Ripple Obtains First DFSA License in Dubai, Solaxy Presale Nears $33 Million Mark in Anticipation of XRP Price surge
Hop on the Telegram to get real-time updates on the latest crypto news!
The XRP price experienced a minor dip in the last 24 hours, trading at $2.2135 as of 11:32 p.m. EST, on trading volume that fell 7% to $1.7 billion.
This drop comes as Ripple bagged its first DFSA (Dubai Financial Services Authority) license for blockchain payments in the UAE, granting them access to a $400 billion trade hub, complete with regulated cross-border services and a $40 billion remittance market. With this license, Ripple can offer its cross-border payments platform, Ripple Payments, across the region.
XRP's Price Potential Reversal
Recent analysis reveals a clear descending triangle on the 3-day chart for the XRP price following its aggressive rally at the end of 2024. Generally, a descending triangle is perceived as a bearish continuation pattern, especially after a downtrend, but in this case, it formed after a sharp rally, making the direction of the breakout a critical factor for future price action.
The Ripple token price recently broke above the triangle's descending resistance, sitting at $2.2135 currently. This breakout suggests a bullish phase, a relatively uncommon yet powerful indication when it occurs in descending triangles.
Although XRP remains below the 50-day SMA ($2.4119), it's above the 200-day SMA ($1.0588). The 50-day SMA now acts as resistance. A successful close and holding above this level would affirm bullish strength.
Moreover, the Relative Strength Index (RSI) is at 49.55, demonstrating neutral momentum. This level suggests that the asset isn't excessively overbought or oversold, leaving ample room for movement in either direction.
Currently, the XRP price is above the 0.5 Fib level at $1.9722, challenging the 0.382 level at $2.3204. A close above $2.32 would strengthen the bullish stance and put focus toward higher retracement levels like $3.44 and the extension at $5.27 (0.618 Fib projection).
XRP/USDT Chart Analysis (Tradingview)
XRP Forecast Implying a $5.27 Spike
Although the descending triangle usually implies a bearish bias, the upward breakout from this pattern flips the outlook bullish. If the XRP price holds above the triangle and clears the 50-day SMA, the next targets lie at the 0 Fib level of $3.45 and eventually the 0.618 extension at $5.27, representing a potential upside of over 125% from the breakout.
However, if XRP fails to hold above $2.32, a retest of the triangle breakout level ($2.00-$2.10 zone) might occur. A sustained drop below this zone would invalidate the breakout and steer XRP back towards a bearish phase.
As XRP hovers around the same price point, YouTube channel 99Bitcoins, with a whopping 725k subscribers, predicts that the Solana Layer-2 presale Solaxy (SOLX) could surge 100x post-launch.
Solaxy Presale Golfs $33 Million
Solana has built a reputation for its fast transaction speeds and low fees, but it has also faced issues such as network congestion and occasional interruptions. Solaxy intends to overcome these hurdles by employing rollup technology, delivering speedier, less costly, and more reliable transactional throughput within the Solana ecosystem.
Investors have backed the project with $32.9 million in funding during its presale. This layer-2 solution eases network traffic by managing transactions off the main blockchain, resulting in a more efficient processing system for Solana. By doing so, Solaxy relieves the strain on Solana's mainnet.
Transactions are handled on Solaxy's layer 2, and they are bundled together before being sent back for final verification.
🚨 Solaxy alive! In Upcoming Tokens! 🚨 @SOLAXYTOKEN inspires token holders to join the inaugural Solana Layer 2 blockchain.
Solaxy aims to elevate blockchain innovation by eliminating bottlenecks, shrinking failed transactions, and boosting scalability on SOL.... pic.twitter.com/satNF6zFNF
- Best Wallet (@BestWalletHQ) December 17, 2024
The chain recently introduced its blockchain explorer on testnet, laying the groundwork for tracking transactions across Solaxy's Layer-2 prior to bundling and committing them to Solana's mainnet. Currently, this tool operates as a separate environment for developers to test features, polish interfaces, and simulate transaction activity without disrupting the live Solana network or using real assets.[6]
In addition, Solaxy links Solana with Ethereum, combining the best aspects of both prominent networks in the crypto sphere. The project's staking program also offers token holders an impressive 122% annual return.
Interested investors can sign up for the Solaxy presale via the official Solaxy website, using BNB, ETH, USDT, or a bank card to buy SOLX tokens for $0.001712 each. It is recommended to secure a spot rapidly before a price jump in less than 4 hours.[6]
Visit SOLX here.
Related Articles
- Dogecoin Tops as Gambling Mentality Regains Momentum for Meme Coins
- Top Trending Cryptos Significantly Impacting Arbitrum Chain
- Sam Altman's Iris-Scanning Orb Makes US Debut
Best Wallet - Expand Your Crypto Portfolio
Our Rating
- Fruitful, Feature-Rich Crypto Wallet
- Gain Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now on App Store, Google Play
- Generate Native Token ($BEST) Stake Prizes
- Over 250,000 Monthly Active Users
Join the Discussion on our Telegram Channel
- The breakout of XRP's price from the descending triangle, as observed in the TradingView chart, indicates a potential bullish phase for the cryptocurrency.
- With the recently acquired DFSA license in the UAE, Ripple can now offer its cross-border payments platform, Ripple Payments, across the region, which could potentially boost its business and finance expansion in the technology sector.
- The upcoming Solana Layer-2 presale, Solaxy (SOLX), has secured a significant amount of funding and gained the interest of investors due to its potential to overcome Solana's network congestion issues through the implementation of rollup technology.
- In the year 2024, the XRP price forecast suggests a potential upside of over 125% from the breakout, with targets at the 0 Fib level of $3.45 and the extension at $5.27 if XRP manages to hold above the triangle and clear the 50-day SMA.
