XRP The token’s trading volume increased by 240.21% to $1.84 billion in a remarkable period of the last 24 hours. While this intense activity continued, the price managed to gain 0.87% in value.
The reason for this movement is Ripple It appears to be linked to ongoing litigation between the SEC and the SEC. Today is the deadline for the SEC to respond to Ripple’s proposed remedies for its ongoing legal disputes.
As reported by Koinfinans.com, XRP is traded at $0.5383. Despite price fluctuations, the market value increased by 0.78% during the day and was recorded as 29.7 billion dollars.
After the price reached resistance near the $0.57 region, it is attempting to retest the 50% Fibonacci level to form support. A successful test of resistance will help trigger a new rally. This means a move towards the 0.60 resistance. However, if the opposite scenario occurs, there is a high probability of a retreat towards the low levels of March.
From a technical perspective, the MACD indicator is positioned at 0.0054 and follows a downward trend, indicating that the upward momentum is weakening. This could indicate a market shift in the short term where bears begin to take control.
The MACD line fell below the signal line, signaling a possible decline. Reflecting the prevailing sentiment in the market, shrinking MACD histogram bars are approaching zero thresholds, indicating that buying momentum is waning and an imminent pivot towards selling pressure is occurring.
Consistent with these observations, the Relative Strength Index (RSI) has moved out of the overbought zone, declining correctively, signaling a possible price correction phase. Currently at 53.32 and below the signal line, the RSI indicates a potential downtrend as it approaches the neutral zone and continues to decline.
