XRP rises ahead of SEC: is this the start of a bullish upswing?
Over the past week, #XRP has gained more than 5% and was trading at $0.60 at the time of publishing this article.
Technical and fundamental analysis suggests a possible future price movement, emphasizing a long-term bullish scenario.
This jump is reflected not only in the price, but also in the market value, which has increased by about 1 billion U. S. dollars in the past seven days.
The daily trading volume of XRP has also increased from just over 2 billion U. S. dollars last Friday to 2.6 billion U. S. dollars today.
A technical analysis of the daily chart of XRP shows that XRP has made highs and lows, forming a descending channel pattern. XRP is consolidating within this channel, but a breakout in either direction could indicate the direction of further price movement.
At the moment, XRP was approaching the possibility of a breakout above the channel, but encountered resistance, probably due to the supply zone identified on the daily chart. The key price levels of $0.74 and $0.38 are important to keep an eye on, as they may determine the next big move of XRP.
A move above $0.74 could signal the beginning of an uptrend, while a move below $0.38 could signal a further decline.
From a fundamental perspective, XRP's network value to volume (NVT) ratio, which compares network value to trading volume, currently stands at 674.69.
Such a high ratio could indicate that the network is overvalued or that trading volume is not justifying the current value of the network, which could indicate a gradual rise.
In addition, the open interest in XRP (total number of open derivative contracts) has decreased by 9.27% to $655.35 million in the last 24 hours.
This decline in open interest, accompanied by a 61% decrease in open interest volume to $ 5.
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