xrp 🍀
XRP recorded a slight increase of 0.5% over the past 24 hours, bringing the price to $2.90. This limited rise came as a breather after a tough week during which the currency incurred losses of 10%. This improvement seems to be driven by renewed optimism regarding potential ETF products, along with notable purchases by whales, although the overall technical outlook remains cautious.
Regulatory Developments
The market witnessed a significant development, as the U.S. Securities and Exchange Commission (SEC) postponed its decision on several proposals to launch exchange-traded funds (ETFs) for XRP, pushing the deadline to October. While this delay postpones a potential bullish catalyst, it also prolongs the period of anticipation and interest in the currency in the markets.
Activity of Major Investors
Conversely, an important bullish signal emerged; whales accumulated about 900 million XRP within just 48 hours. This wave of buying reflects strong confidence in the current price levels and could provide additional support for the currency in the near term.
From a technical perspective:
The Relative Strength Index (RSI) dropped near the 45 level, indicating that the asset is approaching the oversold territory, which opens the door for a bullish rebound.
The price found support at $2.75, which is a pivotal area for the continuation of any positive momentum.