The XRP price saw a 2% increase last week but experienced a 1.2% drop over the last 24 hours. Market activity for XRP has risen, indicated by a 9% increase in daily trading volume. This uptick is linked to recent favorable developments for Ripple in their ongoing case with the Securities and Exchange Commission (SEC).
Analyzing XRP’s Market Performance
XRP has been trading below its 50-day and 200-day simple moving averages, indicating a lack of a bullish trend. However, it has maintained a strong support base within a consolidation zone for the past 2.5 months. The relative strength index (RSI) struggles around the midpoint, showing a brief tendency to rise above the 50 level but currently sits below at 43.
The RSI’s positioning above its moving average suggests some stability around the 40 mark. Coinalyze data reveal a 9.7% increase in XRP’s Open Interest (OI) over the past week, highlighting a significant influx of funds. Furthermore, the daily trading volume has surged by 9% in the last 24 hours, reaching $921 million, reflecting heightened investor interest.
What’s the Latest with Ripple?
Recent events have stirred the Ripple and XRP community. David Hirsh, head of the SEC’s Crypto Assets and Cyber Unit, resigned after nine years, weakening the SEC’s stance. Optimism among XRP investors grew as the SEC paused its Ethereum 2.0 investigations. Ripple’s Chief Legal Officer Stuart Alderoty criticized the SEC’s regulatory approach, emphasizing the need for clarity.
Investment Implications
- XRP has potential resistance at $0.51 and $0.54 and strong support at $0.45.
- Further support levels to watch are $0.42 and $0.38.
- Market movements may be impacted by ongoing legal developments and regulatory decisions.
Ripple’s recent court filings following the SEC and Terraform Labs settlement aim to reduce potential fines. The SEC has already lowered its proposed fine, but Ripple is pushing for a further reduction. These developments could introduce volatility to the XRP price as the case moves into the trial phase.