- XRP experiences a surge, breaking free from a symmetrical triangle despite ongoing speculations about SEC case appeals.
- While exchange outflows have decreased, the long/short ratio indicates market uncertainty.
Amidst the rampant speculation regarding potential appeals from the SEC, XRP successfully broke through the symmetrical triangle’s resistance level at $0.605. This movement reflects a bullish trend in altcoin price action.
The breakout signifies a rise in purchasing momentum, with investors capitalizing on the positive market movement. XRP’s resilience amidst regulatory pressures is creating buzz among investors.
XRP exchange outflows decline following the 24 September outflow spike
As per AMBCrypto’s examination of XRP exchange outflows, there has been a noteworthy outflow of assets from exchanges, indicating a shift in market sentiment.
Since that spike, a trend reversal has occurred, with XRP’s exchange outflows showing a substantial decrease. This reversal may imply that Ripple holders are gaining confidence, opting to hold onto their assets rather than withdrawing them from exchanges.
This could potentially fuel the ongoing price rally, as a reduced number of coins available for trade alleviates supply-side pressure.
Source: Cryptoquant
As a result of the significant outflow surge on 24 September, XRP has dominated social media discussions, with its social volume progressively increasing since then.
Source: Santiment
The long/short ratio decline as XRP market sentiment changes
Although XRP is thriving, not everything appears optimistic concerning the market indicators. The long/short ratio has seen a noticeable decline.
This decline suggests that there are fewer traders taking long positions in XRP, possibly due to the prevailing uncertainty regarding the SEC appeal’s outcome.
The mix of signals from the market, where the price surge contrasts with the more cautious sentiments among traders, presents a complex picture.
With the price increase juxtaposed against the more conservative sentiment among traders, the market is sending out mixed signals.
Source: Coinglass
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The current XRP rally was not highly anticipated due to the regulatory uncertainties and technical resistance.
However, market sentiment remains divided, with investors exercising caution. The sustainability of this rally will hinge on both technical factors and developments in the SEC case over the next few weeks.
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