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  • XRP price dropped to $0.62 on Friday as holders took $368.79 million in profits in the past week. 
  • SEC v. Ripple lawsuit deadline for the regulators remedies-related opening brief is March 22. 
  • XRP trade volume observed a spike several times this week as on-chain activity in the altcoin peaks. 

XRP price dipped to $0.62 on Friday. The altcoin has sustained above the psychologically important $0.60 level despite profit-taking activities of the altcoin’s holders. A key deadline in the SEC v. Ripple lawsuit is approaching. 

Also read: XRP price drops below key support ahead of SEC’s remedies-related brief in Ripple lawsuit

Daily Digest Market Movers: XRP holders engage in profit-taking activities in March

  • XRP holders have taken $370 million in profits in the past week, since the beginning of March 2024.
  • According to on-chain data from Santiment, XRP holders have taken profits consistently throughout March, as the altcoin climbed to a peak of $0.6685. 

XRP

Network Realized Profit/Loss. Source: Santiment 

  • XRP has noted a spike in its on-chain activity, an increase in Active Addresses and Whale transactions valued at $100,000 and higher, several spikes within the past week. 

XRP Active Address

XRP Active Addresses and Volume. Source: Santiment 

  • The SEC v. Ripple lawsuit has an important deadline for the opening brief in the remedies-related discovery on March 22. 
  • The altcoin has seen a decline in its price despite rising demand from trades, likely in response to the selling pressure from the profit-taking activities of traders. 

Technical Analysis: XRP price could sweep lows before recovery

XRP price could sweep the $0.57 low, represented by the 50% Fibonacci retracement level of the rally to its 2024 high of $0.6685. The altcoin could rally towards its December 2023 peak of $0.70 if it flips the $0.66 level from resistance to support. 

The Moving Average Convergence/ Divergence (MACD) indicator and the Awesome Oscillator (AO) suggest that a sweep of support at $0.57 is likely before the altcoin begins recovery. 

XRP

XRP/USDT 1-day chart 

A daily candlestick close above the 78.6% Fibonacci retracement level at $0.62 could invalidate the thesis of a sweep of support and XRP price could rally towards its December 2023 high.

Crypto ETF FAQs

An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.

Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.

Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.


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