XRP is currently trading in a narrow range, indicating investor consolidation and hinting at a potential significant price shift in the near future.
Despite uncertainties surrounding the token’s future, market experts are optimistic about a bullish breakout driven by network advancements and legal victories.
Investors are closely monitoring XRP’s price movement following a prolonged period of consolidation. Recent data reveals that Ripple (XRP) has been hovering around its 20-day average price, with neither bulls nor bears asserting dominance, leaving investors unsure about the next direction of the price.
Speculation has arisen following the approval of Bitcoin and Ethereum spot ETFs, suggesting that XRP may be the next in line for approval by the U.S. SEC. However, with Ripple embroiled in a legal battle with the SEC over the status of XRP, experts are skeptical about institutional support for the ETF filing and the SEC’s potential approval.
Despite the ongoing legal challenges, Ripple’s CEO has forecasted the introduction of an XRP ETF by 2025, indicating confidence in a resolution to the case by the end of this year.
The legal battle remains a key factor hindering XRP’s rally and causing it to fall behind its peers in recent times. Legal experts are steadfast in their belief that Ripple will emerge victorious in the case or reach a fair settlement. With upcoming changes in leadership at the White House and the SEC, this outcome seems increasingly likely.
Currently, XRP is trading at $0.48 after a significant drop, experiencing a 7% decrease in the last 24 hours. The coin, ranked 8th, has plummeted by 8% on the weekly chart.
The price movement is part of a broader market trend initiated by Bitcoin (BTC), which has fallen below the $70,000 mark after a 2.5% decline. The cause of the drop remains unclear, with experts advising savvy investors to capitalize on discounted prices to accumulate more coins.
Technical indicators are sending mixed signals about the direction of XRP’s price. While the RSI and MFI suggest consolidation, the CMF indicates a potential capital flight from XRP, signaling a bearish trend and a potential price drop.
Trading activity in XRP futures has increased this month, with open interest rising by 7% to $661 million according to Coinglass data.
Whale activity has also surged, attracting significant investor attention. On-chain data shows a significant shuffle of over 218 million coins within a 24-hour period, indicating strong interest from large investors and painting a bullish long-term outlook for XRP.
