XRP (XRP) prices rose below 16% in less than 24 hours on March 19th after Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC) could end. However, XRP has reduced half its profits in the last two days, losing $2.50 below the important level.
The XRP Rally remains spot-driven
XRP offered a sustainable parabolic rally on January 16th, coinciding with a record high of $3.40, with soaring spot purchases lasting weeks.
A similar outlook is taking shape again in today’s XRP market. VELO data suggests that the first compiled spottape CVD tested positive since late January.
XRP prices and aggregated spot tape data. Source: Velo.Chart
Aggregated Spot Tape Cumulative Trading Delta Indicator tracks the net difference between aggressive buy and sales transactions across multiple exchanges. Once the indicator turns green and exceeds zero, the buying pressure increases as the market buy items exceed the selling transaction. This upward trend reflects a sustained buyer attack, causing price increases.
XRP prices, open interest, and aggregated premium data. Source: Velo.Chart
The negative, aggregated premium on open profits implies that the futures market continues to subscribe to XRP price increases. This means that the current situation is a conflict between bullish spots and bearish cries.
Related: Why is the Crypto market going down today?
XRP can first tag $2 before chasing new highs
Anonymous Crypto trader Credibull Crypto hints that XRP is on track at an all-time high above $3.40 in the coming weeks, but Crypto Asset could potentially re-released its low of around $2 before it hits an uptrend.
Using the power of three technology setups, traders said XRP is currently in the accumulation range. This is expected to last a period of operation. During this period, prices could potentially draw liquidity between $1.80 and $2.
Market analyst Dom said XRP’s highest mass-weighted average price (VWAP) of all time remains the bullish threshold for XRP, and that AltCoin must be “stable” at the $2.50 level.
XRP analysis by DOM. Source: X.com
Immediate directional bias is difficult to predict, but XRP’s long-term market structure remains “constructive”, with one of the extreme ranges in the $3 and $2 ranges, which should be violated over the next few days.
From a technical standpoint, the XRP can avoid a $2 dip if it establishes bullish near the price of more than $2.65. This creates a positive break in token-positive structure (BOS).
XRP 4-hour chart. Source: CointeLegraph/TradingView
On the contrary, if it falls below $2.23, XRP’s recent price action will be void, regaining the overall bearish trend. To be a higher trend in the next few days, you will need to keep your position above the tilt support (black trend line).
Despite bullish spot activity, XRP prices remain without any critical trend changes. The market drifts with sideways integration, while bulls and bears are trapped in a tug of war for control.
Related: The XRP price chart shows a 75% profit as the SEC ends its lawsuit against Ripple.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
