CandleFocus XRP Drops 11% After SEC Appeal; Can It Rebound to $0.66?
2024-10-04
Author: Content Editor
The price of Ripple's native token, XRP, dropped 11% after the U.S. SEC filed an appeal against a court ruling that had previously favored Ripple. This reversal came after investors had anticipated a bullish breakout for the cryptocurrency. XRP's market capitalization dropped to $29.354 billion, but it still remains the seventh-largest cryptocurrency by market cap. The increase in trading volume is attributed to profit-taking and the uncertainty surrounding Ripple's legal battle with the SEC. Ripple's chief legal officer expressed disappointment but said the appeal was expected, and Ripple is considering filing a cross-appeal. The technical analysis suggests a consolidation period for XRP's price, with indicators pointing to possible further downside. XRP's immediate support level is around $0.50, and a break above a symmetrical triangle could lead to retesting resistance levels. The altcoin's price movement will likely continue to be influenced by regulatory news and market sentiment until the legal proceedings provide more clarity.
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