$XRP has experienced a significant sell-off, dropping over 14% in the last 24 hours. The extremely low RSI indicates that selling pressure may be overextended, suggesting a potential short-term bounce. However, with the price still below key EMAs, any recovery could face resistance at $0.5244 and $0.5304. Currently, the support level around $0.5127 is crucial. Traders might consider waiting for either a confirmation of reversal or a breakdown below this support before taking positions.
Recent developments have added more uncertainty for XRP, as the United States Securities and Exchange Commission (SEC) filed a notice of appeal on October 2, seeking to overturn Judge Analisa Torresâs earlier ruling, which favored Ripple in its lawsuit. This appeal has placed additional downward pressure on the token.
For short-term traders, a potential long could be considered if XRP finds support near $0.5127, with a target around $0.5244, provided there is confirmation of increased buying pressure. However, more risk-averse traders might prefer waiting for stronger signs of a reversal, such as the price moving above the EMAs, before entering any long position.
Support levels to watch for XRP are:
âą S1: $0.5077
âą S2: $0.4771
âą S3: $0.4275
With the ongoing SEC appeal and the uncertain regulatory landscape, these support levels may come into play if bearish sentiment continues. Traders should exercise caution and monitor both technical indicators and legal developments closely.
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