#Ripple ruling in peril as two federal courts reject XRP "non-security" designation, $XRP price sideways

Ripple's secondary sale determination that XRP is a non-security may be overturned.

Two federal justices reject Ripple's July 2023 verdict, which may make XRP an unregistered security.

XRP stays over $0.60, a psychological milestone.

Ripple (XRP) established a distinction between secondary market and institutional token sales in July 2023. Altcoins are considered “non-security” in exchange transactions, according to Judge Analisa Torres' July order.

Judge Torres's use of the Howey Test to XRP was overturned by two federal courts, and American Journalist Charles Gasparino points out the inconsistency.


As cryptocurrency whales accumulate, XRP prices fall. The on-chain analytics show whales “buying the dip.”

Between March 27 and April 1, Santiment data reveals XRP whales owning 10 million to 100 million tokens added 190 million tokens. As seen in the six-month Santiment chart, this cohort accumulates during dips and profits at local high, making it essential.
A whale cohort with over 100 million XRP coins accumulated, as seen on the chart below.

For about 460 days, Ripple price has fluctuated between $0.9380 (July 13, 2023 high) and $0.4226 (August 14, 2023 low). An altcoin's $0.67 support level has become resistance.

Ripple's weekly Relative Strength Index (RSI) has been above 42 for nearly a year, indicating that buyers still dominate the market. The altcoin's Awesome Oscillator (AO) is above zero, with green bars becoming thicker, indicating bullish momentum.

Price of #XRP may rebound to its year-to-date top of $0.7440 (March 11, 2024). This is 16% below $0.6233.

The price of XRP may rebound, but traders should monitor Bitcoin for signs. Bitcoin price corrections might hurt altcoin gains and XRP and other high market cap currencies.

XRP price might fall to the January 28 low of $0.4853 (a 20% drop) or the weekly support level of $0.4117.


#BullorBear