Solana’s technical indicators are hinting at a lack of buyer participation. The Chaikin Money Flow (CMF) on the four-hour chart has been oscillating in the negative region since early this week. This trend indicated persistent selling pressure and a lack of adequate buyer interest to absorb the tokens that have been dumped into the market. The weak buying momentum around SOL is also seen in the Relative Strength Index (RSI). The index was at 33 at press time, meaning that a bearish momentum was at play. The RSI has been forming lower lows over the past week, showing bears have the upper hand. However, the RSI line was now attempting to make a bullish crossover above the signal line. The potential crossover has also coincided with two consecutive green candles after the price bounced after testing multi-month support at $138. Solana has held this support level since mid-August.
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What does this mean though? Well, not much. For Donald Trump, cryptocurrencies are merely a means to an end – The Presidency. He understands that many crypto holders right now are single issue voters, many of whom are not happy with the Biden administration’s almost antagonistic position against the crypto-space. While Trump personally might still be uncommitted or clueless (Which isn’t exactly a stretch) about crypto, he understands the value of crypto-holders and the monetary might they can bring to the table. This is why Trump’s campaign has used the community’s skepticism of Biden to its advantage. That is the reason why crypto execs are meeting the Former President at his Mar-a-Lago estate, while also promising to raise over $100 million for his campaign.
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XRP Price Shows Short-Term Uptrend Ahead of Closed-End Meeting Between Ripple and SEC Some crypto community members believe that Ripple and the Securities and Exchange Commission (SEC) could announce a settlement as early as July 25. The SEC will hold a closed-end meeting on that day, with topics including “organization and settlement of administrative proceedings, resolution of lawsuits, and other matters related to examinations and enforcement proceedings.” In anticipation of the upcoming meeting of Ripple project representatives with regulators, the price of XRP is growing within the ascending channel. The relative strength index (RSI) on the 12-hour chart is above the neutral mark of 50 (59.02 at the time of writing). This indicates the prevalence of buying activity among market participants. This RSI value shows that traders are actively accumulating tokens in anticipation of a favorable outcome of the upcoming meeting.
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