XRP Surges 12% on Volatility Bets Amid SEC Appeal Drop

XRP has recently experienced a notable price surge, reaching $3.32, its highest level since late July, driven in part by institutional interest and sophisticated option trades betting on increased volatility. However, technical indicators such as a declining Relative Strength Index (RSI) and on-chain metrics signal waning bullish momentum and heightened selling activity from short-term investors, raising concerns about a potential price correction or consolidation. The RSI has fallen from overbought levels, suggesting a loss of momentum, while bullish RSI divergence on shorter timeframes indicates some easing of selling pressure. Additionally, on-chain data point to speculative trading outpacing fundamental growth, with indicators like the Unrealized Net Profit/Loss reaching levels associated with past market peaks. These mixed signals have traders and analysts closely monitoring XRP for signs of support or capitulation, as the market may enter a phase of increased volatility or trend reversal despite the underlying ecosystem's long-term fundamentals. The recent agreement between the SEC and Ripple to drop appeals in their legal case may also be influencing market dynamics amid this uncertain environment.