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:

1ļøāƒ£ 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 Torresā€™ ruling. With the appeal likely dragging on for months, many XRP holders are diversifying into other altcoins. šŸ“‰

2ļøāƒ£ Whale Sell-off

Big players are moving! šŸšØ Over $30 million worth of XRP has been deposited into exchanges like Bitstamp in the last 24 hours. Rippleā€™s 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.

3ļøāƒ£ 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 doesnā€™t hold. Analysts are urging caution and careful risk management. šŸ”

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! šŸ“Š

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