $2.40-$2.50 zone, it would confirm the breakout and pave the way for a move towards the 0.236 Fibonacci level at $2.69, potentially challenging the previous highs around $3.36. However, a failure to hold the $2.00 support zone and a break below the wedge could push the XRP price towards the next key support levels at $1.93 (0.5 Fib) and $1.60 (0.618 Fib).
Meanwhile, crypto enthusiasts are attracted to the Solana project named Solaxy (SOLX), which has announced that its parabolic presale is about to conclude in approximately 13 days. Popular YouTube channel 99Bitcoins, with over 723K subscribers, predicts the crypto could reach 100X in value post-launch.
Solaxy Presale Raising Funds: Just 13 Days Left
Solaxy is the native token of Solana's first-ever layer-2 (L2) solution, an eagerly anticipated new crypto similar to Ethereum's L2 solutions. Its presale has generated considerable interest, having raised over $43.6 million.
Solaxy addresses Solana's network congestion issues by building the first-ever L2 on Solana. It plans to facilitate quicker transactions while maintaining the network's security and efficiency through features like transaction bundling and off-chain processing. Even though Solaxy is built for Solana, it will initially debut on the Ethereum network, with a bridge between the two blockchain networks in development.
🚨 Solaxy now available through @SOLAXYTOKEN for aspiring holders to participate in the first-ever Solana layer 2 blockchain. 🚨
- Best Wallet (@BestWalletHQ) December 17, 2024
By holding and staking SOLX, users can potentially benefit from an annual yield of 93%. Interested investors can purchase SOLX tokens on the official Solaxy website using BNB, ETH, USDT, or a bank card, with the presale expected to end in about 13 days.
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The strategic partnership between VivoPower and BitGo demonstrates a significant interest in investing in XRP as a means of business expansion, leveraging technology for over-the-counter trading. As the XRP price continues to move within a developing falling wedge pattern, a potential breakout could lead to investing opportunities for those following finance news.
Solaxy, an anticipated crypto solution built for Solana, has recently launched its presale, promising to address network congestion issues with plans for transaction bundling and off-chain processing. Following the trend of various cryptocurrencies, Timely news on Solaxy's progress could present opportunities for investing in technology.
