XRP price has remained awkwardly stable after it slipped to $0.52 last week following the U.S. SEC filing an appeal against a court judgement which cleared the token from charges that it was an unregistered security.
Over the last seven days, XRP price has remained mostly stagnant. There is minimum volatility in the price as it continues to trade between $0.52 and $0.53.
While on Monday, XRP did try to breach the resistance at $0.54 levels, the token price faced a minor rejection. Currently, it is trading at $0.53. Contrary to what many had expected, XRP price has shown resilience and has not dropped any further in the aftermath of SEC’s appeal..
Source: Trading View
XRP Price Consolidation
With nearly one week of consolidation, XRP price could give a significant breakout leading the tokens’ price to cross the $0.66 mark, the highest it has been in the past 30 days.
However, for XRP to regain the losses and cross the $0.60 mark, $0.55 will act as an important resistance point.
On the downside, the token must hold above the $0.5 mark. Any further downward momentum in price could diminish the chances of a sustained upward momentum.
The dip in the trade volume is what’s keeping XRP from a breakout. According to CoinMarketCap, the cumulative trading volume of XRP across exchanges dipped by over 18% in the last 24 hours.
Whale Transfers 100m XRP Tokens
As reported by Whale Alert through a post on X, an XRP whale transferred 100,000,000 XRP tokens worth $53,057,027 USD to an unknown wallet. The whale movement in XRP could indicate that something big is brewing.
While the trigger for the recent drop in XRP price was the SEC’s appeal against a US court’s judgement in favour of Ripple Labs, it seems the impact has subsided.
Another XRP ETF Filed With The SEC
Amid all this, another company Canary Capital filed for an XRP ETF on Wednesday. This comes despite XRP facing legal hurdles. It clearly indicates that the confidence of institutional investors in the prospects of XRP have not dwindled.
Last week, another leading Bitcoin and Ethereum ETF issuer, Bitwise had filed for an XRP ETF.
Also, there are speculations that XRP and SEC could reach a settlement before the hearing. While it is not yet confirmed, such a settlement between Ripple and SEC could act as a catalyst propelling the XRP price.
