XRP Price Drops Amidst Speculation and Technical Resistance
The XRP price has declined by over 4% in the past 24 hours, reaching $1.42 as of 4:06 a.m. EST, as investors reduce their exposure to the remittance token.
The drop follows speculation, ignited by former Ripple Labs executive Sean McBride, that CEO Brad Garlinghouse may be appointed to a crypto-related role in Donald Trump's White House.
Technical Analysis
The 4-hour chart for XRP/USD (source: GeckoTerminal) shows the XRP price approaching a resistance level of $1.5738. The altcoin has attempted to overcome this barrier in recent days, but sellers have held their ground.
If XRP manages to convert this resistance into support, it could provide the foundation for a rise to the next resistance level at $1.8719 in the short term.
However, a second rejection from $1.5738 within the next 12 hours could prompt traders to take profit. This potential sell pressure could push XRP below a bullish trend line on its 4-hour chart, increasing the risk of a decline to support at $1.2758 or even $1.0159 in an extreme case.
Momentum Favors Sellers
Momentum currently favors sellers, as indicated by the Moving Average Convergence Divergence (MACD). The MACD line is positioned below the MACD Signal line, suggesting bears have the upper hand against bulls.
The consistent gap between the two lines over the past few hours indicates that bulls may face challenges in turning the tide.
Meanwhile, the Relative Strength Index (RSI) also shows a decrease in bulls' strength. RSI readings have dropped from the high 50s to the low 50s. Continued decline could push the RSI below the 50 benchmark soon, potentially triggering a wave of panic selling.
Political Meme Coin DUM Surges
As XRP struggles with technical resistance, investors are flocking to a new PolitiFi token called FreeDum Fighters (DUM) for post-election meme coin gains.
DUM aims to become a long-term meme coin project in the nascent PolitiFi space, offering a gamified way for voters and investors to engage with political developments.
Central to the project's ecosystem is a clash between fictional characters representing Trump and Kamala Harris, with plans to introduce more characters in the future.
Despite Trump's election victory, DUM offers Harris supporters a way to earn passive crypto rewards through staking. Each character in the project has an associated staking pool with a high APY.
Analysts like Jacob Bury have predicted a potential 10X surge for DUM after its launch, leading to a buying frenzy during its presale.
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