XRP is drawing market attention again after a reduction in its penalty from the SEC, leading to an increase in open interests and positive signals for investors.
XRP and Market Consolidation
XRP's price has faced strong fluctuations around the $2 mark, resulting in consolidation on the price chart. In the past 24 hours, total liquidations of approximately $8.07 million were reported, with buyers bearing the brunt of $6.58 million in liquidations.
Recent Developments in SEC vs Ripple Case
Positive updates regarding the SEC vs Ripple lawsuit have also influenced XRP's price. Judge José Cabranes signed an order putting the appeal on hold. Ripple CEO Brad Garlinghouse mentioned that the company might pay its $50 million settlement using XRP, marking a significant step forward.
XRP Price Forecast
Currently, XRP trades at $2.07, declining over 2.1% in the last 24 hours. If the price falls below $2, it may allow bears to take control. Conversely, if buyers can push the price above the 50-day moving average, XRP could rise towards the $2.6 resistance level.
Thus, following changes in the legal situation and active accumulation of XRP, the market sentiment is optimistic. The upcoming prices will depend on buyers' responses to resistance and the overall market situation.
