XRP is currently trading at $2.10, reflecting a modest increase of 1.02% in the last 24 hours. Despite this positive movement, the token’s trading volume has seen a decrease of 7.34%, currently sitting at $2.99 billion.
While the 24-hour trading volume has contracted, XRP’s price has remained relatively stable over the last seven days, posting a 5.28% increase. This indicates a period of consolidation after a brief surge, with the market remaining cautious yet resilient.
Currently, XRP is in a consolidation phase, trading within a narrow range. After its recent gains, the coin is showing signs of reduced volatility, yet it remains well above the $2.00 support level. The coin’s behavior suggests that there is ongoing accumulation, with declining trading volume indicating a potential buildup for a future breakout or directional shift.
The market conditions for XRP are neutral. The Relative Strength Index (RSI) stands at 52.73, suggesting a balance between buying and selling pressure. The Moving Average Convergence Divergence (MACD) lines are converging, indicating a lack of clear momentum.
Additionally, the Bollinger Bands are narrowing, signaling that volatility could spike once the price moves beyond its current range.
XRP consolidates after surge to $2.24
For traders, monitoring key levels is crucial. A breakout above $2.12 would indicate a potential continuation of bullish momentum, provided the volume confirms this move. On the downside, support at $2.08 must hold for the bullish structure to remain intact. Risk-conscious traders could enter near the $2.05 mark, but stops should be placed below $2.01 to manage potential losses.
The recent price action after XRP’s surge to $2.24 indicates caution. XRP has retraced to $2.09, forming a consolidation pattern. A 48-hour Fibonacci retracement shows that the price has pulled back to the 61.8% level, suggesting that a period of stability may be on the horizon. However, with the failure to maintain above $2.15, traders remain wary of further downside risks..
New SEC leadership and Ripple’s strategy for XRP
A significant development is Ripple’s recent decision to engage in settlement talks with the U.S. Securities and Exchange Commission (SEC). This decision follows an agreement made between the two parties to pause their appeals and initiate discussions aimed at resolving their ongoing legal dispute.
These developments may be a sign of a possible resolution of the long-running case, one that had been looming over the price of XRP. Experts suggest Ripple’s move aligns with crypto-friendly SEC Chair Paul Atkins.
The leadership change, in addition to the recent market action, also suggests that institutions might be preparing for a forthcoming settlement. If a deal is negotiated, that would pave the way for the removal of the legal overhang from XRP, potentially allowing an exchange-traded fund (ETF) to be supported by the coin.
The next days may be a turning point, both legally and in regard to their market potential, for XRP.
