XRP demonstrates solid positions amid high trading volumes and expectations of SEC ETF approval.
XRP Trading Volume and ETF Expectations
XRP is trading at $3.18, marking a 4.14% increase over the last 24 hours. Daily trading volume stands at $6.29 billion, signaling resilience in the cryptocurrency. The SEC is expected to decide on XRP ETF applications between October 18 and 25, which could have significant market implications.
Altcoin Demand and Its Impact on XRP
The Altcoin Season Index currently sits at 82, indicating capital inflow into non-Bitcoin assets. This trend could benefit XRP, especially considering developments in October. On-chain and derivative data show rising interest in XRP, with Futures Open Interest increasing to $8.51 billion.
Technical Analysis Indicators for XRP
Technical indicators reinforce a positive outlook for XRP's growth. Moving averages indicate that short-term trends are surpassing long-term ones. A breakout above the $3.05 resistance may signal further growth to $3.60, nearing XRP's all-time high.
In summary, XRP displays solid positions, and upcoming SEC decisions may ensure sustainable growth in the cryptocurrency amid growing interest in altcoins.
