Ripple’s XRP continues to be choppy. What’s the next likely price action?

6 months ago 77
PR Distribution

Ripple (XRP/USD) is trading for 0.4756 against the dollar. The value represents a 2% drop in the past day and a 5% increase in the last week. Despite the drop in XRP valuation by 2% to $23 billion, the token has registered a 54% increase in daily trading volumes to $1.4 billion.

Part of XRP trading activities could be tied to an increasing whale appetite. A transfer of 100 million XRP tokens worth more than $49 million was recorded three days ago. In addition, the number of XRP investors owning between 1 million and 10 million XRP is rising.

What could be driving whales to add more XRP is the developments in the Ripple – XRP case. Amid the legal tussle, Ripple is attracting support from major industry players. Some of them, including Coinbase and VeriDAO, have applied to be enjoined as friends of the court.

At the same time, the SEC has been faulted for trying to buy time after asking for a timeline extension. The regulator requested more time after several entities joined the case as amicus curiae. The case, projected to conclude in the first quarter of next year, is expected to boost XPR value. However, the daily technical chart shows moments of indecision among the investors.

XRP lack of directional movement to continue?

Source: TradingView

The daily chart above shows a clearly defined consolidation pattern in the price of XRP. The payment cryptocurrency has been locked between a low of $0.4447 and a high of $0.5114. The choppiness has remained in place since the end of September, with the press retracing to the support. Although the MACD indicator shows some bullishness, investors remain indecisive, As shown by a nearly neutral Stochastic Oscillator.

Concluding thought

Although a consolidation pattern often results in a major breakout, either way, none (breakout) is on the horizon. As it stands, investors should remain patient for a clear signal. The fundamentals around the Ripple SEC case are also a key factor in the next likely XRP price action.

Where to buy XRP


eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy XRP with eToro today is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy XRP with today

Share this article


Read Entire Article