XRP is currently trading in a narrow range, indicating a period of consolidation among investors that could precede a significant price movement.
Despite uncertainty surrounding the token’s future, market experts are optimistic about a potential bullish breakout driven by network advancements and legal victories.
Investors are closely monitoring XRP’s price as it hovers around its 20-day average, with neither bulls nor bears able to take control, leading to uncertainty regarding the token’s next direction.
Speculation has arisen following the approval of Bitcoin and Ethereum spot ETFs, suggesting that XRP may be the next in line for approval from the U.S. SEC. However, with Ripple involved in a legal battle with the SEC over XRP’s status, experts are skeptical about institutional support for an ETF filing and the SEC’s potential approval.
Despite the ongoing legal case, Ripple’s CEO has expressed confidence in the market welcoming an XRP ETF by 2025, implying a resolution to the current legal issues by the end of this year.
The legal case is a major factor hindering XRP’s rally compared to its peers, with legal experts believing that Ripple will likely emerge victorious or reach a fair settlement. With upcoming changes in leadership at the White House and the SEC, this outcome seems probable.
At the time of writing, XRP is trading at $0.48, experiencing a 7% drop in the last 24 hours and an 8% decline on the weekly chart, following a market-wide trend influenced by Bitcoin’s recent 2.5% drop below $70,000.
Technical indicators for XRP’s price direction are mixed, with the RSI and MFI suggesting consolidation while the CMF indicates a potential capital flight from XRP, which could signal a price decrease.
Trading activity in XRP futures has increased significantly this month, with open interest rising by 7% to $661 million, indicating growing investor interest. Whale activity has also surged, with over 218 million coins traded within 24 hours, reflecting strong interest from large investors and a positive long-term outlook for XRP.
