- XRP’s price action was slightly bullish at press time
- Lack of demand meant the altcoin’s path north could be slow
As an experienced analyst with over two decades in the market, I’ve seen my fair share of ups and downs. The latest XRP price action has been intriguing, to say the least. While it’s bullish at press time, the lack of significant demand suggests a slow path north.
On Thursday, the Securities and Exchange Commission (SEC) submitted a new appeal. The aim of this appeal is to overturn certain parts of the judgment granted to Ripple and XRP in July 2023. However, it’s important to note that the SEC no longer disputes the initial decision stating that the sale of XRP through exchanges to individual investors was not considered a securities sale.
The effect of this plea on the price has been minimal overall. Over the past few months, XRP has generally fluctuated between approximately $0.52 and $0.62. So far, this pattern hasn’t shifted, with the token currently still in a phase of consolidation at the time of writing.
Positive reaction could encourage XRP buyers
As a researcher, I observed that XRP’s market structure exhibited a technically bullish trend, yet the relatively narrow range between $0.52 and $0.62 implied that this optimistic outlook wasn’t overly impactful. However, the robust defense of the $0.52 level in October could have served as a catalyst for swing traders, potentially encouraging them to enter long positions.
In October, despite XRP experiencing an 8% increase from its lows, trading volume has remained relatively low. The On-Balance Volume (OBV) supports this observation and has maintained a support level that was established in August. Additionally, the Chaikin Money Flow (CMF) suggests that there’s been significant selling pressure over the past twenty periods, as it considers the recent strong rejection at the $0.665 price point.
The daily RAI reading was slightly below 50, which could signal a potential buy opportunity for swing traders based on market trends. However, there seems to be a lack of significant demand. It’s possible that other large alternative cryptocurrencies might surpass XRP in the upcoming days or weeks.
Derivatives data did not support the bullish case
For most of the period since July, the Open Interest has consistently been around $772 million. If the price surpasses $0.62, as it did in late September, it could attract even more speculators.
In simpler terms, for a significant leap beyond the current price barrier at $0.62, a notable news event could serve as the spark. If this happens, the price might aim for $0.667 as the next milestone. This was indicated by an analysis of market trends over the past three months.
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On a closer examination of the shorter term charts, it appears that the regions around $0.52 and $0.57 might serve as significant areas of resistance or support, potentially causing temporary shifts in the market’s direction.
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2024-10-19 21:11