As a seasoned crypto investor with a decade of experience under my belt, I’ve learned to navigate the rollercoaster ride that is the cryptocurrency market. The recent surge in XRP trading volumes has piqued my interest, particularly given the ongoing legal battle between Ripple and the SEC. While I’m not one to make predictions, I must admit, the timing of this increase seems too coincidental to ignore.
Over the past day, there’s been a significant surge in the trading activity of XRP, the seventh-largest digital currency by market value. In fact, this surge amounts to more than 40%!
Based on information from CoinMarketCap, the trading volume for XRP stands at approximately $1.26 billion, equivalent to around 2.43 billion XRP coins. This represents an uptick of about 42.29% compared to the previous day.
The rise in price occurs alongside a new development in the ongoing Ripple-SEC legal case, which is currently being appealed. In the past week, the SEC has requested January 15, 2025, as the due date for submitting their main argument in the ongoing appeal process.
In a recent tweet, James K. Filan updated the XRP community on the SEC request, which has now been granted.
On Twitter, Filan posted that the Second Circuit Court of Appeals has issued an order requiring the submission of the SEC’s brief no later than January 15, 2025.
This pronouncement regarding the appeals process in the Ripple lawsuit could have sparked heightened trading action, as investors ponder over possible outcomes and future implications for the XRP value, stirring conjecture among market participants.
Crypto market faces $293 million sell-off
The surge in XRP trading activity aligns with a massive market sell-off, resulting in Bitcoin dipping below the $70,000 threshold.
Currently, the value of cryptocurrencies is being traded at a lower level. The total market cap of all cryptos has decreased by 3.12%, amounting to approximately $2.35 trillion in value worldwide.
In the past day, there were significant crypto future liquidations totaling around $293 million. Out of this amount, about $249 million was from long positions. Moreover, over $110 million worth of leveraged bets have been forced to close in just the last 12 hours.
Currently, at this moment, XRP was seeing a decrease of 0.12% over the past 24 hours, with its value at approximately $0.517. After two consecutive days of declines, XRP managed to bounce back from a low of $0.50 and reached $0.523 during today’s trading activities.
As I analyze the current market trends of XRP, I observe a notable resistance at around $0.53, suggesting that sellers are capitalizing on any upward momentum. If, unfortunately, the price of XRP drops and dips below $0.50, it could be a sign that bears are still controlling the market. In such a scenario, there’s a possibility for XRP to slip even lower than its current support range between $0.46 and $0.41. However, bulls may potentially re-enter the game at these levels in an attempt to regain control.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- FIS PREDICTION. FIS cryptocurrency
- POWR PREDICTION. POWR cryptocurrency
- EUR ARS PREDICTION
- ULTIMA PREDICTION. ULTIMA cryptocurrency
- Pokemon Fan’s Wife Finds Perfect Use for Their Old Cartridges
- BTC PREDICTION. BTC cryptocurrency
- Marvel Rivals Shines in its Dialogue
- EUR CAD PREDICTION
2024-11-01 16:08