Bitget App
Trade smarter
Buy cryptoMarketsTradeCopyBotsEarnWeb3

XRP: Mixed Bag – Price Down, Buying Up?

CoineditionCoinedition2024/05/20 14:13
By:Coin Edition
  • XRP price dips, but trading volume soars
  • Mixed signals: neutral sentiment, narrow range
  • SEC lawsuit casts shadow, buying pressure persists

The price of Ripple’s XRP token is currently trading at $0.5144, having dipped 1.21% in the past 24 hours. However, trading volume has surged by a significant 62.96% to $772.3 million, reflecting heightened market activity. The daily range for XRP has fluctuated between $0.5075 and $0.5208. Its market capitalization currently stands at $28.44 billion.

On-chain data reveals interesting trends among XRP holders. The cohort holding between 100,000 and 1 million XRP now controls 11.01% of the total circulating supply. Conversely, the holdings of addresses within the 10,000 to 100,000 group have decreased, accounting for 11.27%. The number of active addresses within a 24-hour period reached a peak of 35,000 on May 18th before dipping to 33,100.

This recent decline in active addresses coincides with the ongoing SEC vs Ripple lawsuit . The lawsuit centers around two key issues: potential fines for allegedly selling unregistered securities (XRP) to institutional investors and a potential injunction on Ripple’s On-Demand Liquidity (ODL) platform, which clients use to manage liquidity.

Looking at the 24-hour price chart for XRP, the Relative Strength Index (RSI) currently sits at 46.74. This level suggests that XRP is neither overbought nor oversold, indicating a neutral market sentiment. The market may be consolidating before a potential price swing. Additionally, the Accumulation/Distribution Line (A/D Line) sits at 58.96 billion, reflecting significant buying pressure in recent periods and hinting at underlying bullish sentiment.

XRP/USD 24-hour price chart source: (TradingView)

Shifting to the 4-hour price chart, XRP presents mixed signals. The Bollinger Bands, with an upper band at $0.5293 and a lower band at $0.5088, suggest a narrow trading range for XRP, implying reduced volatility. The current price hovers near the middle band, aligning with the 20-period Simple Moving Average (SMA) at $0.5191. This consolidation phase could indicate a period of price stability before a potential breakout or further decline.

The Chaikin Money Flow (CMF) indicator currently sits at 0.17, a positive value suggesting that buying pressure is slightly outweighing selling pressure. A CMF above zero typically signifies accumulation, reflecting that traders are entering long positions. This positive CMF reading suggests underlying buying interest, which could support XRP’s price in the near term.

XRP/USD 4-hour price chart source: (TradingView)

Overall, XRP’s current market situation presents a mix of volatility and stability. The increased trading volume and significant buying pressure indicate active trading, while the ongoing SEC lawsuit continues to weigh on investor sentiment.

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.

0

Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.

You may also like

GameStop (GME.N) surged 90% before the market opened

Cointime2024/06/03 08:10

Musk: Will spend at least $9 billion to buy 300,000 Nvidia AI chips

Cointime2024/06/03 08:10

Vitalik: "Games" is now often understood as "gambling", and the term "e-sports" refers to truly interesting games

Cointime2024/06/03 07:52

Solana on-chain DEX transaction volume exceeded US$700 million yesterday

Cointime2024/06/03 07:34

‌Spot copy trading

More
AIOnline
AIOnline
insight1000/1000
9359.81%
ROI
Total profit $47735.04
WhaleGo_YouTube
WhaleGo_YouTube
insight500/500
1269.4%
ROI
Total profit $3685.87

Bot copy trading

More
BGUSER-FFF8CNJ4
BGUSER-FFF8CNJ4
insight8/150
$7892.34
Total profit
Total subscriber profits $210.93
TopTrader85
TopTrader85
insight150/150
$13284.03
Total profit
Total subscriber profits $137.16