XRP (XRP) price rallied 16% less than 24 hours after news that Ripple’s legal dispute with the US Securities and Exchange Commission (SEC) could end made headlines on March 19. However, XRP has shed half of its gains over the past two days, losing position below an important level at $2.50.
XRP rally continues to be spot-driven
XRP matched its all-time high of $3.40 on Jan. 16 as soaring spot buy volumes provided a sustainable parabolic rally that lasted for weeks.
A similar outlook is taking shape again in the XRP market today. Data from Velo suggests that the aggregated spot tape CVD turned positive for the first time since late January.
XRP price and aggregated spot tape data. Source: Velo.chart
The aggregated spot tape cumulative trade delta indicator tracks the net difference between the aggressive buy and sell trades across multiple exchanges. When the indicator turns green and rises