XRP's consolidation around $2 could trigger a big move: What's Next for

XRP has regained market attention after the SEC cut its recent penalty on Ripple. This has led to an increase in open interest for XRP, despite the overall pessimistic sentiment of the market. Some on-chain indicators have turned positive, suggesting that the current phase of consolidation may be coming to an end. Analysts predict XRP price is likely to recover, led by bullish consolidation around $2. XRP Faces $8 Million Liquidation Amid Consolidation The XRP price is struggling to confirm a clear direction, as buying and selling pressure intensifies around the $2 mark. This led to a period of strong consolidation on the price chart. Data from Coinglass shows that XRP has seen total liquidations of around $8.07 million over the past 24 hours, with buyers suffering larger losses, facing $6.58 million in liquidations. While sellers close about $1.49 million in short positions. Accumulation rates are expanding as analysts reveal that the accumulation phase for XRP price is longer than in previous cycles, suggesting that the market may just take longer to develop. As XRP continues its consolidated growth momentum, whales are also increasing their holdings. This could create a strong bullish momentum if XRP breaks out. Read Also: SEC vs Ripple Update: Motion to Temporarily Suspend Appeal Approved; What will be the price of XRP next? Additionally, recent positive developments regarding the SEC vs Ripple lawsuit have had a positive impact on the price of XRP. According to an update Wednesday from attorney James Filan, District Court Judge José Cabranes signed the court's order on April 16, halting the appeal by mutual agreement.

On the other hand, Brad Garlinghouse said Ripple could pay the SEC's settlement in XRP and calling the $50 million lower fine a big step. In an April 11 interview, he indicated that crypto rules in the United States appear to be improving. Ripple set aside $125 million for the case but will now retain most of that money. As a result, open interest increased by 20% in five days, with the long/short ratio now at 1.1. This shows that 52% of traders expect XRP to rise. What will the price of XRP be next? XRP price has fluctuated above the descending resistance line. However, buyers are finding it difficult to move the price above the EMA trendline. As of press time, the price of XRP trades at $2.07, down more than 2.1% over the past 24 hours.

The 20-day EMA ($2,10) is moving sideways and the RSI is near neutral, signaling a balance between buyers and sellers. This implies that the XRP price may continue to consolidate within a limited range. If the price falls below $2, sellers could take control, potentially pushing XRP down to $1.62 or even $1.30. The positive side is that if buyers can push the price above the 50-day SMA and hold there, XRP could rally to the resistance line at $2.6. However, sellers are likely to defend that level aggressively, as a breakout above this level could indicate a trend reversal.