XRP’s recent decline can be attributed to several market-related factors and legal issues. The main pressure came from the SEC’s filing of an appeal against Ripple, seeking to overturn a court ruling in favor of the company. This increased regulatory uncertainty surrounding the token, prompting investors to sell their positions.
Furthermore, technical analysis shows that XRP is under strong selling pressure, with the Relative Strength Index (RSI) indicating oversold and little buying momentum in the market. The lack of significant trading volumes during bullish moments has also made the price movement less sustainable, contributing to the recent declines.
The token is currently testing critical support. If the selling pressure continues, the price could fall further, but a recovery in market sentiment could reverse this trend.
