Ripple (XRP/USD) is trading at 0.4756 against the dollar. The value represents a 2% decrease in the past day and a 5% increase in the past week. Despite the 2% drop in XRP valuation to $23 billion, the token has registered a 54% increase in daily trading volumes to $1.4 billion.
Some of XRP trading activity could be linked to increasing whale appetites. Three days ago, a transfer of 100 million XRP tokens worth more than $49 million was registered. In addition, the number of XRP investors is increasing by between 1 million and 10 million XRP.
What could drive whales to add more XRP are developments in the Ripple – XRP Enclosure. Amid the legal battle, Ripple is drawing support from major industry players. Some of them, including Coinbase and VeriDAO, have applied to be ordered as friends of the court.
At the same time, the SEC has been accused of trying to buy time after asking for a timeline extension. The regulator asked for more time after several entities joined the case as amicus curiae. The case, which is expected to close in the first quarter of next year, is expected to increase the XPR value. However, the daily technical chart shows moments of indecision among investors.
XRP lack of directional movement to continue?
The daily chart above shows a clearly defined consolidation pattern in the price of XRP. The payment cryptocurrency is locked between a low of $0.4447 and a high of $0.5114. The jerkiness has persisted since late September as the press pulls back on support. While the MACD indicator is showing some bullishness, investors remain indecisive, as evidenced by a nearly neutral Stochastic Oscillator.
While a consolidation pattern often results in a major breakout, there is no (breakthrough) on the horizon anyway. As it stands, investors need to be patient for a clear signal. The fundamentals surrounding the Ripple SEC case are also a key factor in the next likely XRP price action.
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