In a surprising turn of events, Ripple’s XRP price has surged to its highest level since March 2022, with its price skyrocketing 96% in just one day. Ripple Labs Inc. has achieved a partial victory in a long-standing case following the Federal Court’s ruling which stated that the sale of XRP tokens on exchanges is not considered an investment contract.
In a recent tweet by KaikoData, a renowned analytic platform, it was revealed that XRP has overtaken BTC in trading volume, capturing 21% of all crypto trade volume:
#XRP has surpassed #BTC as the highest volume asset 👀
— Kaiko (@KaikoData) July 17, 2023
Since last week's court ruling, 21% of all crypto trade volume has been for XRP. pic.twitter.com/OLdTQrk1kO
The ruling has sparked a renewed interest in XRP, with trading volumes surpassing $2.5 billion last week, marking the highest level since September 2022. Furthermore, XRP perpetual futures open interest on derivatives exchanges has also reached a new all-time high, signaling bullish sentiment among investors.
XRP, currently ranked as the fourth-largest cryptocurrency by market capitalization, is trading at a price of $0.7411 with a 24-hour trading volume of $3,617,726,215. Over the past 24 hours, XRP has experienced a price decrease of 0.64%. The cryptocurrency has a market cap of $38,938,641,266 USD and a circulating supply of 52,544,091,958 XRP coins.
The Moving Average Convergence Divergence (MACD) indicator further confirms the bearish sentiment. With a MACD line of -0.00401 and a signal line of 0.01151, the MACD line is below the signal line, indicating a potential bearish crossover. This implies that selling pressure is increasing, and a further downward movement could be expected in the near term.
The Relative Strength Index (RSI), which measures the momentum of price changes, is currently at 44.83. Although it is not in oversold territory, it indicates a moderate bearish sentiment. However, it is essential to monitor the RSI closely for any potential signs of a bullish reversal or an oversold condition.
