XRP price increased by 2% last week but dropped by 1.2% in the last 24 hours. XRP’s daily trading volume increased by 9%, indicating a recent rise in market activity. This increase may be due to recent developments in the Ripple and SEC case, which mostly favored Ripple.
XRP Chart Analysis
XRP price has been below the 50-day and 200-day simple moving averages (SMA) for a while. Although this does not indicate a bullish trend for XRP, it has stayed in the consolidation zone for the last 2.5 months, forming a strong support base. The relative strength index (RSI 14) is below the midpoint of 43 and struggles to stay above the 50 level, occasionally rising above this level briefly in the past.
The RSI line (purple) is also above its moving average (yellow), indicating some support around the 40 level. According to Coinalyze data, XRP’s Open Interest (OI) increased by 9.7% last week, indicating money flowing into XRP. Additionally, XRP’s daily trading volume rose by 9% in the last 24 hours to $921 million, signaling investor interest.
XRP has enough room to rise and reclaim $0.6 but may face resistance around $0.51 and $0.54. On the other hand, $0.45 forms a strong support barrier, and below this, XRP can find additional support at $0.42 and $0.38 levels.
What’s Happening on the Ripple Front?
The last few days have been quite eventful for the Ripple and XRP community. David Hirsh, Chief of the SEC’s Crypto Assets and Cyber Unit, resigned from his position, dealing a blow to the regulatory body. Hirsh had been in this office for the last nine years. Additionally, XRP investors became more optimistic after the SEC halted investigations into Ethereum 2.0. Ripple’s Chief Legal Officer Stuart Alderoty seized the opportunity to highlight the SEC’s lack of regulatory clarity.
Furthermore, following the settlement between the SEC and Terraform Labs, Ripple wrote to the court explaining why they should not pay more than $10 million in fines according to the Terraform Labs settlement. Following this move, the SEC reduced the proposed fine from $2 billion to $102.6 million. However, Ripple insists on a maximum of $10 million. The case has already entered the trial phase and may cause volatility in the XRP price.
