Ripple (XRP) Price Jumps 8%, New Crypto Project PlayNance (GCoin) Locks 250M Tokens Within Hours
XRP’s price has increased by more than 8% over the past week, pushing above the pivotal $1.5 level.
Ripple’s native cryptocurrency is also a leading performer for the past 24 hours, up by 2.8% – the most out of the top 10 coins by means of total market capitalization.
Source: TradingView
It’s worth noting that XRP reached considerably higher and pushed above $1.6 for a moment, but the bears were quick to intercept the movement, resulting in a slight decline over the past few hours.
What’s Next for the XRP Price?
Nonetheless, this marked a level not seen in over a month, which had some analysts already outlining potential breakout targets.
Notably, during the days leading to today’s move, popular market observer and analyst Ali Martinez outlined that the Bollinger Bands on XRP’s chart had been squeezing. That’s because the coin had spent considerable time trading within a relatively narrow range between $1.33 and $1.47. Bollinger Bands are a well-known volatility indicator. The more squeezed they get, the higher the chance of a breakout move, which is what is happening now, according to the analyst.
Martinez commented on today’s increase, saying that XRP is already breaking out of its triangle pattern.
Moreover, he also suggested that the next upward target is $1.85, which would mean an increase of another 23% from current levels.
It’s also worth noting that this latest surge comes on the back of solid fundamentals. Network activity on the XRP Ledger (XRPL) is soaring, reaching a record high of more than 7.7 million non-empty wallets.
Additionally, the number of active addresses on XRPL reached 46,767, which represents a five-week high.
But XRP’s price isn’t the only thing soaring in crypto today.
PlayNance Launches GCoin Staking
Arguably one of the most anticipated token generation events, PlayNance’s GCoin, is taking place in less than 14 hours, and the team has made a major announcement ahead of it.
PlayNance announced that GCoin staking is now live. This mechanism is designed to strengthen long-term participation in the platform’s growing Web3 entertainment economy.
The program is now live on PlayW3 – the firm’s flagship social gaming platform. Moreover, the community locked over 250 million tokens within just a few hours of the capability being live.
What it means is that GCOIN holders are now able to lock their tokens and participate in rewards distributed within the ecosystem, while also reducing circulating supply through entirely voluntary locking, hence supporting the sustainability of the token’s broader economy.
There are smart-contract staking pools where users can stake their GCOIN with a minimum threshold of 1,000 coins. The lockup durations are 6, 9, 12, and 18 months. Naturally, the longer the period, the longer the reward weight.
Those interested in participating the token generation event can take a look at the official page for more details. Over 13 billion tokens have already been sold and the current price is set at $0.00161, but that’s designed to progressively increase, encouraging early participation.
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