Insights on XRP Market Performance
Experiencing a 1.26% decline on Friday, XRP continued its losing streak in the crypto market. Despite a brief rebound in net inflows for BTC-spot ETFs, the overall sentiment remains subdued, with XRP underperforming amid uncertainties over the SEC v Ripple case.
Impact of BTC-Spot ETF Market Flow Data
This week saw a drop in BTC-spot ETF market inflows, causing restlessness among investors. The fall from recent highs affected Bitcoin’s performance and subsequently impacted the broader crypto market.
On February 21, net outflows in the BTC-spot ETF market were reported for the first time since January, with subsequent days struggling to match previous levels. BTC, in particular, faced a 1.09% dip on Friday, mirroring market-wide losses, fueled by ongoing SEC-related uncertainties.
SEC v Ripple: Continuing Confusion Surrounding Appeal Plans
Despite a lack of updates, investors eagerly anticipate the outcome of the SEC v Ripple case. An ongoing saga since July, when Judge Analisa Torres questioned the Programmatic Sales of XRP, leading to SEC’s motion to appeal, which was later rejected. Dropping charges against Ripple executives only added to the case’s complexity.
However, recent SEC’s references to the Terraform Labs ruling during the Coinbase case hinted at further complications. With ongoing investigations within the SEC, including reports of crypto conflicts of interest, the landscape remains uncertain.
XRP’s Price Movement Analysis
Weekly Chart Overview
Analysis reveals XRP struggling below key EMAs, signaling a bearish trajectory. Opportunities for an upward move depend on overcoming resistance levels, while a drop below support levels could indicate a further decline.
Daily Chart Updates
Amidst bearish trends, XRP needs to breach critical resistance to reverse its negative trajectory. Market flows and legal developments are pivotal in determining the future price action of XRP.
4-Hourly Chart Insights
The short-term outlook for XRP indicates a need to surpass key EMAs to shift bearish trends, with support and resistance levels guiding potential price movements.
This article was originally posted on FX Empire
More From FXEMPIRE:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
