Ripple Valuation Potentially Rises with $5 billion Bid for Circle, Solaxy Pre-Sale Exceeds $32.6 Million According to Implications
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The XRP price dipped 1% in the previous 24 hours, trading at $2.21 as of 4:45 a.m. EST on escalating trade volume that increased 14% to $2.9 billion.
This development comes after a Bloomberg report on April 30 pointed out that Ripple had extended a takeover bid of between $4 billion to $5 billion to stablecoin issuer Circle. However, the overture was met with rejection due to the perceived low valuation.
Ripple's future moves regarding another acquisitive play against Circle are yet to be determined, as the company has yet to announce if it will revisit the offer [1][2]. Circle, meanwhile, is forging ahead with its Initial Public Offering (IPO) in the US.
For investors, Ripple's potential acquisition of Circle could signify a significant leap into the stablecoin market, potentially bolstering XRP's utility and long-term value while positioning the company as a dominant force in global crypto finance [2].
XRP on the Cusp of Wave 5 Bullish Surge
The XRP price seems to be traversing an Elliott Wave structure, currently completing wave 4 and potentially on the verge of wave 5, marking the final impulse of a bullish sequence [3].
The recent rebound from the 200-day Simple Moving Average (SMA) indicates robust dynamic support near the $2.00 mark, as per GeckoTerminal data. XRP has also regained the 50-day SMA support, further underpinning the bullish trend and upward continuation potential [3].
At the moment, the Relative Strength Index (RSI) is at 53.04, demonstrating neutral-to-bullish momentum, suggesting there's still room for XRP's price to expand before entering overbought territory [3]. The structure of the XRP price also forms a higher low at wave 4, which acts as a bullish indicator for continuation [3]. If wave 5 follows standard Elliott Wave principles, XRP could potentially target the previous resistance area around $2.75 [3].
However, should bears seize control of the price, support around $1.64 might still function as a cushion against downside pressure [3].
Meanwhile, there's an impressive surge of interest in Solana's new project, Solaxy (SOLX). Popular YouTube channel 99Bitcoins, which boasts over 725K subscribers, speculates that the crypto could spike 100X post-launch [4].
Solaxy Presale Closing On $33 Million - Could Be the Next 100X Crypto?
Solana's speed and incredibly low fees are well-established, though reliability at scale has been a concern, particularly compared to Ethereum [4]. While Ethereum relies on Layer-2 solutions to manage network load, Solana has opted to work independently.
Solaxy, the first Layer-2 solution tailored for Solana, is designed to address its growing congestion and scalability issues [4]. Solaxy plans to resolve Solana's network congestion by incorporating off-chain processing mechanisms like Ethereum's Layer-2 solutions [4].
The model has already proved effective in scaling the Ethereum blockchain through platforms such as Arbitrum and Optimism [4]. By handling transactions off-chain, bundling them, and subsequently submitting them to the mainnet for final verification, Solaxy's system boosts efficiency [4].
Post-launch, Solaxy will also offer a platform for developers to create decentralized applications or launch new tokens without compromising Solana’s core capabilities [4].
The project has already amassed $32.6 million through its ongoing presale, highlighting strong market interest at this early stage [4]. Interested investors can visit the official Solaxy website to purchase SOLX tokens for $0.00171 each using BNB, ETH, USDT, or a bank card [4]. Solaxy also offers holders an impressive annual yield of 123% for staking SOLX [4].
With the next presale price hike anticipated in approximately 7 hours, investors eager to secure the best deal would be well-advised to act swiftly [4].
Visit the Solaxy website.
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[1] Circle rebuffed $5 billion Ripple bid, Bloomberg reports[2] Ripple Mulls Over Another Bid for Stablecoin Rival Circle After Rejection[3] Elliott Wave Analysis: XRP Price Poised for Wave 5 Bullish Rally[4] Solaxy: New $SOLX Presale Surges, Next 100X Crypto?[5] Ripple Bid for Circle Valued Stablecoin Issuer as US IPO Nears
- The potential wave 5 surge for XRP, as suggested by the Elliott Wave analysis, could be bolstered by Ripple's attempts to consolidate its position in the stablecoin market, such as the hypothetical acquisition of Circle.
- If Ripple decides to revise its takeover bid for Circle, mechanisms related to the average valuation of the stablecoin issuer and its impact on the XRP price may come into play.
- Content creators on YouTube, like those from 99Bitcoins, often discuss promising projects like Solaxy, which recent presales have valued at $33 million, predicting potential spikes of up to 100X post-launch.
- In the world of finance and investing, technology plays a significant role in modernizing and scaling cryptocurrencies, as projects like Solaxy strive to address scalability issues through off-chain processing mechanisms.
