XRP stuck near $0.50 amid SEC case; market awaits update.
XRPL usage jumps despite legal battle, a sign of user confidence.
Bearish signals present, caution advised for XRP traders.
Ripple’s XRP remains near the pivotal $0.50 mark amidst speculations of updates in the ongoing SEC lawsuit. Today’s trading sees the cryptocurrency stuck near this price point, reflecting market sentiment tied to legal battles and increased activity on the XRPL.
Despite the volatility, XRP has managed to climb by 0.37% over the last day, essentially holding onto its position despite broader market uncertainty. In addition, the bitcoin market is also closely watching updates in Ripple’s ongoing legal dispute with the SEC. Market participants believe that future updates could significantly impact XRP’s value and adoption in financial systems.
Notably, XRP locked within XRPL’s DeFi protocols has surged. According to crypto enthusiast Bill Morgan, the total locked XRP soared from 5.1 million to approximately 5.9 million within just six days. This growth reflects heightened participation and confidence in the XRP Ledger’s capabilities and future prospects.
In 6 days, total locked XRP has increased from 5.1 million to almost 5.9 million. A dramatic increase. https://t.co/7OcYzDwc4v pic.twitter.com/maUwEQvbvJ
— bill morgan (@Belisarius2020) June 9, 2024
This uptick in locked assets could indicate a robust engagement from the XRP community and a positive outlook on the ledger’s functionality amidst regulatory scrutiny. It also highlights the ledger’s potential for facilitating secure and efficient transactions within its ecosystem.
XRP’s recent price action shows a consolidation pattern with a slight downward trend, currently hovering around the $0.495 level. Over the last few days, the price has shown minor fluctuations without breakthroughs, suggesting a period of uncertainty among traders. The Moving Average Convergence Divergence (MACD) indicates a bearish sentiment as it remains below the signal line, with the rising histogram suggesting increasing selling pressure. This could lead to further price declines if sustained.
Moreover, the Relative Strength Index (RSI) is hovering near 38, which is close to the oversold territory but still indicative of a bearish momentum. This level often suggests that the asset might be undervalued, and a potential reversal could occur if it dips further towards or below the 30 threshold.
Source: TradingView
However, given the lack of strong bullish signals and the prevailing negative bias in MACD, traders should remain cautious. The support near the $0.49 mark will be crucial; a break below this could intensify selling pressure, while any move upwards will need to surpass recent highs around $0.50 to regain a bullish outlook.
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