Ripple’s XRP needs Oxygen to Break High

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XRP is having trouble breaking the $2.4 resistance level amid improved market conditions in the crypto market. The next significant resistance is $2.8, which will be reached if XRP breaks the $2.4 line. A move above $2.8 might push XRP closer to its seven-year peak.

Moving Average Convergence Divergence (MACD), Stochastic Oscillator (Stoch), and Relative Strength Index (RSI) are all attempting to reach their neutral values. A strong crossover above their neutral levels could signal a shift of dominant bullish momentum and raise the price of XRP.

Additionally, XRP funding rates have primarily been negative in recent weeks, suggesting that most traders are initiating short positions amid the market’s consolidation phase. XRP’s price decline has been modest though its derivatives market indicated heightened bearish sentiment. XRP was able to pull off a 5.4 percent gain for the week. Most of XRP’s recent distribution originates from digital assets, a year old or younger on the Dormant Circulation metric, which tracks the movement of previously idle tokens.

Ripple Labs has been the target of a lawsuit from the SEC, accusing the company of offering unregistered securities by selling XRP tokens.

This legal dispute has been the primary focus of the cryptocurrency industry because it has implications for the classification and control of digital assets in the United States.

The Ripple-based token market value could see a turnaround following a favorable court ruling.​ Analysts believe these events could trigger a significant influx of institutional capital, increasing demand and influencing the price of XRP.​

If ETFs are allowed and institutional demand reaches the levels seen after the launch of Bitcoin futures contracts in early 2024, XRP could reach a market capitalization of $ 200 billion

ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.

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