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XRP gains 4% this week, eyes $1 target in 2024; Meme Kombat presale nears sellout.
XRP has awakened after a consolidation period, pumping 4% since yesterday and 10% this week. Having recently surpassed $0.57, is XRP on its way to $1?
XRP shows strength amid broader market rally
While XRP is not this week’s highest crypto gainer, its price chart displays notable strength, potentially laying the way for a much more bullish trajectory ahead.
CoinMarketCap data says XRP is up 3% today so far and 10% this week, but down 0.5% this month and 85% from its 2018 all-time high of $3.84.
The XRP price chart shows its recent pump bounces from a multi-year trendline resistance, flipping it to support.
The move follows a long-term triangle formation, but the recent bounce could indicate a breakout is on the horizon. The looming crypto bull market exasperates this.
Should XRP hold this newfound support, a move toward $1 or beyond seems likely in 2024.
Its current price of $0.57 requires a 75% increase to hit $1. While such gains would be far-fetched in conservative financial markets, crypto’s high-octane environment makes it possible.
Furthermore, with Ripple Labs’ case against the SEC on the verge of completion, a decisive victory would undoubtedly cause a drastic XRP uptick.
Returning to its price chart, a prominent trader and X user JD speculates that its recent break above the multi-year trendline resistance will cause new highs and “price discovery.”
The analyst noted that the breakout aligns with a bullish divergence and a “super bullish” stochastic RSI.
That said, other analysts are more skeptical, awaiting further confirmation before turning bullish. One of those is Coinskid, who highlighted an impending bearish scenario amid a “huge descending triangle.”
So, while some analysts believe the current chart formation is highly bullish, Coinskid says,
“We need to see XRP invalidate the potential bearish pattern by taking out the second local high.”
According to the analyst, this second local high sits around $0.7.
Another risk is Ripple Labs’ lawsuit against the SEC. While Ripple Labs seems to be on the path to victory, a blindsided defeat would forge a black-swan event and potentially tank the XRP price.
This concern loomed over XRP in the last bull market, preventing it from creating a new ATH and causing traders to seek alternatives.
While all projects carry risk, one solid alternative is Meme Kombat. It is a new presale, enabling investors to get in from the ground up before its exchange launch.
Meme Kombat surges past $8.9m at presale and offers 106% staking APY
Meme Kombat is a GambleFi utility token-cross meme coin that blends several prominent industry trends into one viral cryptocurrency.
Starting with its gambling premise, users can enter a gamified battle arena to wager on AI-generated fights between meme coin characters. Players will bet with the $MK token, creating an inherent value that translates to steady demand.
The fun-filled gambling arena adds a tribal twist, with community members of different meme coins likely partaking and backing their respective mascots.
Multiple gamed modes are available, including single-player, multiplayer, and side betting.
Meme Kombat’s roadmap nods to different seasons, each comprising new characters, game modes, and rewards. These seasons enable Meme Kombat to stay relevant to the hottest industry trends.
Staking is another hype-mongering feature, giving investors passive rewards on a utility-driven meme coin.
Currently, stakers can garner a 106% APY, but this will decrease as the staking pool grows.
Its website shows over 80% of Meme Kombat tokens have already been staked. This shows a vote of confidence in its long-term potential from community members.
However, those looking to buy $MK at a fixed presale price should not wait around. With just $1.1 million left to raise at ICO, the token is bound to hit exchanges shortly, where its price will be determined by supply and demand.
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This article first appeared at crypto.news
