CoinDesk reports:
Despite a surge in trading volume by 19.53% over 24 hours, XRP faces bearish sentiment amid ongoing legal issues. Technical patterns indicate potential for an upward trend, but legal uncertainties significantly impact XRP’s price.
Struggling amidst continued legal disputes between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), XRP’s current trading price, according to CoinMarketCap, stands at $0.4802, reflecting a slight 0.31% increase over the past day.
Simultaneously, its market cap stands at $26,738,837,168, with a 0.32% rise, maintaining XRP’s position as the 7th largest cryptocurrency. Trading volume has surged by 19.53% to $924,854,796.
Market Sentiment on XRP:
Analyst Avon Marks recently highlighted on Twitter the potential for significant price volatility in XRP. According to his analysis, XRP has formed a symmetrical triangle or Pennant pattern with decreasing volume, suggesting a continuation of the previous upward trend.
Marks pointed out,
“Yes, you may have seen similar pattern setups on $XRP multiple times before, but the way prices are spiraling up/forming, combined with their origins (historical data) and high trading volume, plus confirmed hidden bullish divergences, something big could really be on the horizon.”
The Relative Strength Index (RSI) has consistently hit lower lows while prices form higher lows, indicating a hidden bullish divergence. This pattern could imply a return
