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Ripple (XRP/USD) is trading at 0.4756 against the dollar. This value represents a 2% decrease in the past day and a 5% increase in the last week. Despite XRP’s valuation dropping 2% to $23 billion, the token’s daily trading volume increased 54% to $1.4 billion.
Some of the trading activity in XRP may be related to the whale’s increased appetite. His transfer of 100 million XRP tokens worth over $49 million was recorded three days before him. Additionally, the number of XRP investors holding 1-10 million XRP is increasing.
What is driving the whales to add more XRP is Ripple XRP CaseAmid the legal battle, Ripple has attracted support from key industry players. Some companies, including Coinbase and VeriDAO, have applied for court friend injunctions.
At the same time, the SEC has been accused of trying to buy time after asking for a timeline extension. Regulators demanded more time after several groups joined the case as barristers. The lawsuit, which is expected to close in the first quarter of next year, is expected to boost the value of XPR. However, daily technical charts show moments of indecision among investors.
Source: Trading View
The daily chart above shows a well-defined consolidation pattern for XRP price. Payment cryptocurrencies are locked between a minimum of $0.4447 and a maximum of $0.5114. The volatility has continued since the end of September, and the media has returned to support. The MACD indicator shows some bullishness, but investors remain indecisive, as the near-neutral Stochastic Oscillator shows.
Integration patterns often lead to big breakouts, but breakouts aren’t imminent either way. As things stand, investors should wait for a clear signal. The fundamentals of the Ripple SEC case are also a key factor that is likely next. XRP price action.
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