- XRP has rebounded to the $0.50 level, sparking speculation on its future trajectory amidst market volatility.
- Rumors of Elon Musk’s potential testing of XRP payments on his social media platform, X, add fuel to the discussion, while technical analysis suggests bullish momentum may continue.
After a rough patch in the crypto markets, XRP has shown signs of recovery by reclaiming the $0.50 price level. With the short-term bounce in the broader cryptocurrency market, everyone is asking whether XRP’s rally has more room to run or is just a temporary uptrend.
XRP has been trying to regain momentum following the correction in April. So, despite the recent recovery, all eyes are on its ability to sustain it in the long term.
Could Elon Musk’s XRP Testing on X/Twitter Spark an XRP Price Rally?
Recently, rumors surfaced that Elon Musk may be testing XRP payments on his social media platform X (formerly Twitter).
A well-known crypto influencer, Amelie, sparked this speculation after noticing that Ripple CEO Brad Garlinghouse mentioned “X” in a recent interaction.
Amelie wondered if this meant X would incorporate XRP into its upcoming payment system. A few days later, Amelie shared a screen recording of an XRP ledger transaction involving a user named “Musk.”
This user had over 16 million XRP in 2013. The account transferred 8 million XRP in 2017 and also carried out some activities as recently as 2023. The video suggested that “musk” had dealings with popular exchanges like Uphold and Bitstamp.
As a result, Amelie concluded that “It looks like XRP payments have been tested on X” and speculated that “2024 WILL BE BIG” for XRP.
If confirmed, Elon Musk’s testing of XRP payments on X/Twitter could significantly boost XRP’s price. X/Twitter has millions of users worldwide, and integrating XRP as a payment option would provide immense exposure and real-world utility for the cryptocurrency.
This could drive increased demand and adoption, positively impacting XRP’s value. Moreover, Elon Musk’s involvement and endorsement would likely attract attention from retail and institutional investors.
His influential status could generate hype and FOMO (fear of missing out) around XRP, potentially triggering a price surge. However, investors should approach such rumors cautiously until they are officially confirmed. Meanwhile, the chart below shows some exciting moves.
XRP Price Analysis: Bullish Momentum Building After $0.460 Rebound
Ripple (XRP) Climbs Back to $0.50 Level – Is a Bigger Rally Impending?
XRP’s price has rebounded from the $0.460 level, heading towards the $0.571 high. This upward move has pushed the coin slightly above the 20-period simple moving average (SMA) line on the Bollinger Bands indicator.
The 20 SMA line acts as a crucial support or resistance level. So, XRP trading above this line suggests the potential for further upside momentum.
Furthermore, the Relative Strength Index (RSI) currently stands at 46. An RSI below 50 indicates an asset is oversold and may be due for a price recovery.
XRP’s RSI value of 46 could signal that the selling pressure is diminishing and buyers are regaining control. For investors, these technical indicators paint an optimistic picture of XRP’s price in the near term.
A Decisive Move Above $0.571 Could Spark Further Gains
The breach of the $0.571 resistance level could open the door for a more significant rally. This means that the bulls are pushing the price higher. With this current momentum, XRP could break $0.571 this week.
A decisive move above $0.571 could attract more buyers and fuel further gains for the cryptocurrency. Also, if XRP can sustain its momentum above the 20 SMA and the RSI continues to trend higher, taking long positions will be a considerable move for investors.
Dogeverse: The Multichain Meme Coin Taking Crypto by Storm
However, investors should always conduct thorough research and never invest more than they can afford to lose. While XRP is still gaining bullish momentum, crypto investors might want to watch the Dogeverse presale, a new project poised to pump 10x soon.
Dogeverse ($DOGEVERSE) has been making waves in the crypto space with its innovative multichain approach and recent Solana blockchain launch. As the first multichain meme coin, Dogeverse has captured significant investor interest, raising an impressive $13 million in just one month during its presale.
