After teasing a potential bullish breakout, XRP surprised the market by dropping over 11% in the last 24 hours, retesting the crucial support level around $0.54. Here's a breakdown of the major factors behind this sudden dip:
1ď¸âŁ Disappointment Over SEC Appeal
Hopes were high for a bullish breakout after Bitwise filed an XRP ETP with the SEC, but that excitement quickly faded when the SEC filed an appeal against Judge Torresâ ruling. With the appeal likely dragging on for months, many XRP holders are diversifying into other altcoins. đ
2ď¸âŁ Whale Sell-off
Big players are moving! đ¨ Over $30 million worth of XRP has been deposited into exchanges like Bitstamp in the last 24 hours. Rippleâs recent unlock of 1 billion XRP has added to the sell-off pressures, as the company uses token sales to fund its ongoing legal battles.
3ď¸âŁ Bearish Technicals
From a technical perspective, XRP lost a crucial support level between $0.60 and $0.58, signaling a potential further drop to $0.43 if the support at $0.54 doesnât hold. Analysts are urging caution and careful risk management. đ
The SEC appeal, whale sell-offs, and weakening technicals are putting XRP holders on edge. Stay informed, manage your risks, and keep an eye on these key levels! đ
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