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Make of it what you will”: Rock and Roll Legend Gene Simmons buys XRP, DOGE

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The cryptocurrency space has attracted many stars from the entertainment space lately. The latest is the Rock and Roll legend, actor, and entrepreneur, Gene Simmons. In a tweet on Monday, the entertainer said he bought altcoins including the troubled XRP and Dogecoin which recently pulled a 300% rally.

“Not recommending any of these to anyone. But yes, I also bought Dogecoin, XRP and others. Make of it what you will.”

“I’m not recommending any of this to anyone. But yes, I bought and/or will own Bitcoin, Etherium, Litecoin, and others,” he wrote in a separate tweet.

Gene Simmons’s interest in crypto may have been initiated by the recent rallies by both Dogecoin and XRP. After Ripple filed a defense in response to the SEC’s lawsuit, the price of XRP went up 80% the same day. Dogecoin, popularly known as Elon Musk’s cryptocurrency also rallied to over 300% around the same period.

DOGEUSD Chart By TradingView

XRP now trades at $0.7 with a 47% gain in the last 24 hours while Dogecoin is trading at $0.03972 with a 48% gain in the last 24 hours. These two have maintained their rallies above other cryptocurrencies which are remarkable especially for XRP which still battles with lawsuits.

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Even though he said he is not recommending crypto to anyone, Simmons’ tweet has attracted a lot of positive feedback from the crypto community. As ZyCrypto reported in early January, another entertainer, a U.S based Rapper Meek Mill called on all his followers to learn about cryptocurrency.

As these are major influencers within the entertainment industry with millions of fans and followers, their approval of cryptocurrency is likely to stir interest in many of such followers which may contribute significantly to mainstream adoption.

XRP, Monero, BAT Price Analysis: 01 February

XRP’s price recovered from the blow dealt by news of the SEC lawsuit on December 22 to trade at $0.56. Monero surged after exhibiting a bullish divergence while Basic Attention Token hovered above a level of support.

Source: XRP/USD on TradingView

On December 22nd, XRP was trading at $0.53. News of the SEC lawsuit saw XRP plunge to $0.22 in a span of 24 hours, a 60% drop. Since then, XRP attempted to breakout past the $0.3 resistance multiple times and finally succeeded over the past few hours.

Not only did XRP manage a breakout, but it also posted gains of nearly 100% over the past two days. It could rise further, even though a bearish divergence was seen on the charts.

The price made higher highs while the momentum indicator (RSI) made lower highs. A divergence can’t be used to time an entry into a trade, however. A Doji candle formation on high volume on a larger timeframe (12-hour or daily) will be the most reliable indicator of an imminent pullback for XRP.

Monero [XMR]

Source: XMR/USDT on TradingView

The $130 level has been of significant importance to XMR. The level appeared to have been lost to the bears, but a bullish divergence was exhibited on the 4-hour charts and bulls were quick to capitalize on the disagreement and convert the $130 level back to support.

Subsequently, XMR surged to touch $150 and at the time of writing was trading at $141. The MACD climbed back above the zero line and also formed a bullish crossover to denote momentum was back in favor of the bulls.

The $149 level of resistance is likely to be tested once more for XMR.

Basic Attention Token [BAT]

Source: BAT/USD on TradingView

Basic Attention Token broke out of a range and achieved the projected upside target at $0.35 but was forced to pull back and at the time of writing was trading at $0.3.

The OBV shows that the buying volume far outweighed the selling volume, even during periods when BAT was forced to retreat. This indicated that BAT was headed to $0.35 once more, but the timing is more uncertain.

The Awesome Oscillator crossed over beneath the zero line to denote short-term bearish pressure. Bulls would seek to defend $0.3, and losing this level could see BAT retest the $0.27 level as support

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