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Cryptocurrency News Articles
XRP Price Prediction: Token Approaches Two-Month Low as SEC Files Appeal
Oct 03, 2024 at 04:38 pm
Ripple's XRP token has experienced a sharp decline, losing over 10% of its value in the past 24 hours. The price drop follows the United States
The United States Securities and Exchange Commission (SEC) filed a notice of appeal on October 2, challenging the previous judgment in its case against Ripple. This decision follows Judge Analisa Torres's ruling on August 7, which imposed a $125 million fine on Ripple.
The court determined that Ripple's XRP sales to institutional investors constituted securities transactions. However, it added that these sales were neither fraudulent nor malicious, with no evidence of fraud or financial harm. Judge Torres clarified that while certain XRP transactions qualify as securities, XRP itself is not inherently a security.
This decision has had a significant impact on the price of XRP. With the SEC announcing its intention to appeal the court's ruling and the broader market downturn, XRP has seen a sell-off in the past 24 hours. The altcoin is currently trading at $0.53, down 11% over this period.
As XRP's price declined, its trading volume increased by 5%. When the price of an asset decreases but its trading volume increases, it usually indicates a strong bearish sentiment in the market. This combination suggests that many investors are selling their assets, driving the price down. The high trading volume signifies a lot of interest in the market, but the direction of this interest is predominantly negative.
Moreover, XRP's declining Relative Strength Index (RSI) supports this bearish outlook. The indicator measures oversold and overbought market conditions and ranges between 0 and 100. Values above 70 suggest that an asset is overbought and due for a correction, while values under 30 indicate that an asset is oversold and may witness a rebound.
At present, XRP's RSI stands at 39.76 and is on a downward trend, indicating that selling pressure far exceeds buying interest among market players.
Furthermore, a drop in XRP's open interest also highlights diminishing demand for the altcoin, a pattern that has emerged over the past few days. The token's open interest currently stands at $752 million, which marks a 23% decline since September 29.
Open interest represents the total number of active futures or options contracts that remain unsettled. A decrease in open interest points to reduced participation from investors in the market.
XRP Price Prediction: Token Approaches Two-Month Low
XRP's price decline over the past week has brought it close to a key resistance level at $0.51, which it currently sits just above. If selling pressure intensifies, this level may not hold, pushing XRP to a two-month low of $0.46.
Should the token fail to turn this level into a support floor, its price could fall further to $0.38.
However, this negative outlook would be invalidated if market sentiment shifts from bearish to bullish. In that case, XRP's price could reverse course and initiate an uptrend, targeting $0.66.
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