After dropping from $0.66 to about $0.51, XRP made a little recovery.
At the time of writing, XRP is trading at $0.53, up 0.35% in the last 24 hours.
After a court ruling in favor of Ripple in 2023, the US Securities and Exchange Commission (SEC) recently decided to appeal the case. In the hours that followed, XRP’s price plummeted, even though there was hope for a possible US-based XRP ETF. The SEC’s war against Ripple and the crypto sector has taken a number of knocks in recent months, but one thing is certain: it is not going away.
Despite assurances from Ripple’s management that they will defend the appeal, the company’s XRP token took a nosedive. After dropping from $0.66 to about $0.51, XRP made a little recovery.
Consolidation Phase
With its recent ups and downs, XRP is now trading at $0.53 and is attempting to maintain momentum above $0.50 mark. At $0.50, XRP has the most significant psychological support zone. This figure is often seen as a major psychological hurdle for traders. Staying above this mark might build additional optimistic sentiment, which could lead to buyers entering the market. However, greater selling pressure and more falls can ensue if this level is broken.
At the time of writing, XRP is trading at $0.53, up 0.35% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 17.88%. The price is down a whopping 18.53% in the last 7 days owing to the SEC’s appeal decision.
The price found support at $0.51 and has been consolidating after rising to $0.53 level. If the price manages to break below $0.50 support level, then it will plunge further to test $0.42 level. However, if the bulls could drive the price above $0.55 level, then it will likely test $0.58 resistance level.
