- XRP faced bearish sentiment amid ongoing legal issues despite a 19.53% surge in 24-hour trading volume.
Technical patterns suggested the potential for an upward movement, but legal uncertainties weigh heavily on XRP’s price.
As an experienced financial analyst, I have closely followed the cryptocurrency market for years, and I’ve seen my fair share of ups and downs, especially when it comes to XRP. While the recent surge in trading volume is promising, I remain cautious due to the ongoing legal issues between Ripple Labs and the SEC.
The legal dispute between Ripple Labs and the SEC has persisted, causing ongoing challenges for XRP.
At the moment the news is published, XRP was priced at $0.4802 on the market, representing a minor rise of 0.31% in value compared to the previous day based on CoinMarketCap’s data.
During this period, the market capitalization of XRP stood at $26.74 billion, representing a 0.32% rise and placing it as the seventh largest cryptocurrency. The trading volume for the past 24 hours saw a significant jump by nearly 19.53%, reaching $924.85 million.
XRP: Market sentiment
Analyst Avon Marks recently tweeted about the potential for a significant price movement in XRP.
As a researcher examining the price action of XRP, I’ve observed that it has been forming a symmetrical triangle or pennant pattern on the charts. This technical configuration is typically indicative of a consolidation phase following a strong trend. Notably, during this formation, the volume has been declining. If history repeats itself, we might expect XRP to break out of the triangle in the same direction as its previous uptrend.
He noted,
As a seasoned crypto investor, I’ve noticed the familiar pattern developing on XRP‘s chart once again. However, what intrigues me now is the unique way prices are consolidating and shaping up. Considering the historical data we’ve witnessed and the significant volume, as well as the confirmed Hidden Bullish Divergence, I strongly believe that a major price surge could be imminent.
The Relative Strength Index (RSI) is showing a discrepancy with price action as it hits new lows, while prices form higher lows. This divergence might be indicative of an underlying bullish trend, potentially leading us back towards the $1.44 mark.
Historically, XRP has experienced significant surges, increasing by more than 110,000% – a sign of substantial potential for significant price growth in the future.
Avon Marks hypothesized that if XRP experienced a complete logarithmic price progression, its value could surge past $200, marking a significant gain of over 400 times the current price.
On a more conservative note, a breakout could see prices reaching $15-$20.
Spot Inflow/Outflow Analysis
Based on AMBCrypto’s examination of the XRP Spot Inflow/Outflow chart from Coinglass, there have been more outflows (represented by red bars) than inflows (represented by green bars) since September 2023.
As a crypto investor observing the market trends, I noticed that persistent selling actions were putting pressure on XRP‘s price, leading to its downturn.
The value of XRP has been steadily dropping since it was priced at approximately $0.60 towards the end of 2023. By the middle of 2024, its price had dipped below $0.50. This trend indicates a market that has been experiencing consistent selling, although there have been occasional attempts to buy.
The persistent outflow of funds from XRP indicated continued difficulties for the cryptocurrency in achieving further price growth.
Examining the XRP Futures Open Interest chart provided by Coinglass, AMBCrypto noted a significant connection between open interest levels and XRP’s price movements throughout the year.
During times when Open Interest peaked, there were frequently notable price shifts, indicating increased trading action and heightened investor attention.
Realistic or not, here’s XRP’s market cap in BTC’s terms
During the periods of increased Open Interest, specifically in late March and mid-November, significant price swings occurred.
As a crypto investor observing the XRP market, I noticed a significant pattern indicating that traders were aggressively maneuvering in the futures market. This suggested to me that they were preparing for possible volatility and price fluctuations in XRP.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- Top gainers and losers
- LDO PREDICTION. LDO cryptocurrency
- CLV PREDICTION. CLV cryptocurrency
- BOO PREDICTION. BOO cryptocurrency
- LUNA PREDICTION. LUNA cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- SILLY PREDICTION. SILLY cryptocurrency
- USD BRL PREDICTION
2024-07-04 00:08