Ripple's XRP has increased by 2% in the early Asian session due to rising accumulation among investors and a potential bottom signal in the MVRV Ratio. XRP investors have been accumulating the cryptocurrency in the past five days following the recent market crash. On-chain data shows minimal selling activity and increased accumulation. The 30-day MVRV ratio suggests a potential bottom, with XRP rallying over 60% in the past when it hit similar low levels. However, caution is evident in the derivatives market, with open interest declining by over 30%. The SEC acknowledged Grayscale's XRP ETF filing, and XRP saw $5.91 million in futures liquidations in the past 24 hours. XRP's current price trend indicates uncertainty among traders as it trades within a key rectangular channel. If XRP moves above key resistance levels, it could attract bullish bets. On the downside, breaching support could result in a long squeeze. Key technical indicators show short-term bullish momentum, but a daily close below a certain level would invalidate the thesis.



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