XRP Chart Analysis
XRP price has been below the 50-day and 200-day simple moving averages (SMA) for a while. Although this does not indicate a bullish trend for XRP, it has stayed in the consolidation zone for the last 2.5 months, forming a strong support base. The relative strength index (RSI 14) is below the midpoint of 43 and struggles to stay above the 50 level, occasionally rising above this level briefly in the past.
The RSI line (purple) is also above its moving average (yellow), indicating some support around the 40 level. According to Coinalyze data, XRP’s Open Interest (OI) increased by 9.7% last week, indicating money flowing into XRP. Additionally, XRP’s daily trading volume rose by 9% in the last 24 hours to $921 million, signaling investor interest.
XRP has enough room to rise and reclaim $0.6 but may face resistance around $0.51 and $0.54. On the other hand, $0.45 forms a strong support barrier, and below this, XRP can find additional support at $0.42 and $0.38 levels.
What’s Happening on the Ripple Front?
Furthermore, following the settlement between the SEC and Terraform Labs, Ripple wrote to the court explaining why they should not pay more than $10 million in fines according to the Terraform Labs settlement. Following this move, the SEC reduced the proposed fine from $2 billion to $102.6 million. However, Ripple insists on a maximum of $10 million. The case has already entered the trial phase and may cause volatility in the XRP price.
