- 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.
Source: TradingView
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.
Source: CoinMarketCap
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.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
