XRP Bears Reverse All SEC Ruling Gains, What’s Next?
23 Agosto 2023 - 1:00AM
NEWSBTC
Trading at around $0.51, XRP bears have fully reversed all gains
posted on July 13, looking at price action in the daily chart.
Although bulls are optimistic, it hasn’t been smooth sailing for
these traders, and bears have been active, shaving gains and
putting buyers on the backpedal. Related Reading: Optimism (OP)
Continues Market Recovery As Network Whales Triple Holdings As it
is, the path of least resistance, looking at the price action from
2023 peaks to date, is southwards. XRP Bears Are Unyielding
Presently, XRP is down 45% from July 2023 highs. Though prices are
higher relative to last week’s lows, the coin remains under immense
selling pressure. Looking at price charts, XRP prices are trending
inside the August 17 trade range, a bear candlestick, suggesting
that sellers have the upper hand unless there is a significant
spike above $0.60 with rising volumes. This could ignite demand,
lift sentiment, and allow buyers to resume the uptrend. The ruling
by Judge Analisa Torres on July 13 went against the United States
Securities and Exchange Commission’s (SEC) claims that XRP is a
security. In late 2020, the SEC alleged that Ripple, the blockchain
company that uses XRP in one of their payment solutions, raised
billions by selling the token, violating securities laws. Ripple’s
executives, including Brad Garlinghouse, were also sued. Last
month’s landmark ruling, in favor of Ripple and its executives,
reignited demand, but the momentum appears to be fizzling since
bears have completely peeled back gains. What’s Next For XRP?
According to coin trackers, XRP has a market cap of $27 billion and
is technically the fourth largest cryptocurrency excluding Tether
(USDT), when writing on August 22. The coin is more liquid than
Cardano, Solana, and Dogecoin at this valuation. It is only
trailing Ethereum, Bitcoin, and BNB. Its gap with BNB is narrowing
to around $5 billion. The woes around Binance, the world’s largest
crypto exchange, with regulators and banks, especially in the
United States, could heap more pressure on BNB. In that way, the
coin may drop in valuation, allowing XRP to be the third-largest
network in the world. Related Reading: Optimism (OP) Continues
Market Recovery As Network Whales Triple Holdings While price
action in the daily chart predominantly points to bears, the recent
bounce from lower prices after the dump on August 17 may signal
strength. Whether buyers will build on this development and resume
the uptrend in the direction of the July 13 bar remains uncertain.
What’s also clear is that trading volumes are relatively low
compared to the wide-ranging bar of mid-July that still shapes the
current preview. Feature image from Canva, chart from TradingView
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