- XRP faces recurring resistance in market cap, highlighting struggles to maintain higher levels.
- Technical indicators reveal bearish sentiment, with weak buying pressure and near-oversold status.
- The SEC lawsuit adds uncertainty for XRP, though Ripple’s legal team remains optimistic about appeals.
XRP’s market performance has had its highs and lows this year. Recent data shows a $5 billion drop in market capitalization after failing to break through a key resistance level. XRP’s market cap sits at $29.515 billion, a slight 1.99% increase from the previous day, amounting to an additional of $574.873 million.
However, the $34.306 billion resistance level has been challenging for XRP, leading to a 15.56% dip that wiped out $5.337 billion in value.
Technical indicators provide more context for XRP’s market sentiment. The MACD indicator signals bearish activity, with a negative MACD line around -6.809 million, suggesting weak buying pressure.
Meanwhile, the RSI reads at 44.66, placing XRP in a neutral stance closer to being oversold than overbought.
Recent Price Movements and Volume Surge
The current trading price of XRP is $0.5193, up 0.17% over the last 24 hours. This aligns with a slight growth in market cap of 0.27%, bringing the total to $29.53 billion.
However, XRP’s trading volume rose by 42.15%, reaching $1.25 billion. This rise in volume points to growing interest in XRP, potentially driven by shifting market patterns or increased investor sentiment.
XRP experienced a volatile trading session with noticeable price drops in the late hours, followed by a slight recovery from around 4 AM.
Regulatory Challenges and XRP’s Price
The price decline has been linked to the SEC lawsuit against Ripple Labs. The SEC alleged that XRP sales were unregistered securities, leading to a price drop and stagnation. Judge Analisa Torres ruled last year that XRP sales are not securities, a decision seen as a partial victory for Ripple.
Ripple’s Chief Legal Officer Stuart Alderoty expressed confidence that the SEC’s appeal will not change XRP’s legal standing.
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