After reaching $0.56 on October 17, XRP has seen a downturn, with its price dipping to $0.51, a level last recorded on October 3. However, this support zone has held strong, and XRP has rebounded to $0.5305.

This rise represents a modest 0.52% increase compared to the previous day. The ongoing Ripple-SEC legal battle is a primary driver of volatility for XRP, creating tension among investors.

Ripple co-founder Chris Larsen recently missed a crucial deadline to file documents in the Ripple-SEC case. Legal expert Mark Faguel warned that if Larsen’s team does not submit the necessary documents by November 5, he could lose the chance to present his arguments. This misstep could weaken Larsen’s defense; however, Ripple’s overall position remains unaffected.

Ripple’s Chief Legal Officer, Stuart Alderoty, assured investors that Ripple will meet its October 25 deadline to file an important brief. Ripple plans to challenge the SEC’s stance on Judge Analisa Torres’s ruling regarding institutional XRP sales, a process that could extend the case until mid-2025.

On-Chain XRP Data Shows Bearish Sentiment

On-chain data for XRP indicates a slightly bearish outlook, with decreasing wallet activity and fewer transactions. According to XRPScan, the number of newly created accounts dropped from 3,707 on October 20 to 1,306. Transaction volumes have also fallen from 1.704 million to the current 712,468, reflecting a lower interest in the token amid regulatory uncertainty.

Future Outlook for the XRP Market

The daily TradingView chart shows XRP rebounding from the $0.51 low. The Relative Strength Index (RSI) suggests growing bullish sentiment and sits at 41.85, indicating room for further upward movement.

This scenario could lead XRP to test the 23.6% Fibonacci level at $0.5410, with a close above the 200-day Simple Moving Average at $0.5386 being crucial for sustained growth.

If XRP breaks above this level, it may continue toward $0.5629, aligning with the 38.2% Fibonacci level. Conversely, if market sentiment shifts, XRP could return to its $0.51 low and potentially fall below that level.


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