The price of XRP has been making waves, with technical patterns suggesting a possible “potential rally.” Oh, the excitement!
According to a report from Matrixport, a blockchain firm based in Singapore, the Relative Strength Index (RSI) is currently hovering around 40%. In the past, XRP has been known to “rally like a billy goat” when the RSI is at this level, typically encountering resistance near the 70% mark.
“The recent rebound could have further upside, particularly if the SEC revisits its legal case against Ripple Labs under the new U.S. administration. With the RSI currently near 40%, the technical setup appears favorable for a potential rally.”
– Matrixport, sounding more excited than Bertie Wooster after a successful polo match
However, further gains could hinge on regulatory developments. If the SEC decides to take another look at its case against Ripple Labs, XRP could have even more room to run. But, as we all know, red tape can be as frustrating as a game of golf with Aunt Dahlia.
Meanwhile, market data from Coinalyze shows that XRP’s open interest in perpetual and futures contracts has dropped by over 3.5% in the past 24 hours to $1.8 billion. Some traders are scaling back their leveraged positions, either to lock in profits or manage risk. But, if open interest starts climbing again alongside price gains, it might be a sign that the bullish momentum is picking up.
As of writing, Bybit holds the largest share of XRP open interest at $783 million, followed by Binance at $724 million. It’s a bit like a game of cricket, with exchanges trying to outdo each other in the race to the top.
In other news, the SEC has officially acknowledged Grayscale’s filing for a spot XRP ETF, setting the stage for a potential review process. Could this be the start of something big, or just another false alarm like a distant rumble of thunder on a summer’s day? Only time will tell.
At the time of writing, XRP is trading down 2.76% at $2.59. Will it soar like a bird or sink like a stone? Only the ghost of J.P. Morgan knows for sure.
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2025-02-18 13:18