XRP awaits SEC update: Increased XRPL activity, price stuck in limbo

Ripple’s XRP remains near the key $0.50 mark amid speculation over updates in the ongoing SEC lawsuit. Today’s trading sees the cryptocurrency stalled near this price point, reflecting market sentiment related to legal battles and increased activity on XRPL.

Despite the volatility, XRP managed to rise 0.37% over the past day, essentially holding its position despite the broader market uncertainty. Additionally, the bitcoin market is closely following updates in the ongoing legal dispute between Ripple and the SEC. Market participants believe that future updates could have a significant impact on the value and adoption of XRP in financial systems.

Notably, XRP locked in XRPL’s DeFi protocols has increased. According to cryptocurrency enthusiast Bill Morgan, the total locked XRP rose from 5.1 million to around 5.9 million in just six days. This growth reflects increased participation and confidence in the capabilities and future prospects of the XRP Ledger.

In 6 days, the total locked XRP increased from 5.1 million to nearly 5.9 million. A dramatic increase. https://t.co/7OcYzDwc4v pic.twitter.com/maUwEQvbvJ

– Bill Morgan (@Belisarius2020), June 9, 2024

This increase in locked assets could indicate strong commitment from the XRP community and a positive outlook on the functionality of the ledger in an environment of regulatory scrutiny. It also highlights the potential of the ledger to facilitate secure and efficient transactions within its ecosystem.

XRP’s recent price action shows a consolidation pattern with a slight downtrend, currently hovering around the $0.495 level. In recent days the price has shown small fluctuations without breakthroughs, suggesting a period of uncertainty among traders. The Moving Average Convergence Divergence (MACD) indicates bearish sentiment as it remains below the signal line, with the rising histogram suggesting increasing selling pressure. If prolonged, this could lead to further price declines.

Additionally, the Relative Strength Index (RSI) is hovering around 38, close to oversold territory but still indicative of bearish momentum. This level often suggests that the asset may be undervalued and that a potential reversal could occur if it falls further towards or below the 30 mark.

Source: TradingView

However, given the lack of strong bullish signals and the prevailing negative trend in the MACD, traders should remain cautious. Support near the $0.49 mark will be crucial; a break below this level could intensify selling pressure, while any move higher will need to clear recent highs around $0.50 to regain a bullish outlook.

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 using any content, products or services mentioned. Readers are advised to exercise caution before taking any action regarding the company.

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