XRP shows price volatility amid rising trading volumes and legal developments.
Price Movement and Trading Volume
XRP has seen a 2.92% price decline in the past 24 hours, settling at $2.58. Attempts to breach the $2.70 resistance level have failed. Since early February, when the price hit $3.03, XRP has struggled to stabilize, briefly dropping to $2.10. Despite partially recovering to $2.77, renewed selling pressure keeps it within its current range. CoinGlass data shows a 9.72% reduction in open interest for XRP futures, while trading volume surged by 46.20% to $5.53 billion.
Legal Developments and Ripple's Impact
Brazil recently authorized the first spot XRP ETF, a significant milestone in the South American market. Meanwhile, the U.S. continues to experience delays. Legal issues surrounding Ripple's case with the SEC have attracted attention. Following the SEC's dismissal of charges against Coinbase, speculation about resolving Ripple's case has intensified. Lawyer Jeremy Hogan predicts the case could conclude by April or May. The SEC's recent halt of several investigations, including one into OpenSea, adds to the optimism.
Technical Analysis and Forecasts
XRP has been fluctuating within a 24-hour range of $2.52 to $2.61. Key support levels to watch are $2.50 and $2.40, where buyers may step in to prevent further downside movement. On the upside, resistance is found at $2.65 and $2.75. If XRP successfully breaks above these resistance levels, it could attempt to reclaim the $3.00 psychological level.
XRP continues its movement within a volatile market, where SEC decisions and market sentiment remain crucial factors.
