XRP Has Regained Market Attention Following the Recent Slash in Ripple's Penalty by the SEC

This has led to a rise in open interest for XRP, despite the overall market's bearish sentiment. Several on-chain indicators have turned positive

Recently, XRP has returned to the market’s attention after the SEC slashed Ripple’s penalty. This has led to an increase in open interest for XRP, even amid the overall bearish sentiment in the market.

Several on-chain indicators have also begun to turn positive, suggesting that the current consolidation phase may be coming to an end. As a result, analysts are now anticipating a rebound in XRP’s price, which could be fueled by increased accumulation around the $2 level.

XRP Faced $8 Million Liquidation As The Coin Pushed Up

XRP’s price has been struggling to confirm a clear direction as buying and selling pressure intensifies around the $2 mark. This has led to a period of strong consolidation on the price chart.

According to data from Coinglass, XRP saw total liquidations of approximately $8.07 million over the past 24 hours, with buyers taking the bigger hit, facing $6.58 million in liquidations. While sellers closed around $1.49 million in short positions. The accumulation rate is extending as analysts revealed that the accumulation phase for the XRP price has been longer than in previous cycles.

This may indicate that the market is simply taking more time to develop. As XRP continues its consolidated momentum, whales are also increasing their holdings. This might create a strong upward push if XRP breaks out of its consolidation phase.

Additionally, recent positive developments regarding the SEC vs Ripple lawsuit have had a positive influence on the cryptocurrency.

According to a Wednesday update from lawyer James Filan, Circuit Judge José Cabranes signed the court order on April 16, putting the appeal “in abeyance,” or on hold, by mutual agreement.

On the other hand, Brad Garlinghouse said Ripple might pay its settlement with the SEC using XRP and called the lower $50 million fine a big step forward. In an April 11 interview, he pointed out that crypto rules in the U.S. seem to be improving. Ripple had put aside $125 million for the case but will now keep most of that money.

As a result, the open interest jumped by 20% in five days, with the long/short ratio now at 1.1. This shows that 52% of traders expect XRP to rise.

XRP Price Analysis

XRP price has been trading above the descending resistance line. However, buyers are struggling to send the price above the EMA trend lines. As of writing, XRP price trades at $2.07, declining over 2.1% in the last 24 hours.

The 20-day EMA ($2.10) is flat, and the RSI is close to neutral, indicating a balance between buyers and sellers. This suggests that XRP price might continue to move in a range-bound manner.

If the price drops below $2, bears might take control, potentially pushing XRP down to $1.62 or even $1.3.

On the upside, if buyers can push the price above the 50-day SMA and maintain it there, XRP could rise toward the resistance line at $2.6. However, sellers are likely to defend that level as a breakout could indicate a trend reversal.