- XRP price action was slightly bullish at press time
- Lack of demand meant the altcoin’s path north could be slow
The U.S. Securities and Exchange Commission filed its final appeal on Thursday. The appeal seeks to overturn parts of the ruling in favor of Ripple and XRP in July 2023. This, although the SEC is now not challenging the ruling that the sale of not a sale of securities.
The impact of this call on the price was negligible. For the most part, XRP has been trading between $0.52 and $0.62 since July. This trend has not changed and at press time the token was still in the consolidation phase.
Positive reaction could encourage XRP buyers
Source: XRP/USDT on TradingView
XRP’s market structure was technically bullish, but the smaller range between $0.52 and $0.62 meant that this fact was not very significant. Defending the $0.52 level in October could have been the trigger traders were looking for to go long.
Buying volume has been low in October, even though XRP is up 8% from its lows. The OBV presented this finding and held on to a support level from August onwards. The CMF has indicated strong selling pressure over the past twenty periods since its calculation takes into account the strong rejection of the $0.665 level.
The daily RAI was just below the neutral 50. Overall, swing traders may choose to go long depending on price action, but strong demand appears absent. There is a good chance that other large-cap altcoins will outperform XRP in the coming days or weeks.
Derivatives data did not support the bullish scenario
Source: Coinglass
Open interest stood at $772 million, a level it has remained at most of the time since July. A price movement beyond $0.62 would attract more speculators, as was the case in late September.
Source: Coinglass
A news event may be needed to catalyze a true breakout past resistance at $0.62. In fact, the 3-month retrospective liquidation heatmap revealed that the $0.667 level would be the next target in such a scenario.
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Looking at the heatmaps of the lower time frames, the $0.52 and $0.57 levels appear to be the nearby magnetic zones that could force the reversal of near-term price trends.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
