XRP price continued to rise in the last 12 hours as expectations grew for a behind-closed-doors meeting between the payment services provider and the Securities and Exchange Commission. The meeting, rescheduled to an earlier date, will focus on resolving the legal battle between both parties. XRP is currently trading at $0.60, and the anticipation of Ripple’s upcoming meeting with regulators has boosted the token price.
What is Happening with XRP?
Altcoin’s price movements evaluated on the 12-hour chart indicate an increase in demand. The Relative Strength Index (RSI) is currently above the neutral line of 50 at 59.02, indicating that buying pressure among market participants outweighs selling activity. An asset’s RSI data measures its overbought and oversold market conditions. At the time of writing, XRP’s RSI data at 59.02 shows that investors are accumulating tokens in anticipation of a positive outcome from the upcoming meeting.
Beyond the growth seen in the spot market, XRP’s futures market data also experienced a significant increase. In the last 24 hours, XRP trading volume surged by 65%, reaching $3.82 billion. Additionally, the funding rate on cryptocurrency exchanges remained positive. At the time of writing, XRP’s funding rate was recorded at 0.0072%.
A positive funding rate for an asset indicates increased demand for long positions. This suggests that more investors expect the asset’s price to rise compared to those hoping to sell at a lower price.
Details on the Subject
An increase in an asset’s futures trading volume shows that investors are actively speculating on future price movements. This usually leads to increased price volatility.
XRP’s Bollinger Bands (BB) indicator shows a widening gap between the upper and lower bands, confirming this volatility. This exposes the token to the risk of swinging in either direction. If Ripple’s meeting with the SEC results in resolving the differing claims of both parties, the positive sentiment could push XRP’s price up to $0.61.
