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XRP gained 7% in the space of 12 hours, more could follow.
Accumulation trends supported the idea of a move toward $0.7.
As a seasoned researcher with extensive experience in the cryptocurrency market, I’ve seen my fair share of market fluctuations and trends. The recent surge in XRP price, by 7% in just 12 hours, has piqued my interest and renewed hope among many investors. This rapid growth could indeed be a sign of things to come, especially considering the ongoing legal battle between Ripple and the SEC.
In the last few hours, Ripple [XRP] has experienced significant price increases following conjecture that the U.S. Securities and Exchange Commission (SEC) might challenge the verdicts in the SEC vs. Ripple lawsuit.
In a post on X, John Deaton, lawyer and candidate for United States Massachusetts, noted that an appellate court would likely not find that Judge Anastasia was in error applying the 3rd prong.
He also observed that it “makes no sense” for the SEC to appeal the court’s ruling, “which is why someone like Gary Gensler might just appeal.”
By the 7th of October, both parties must submit any appeals concerning the rulings, and as that date approaches, we may see an increase in the volatility of XRP prices.
On-chain metrics show network-wide accumulation
Over the course of September, we’ve seen an upward trend in the average age of coins, indicating a buildup or accumulation. Additionally, the news about withdrawals from exchanges suggests that the bulls have been dominating the market.
Since September 21st, the circulation has remained quiet without any significant price corrections following the initial burst of activity.
Prior to the latest price increases, short-term investors had already realized profits. With the latest surge, the 30-day MVRV ratio has risen again, potentially leading to selling due to profit-taking in the near future.
Warning signs from the spot CVD
The OBV has broken the local highs from mid-September. The CMF was also well above +0.05 to signal strong capital flow into the market. The MACD signaled firm upward momentum on the daily chart.
Realistic or not, here’s XRP’s market cap in BTC’s terms
After XRP surpassed its ten-week resistance at $0.62, these technological advancements ensued. Compared to other market segments over the last three weeks, the token’s price trend has been less pronounced.
The advantage has returned to the XRP bulls, but it might not last if the resistance at $0.71, a long-term upper price limit, pushes back buyers yet again.
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2024-09-30 10:15