After a long consolidation, the price action of the XRP changes rapidly, in which the technical pattern is more reverse.
A report by Singapore -based blockchain firm Matrixport suggests that the relative power index is hovering near 40%, leaving space for a possible growth. The firm stated that in the past, XRP (XRP) has often ralled when the RSI is around this level, usually close to 70%resistance.
https://twitter.com/matrixport_en/status/18917595628077705986
Matrixport also notes that further benefits can depend on regulatory development. If the SEC takes another look at its case against Ripple Labs under the new administration, then there may be more space to run the XRP, the firm says.
“In the recent rebound, it may be further reverse, especially if the SEC re -presents its legal case against Ripple Labs under the new US administration. Currently with RSI near 40%, the technical setup appears favorable for the possible rally. ,
Matrixport
The market figures of Coinalyze have an open interest in the XRP forever and the futures contract declined by more than 3.5% to $ 1.8 billion in the last 24 hours.
This suggests that some traders are taking back beneficial positions, either to lock in profits or manage risk. This may also mean that the speculative trade is getting cold after the recent value jump. But if the open interest starts climbing again with the price profit, it may be an indication that the speed of boom is increasing.
As the press time, the largest part of the open interest is $ 783 million, followed by the binance $ 724 million.
Meanwhile, SEC has officially accepted the filing of Grassscale for a spot XRP ETF, which begins the review process that can bring the fund to the market later this year. Subsequently, the agency is expected to review applications from other firms, which jumped after Grassscale. So far, Bitwaiz, 21 Sheer, Canary Capital and Wisdomantry have all filed their proposals and are waiting for SEC to take the next step.
At the time of writing, XRP is trading at 2.76% $ 2.59.
