The XRP community is currently experiencing a rise in profit-booking actions as the coin struggles to break through the $0.85 resistance barrier. This has led to a loss of traction for the Ripple altcoin price. Investors are now waiting to see if the bullish forces will defend the critical $0.70 support level, as uncertainty looms. The recent news that the US Securities and Exchange Commission plans to appeal the legal verdict in favor of Ripple has caused XRP to fall by 12% against USDT on Binance. This has nullified the profits gained during the significant spike in XRP and other altcoins brought on by the lawsuit’s successful resolution.
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According to Coingecko, the current trading price of the leading altcoin is $0.739, representing a 4.6% decrease in the past 24 hours. However, XRP has still managed to achieve a 3.0% increase in the weekly timeframe.
After hitting a barrier near the $0.85 level, XRP lost impetus, and on-chain signals indicate that whale investors may soon give in to the developing bearish trend.
XRP's weakening is sluggish, but what is causing it? RSI Shows XRP Losing Steam
Between July 13 and July 22, the price of XRP dropped by 17%. However, there was some optimism among XRP holders due to a partial victory for Ripple, which led to the alternative currency reaching a regional high of $0.9375. It's worth noting that despite a few recent drops and some traders taking profits, the support level for XRP is still rising as of now. XRP's weakening is sluggish, but what is causing it?
XRP appears to be a stable investment option for short-term gains, with the potential to reach $0.85 in the near future. However, data from the Relative Strength Index suggests that the rate of increase in XRP's price is expected to decrease considerably in the coming days.
Based on the latest data, the RSI of XRP has decreased to 68.24 as of July 21st, falling below the important level of 70. This occurred after the altcoin experienced significant growth following the SEC's favorable decision.
US-Based Crypto Exchanges Reintroduce XRP Listings
According to a recent Bloomberg article, the US SEC has expressed its disagreement with a federal court's decision in a significant cryptocurrency case. The regulatory body has announced its intention to challenge the ruling and pursue its efforts to adapt to the evolving crypto environment.
Market Sentiment Remains Upbeat
Meanwhile, since the ruling, crypto exchanges have reintroduced XRP listings in the United States. The move could provide a price boost to the token.
Despite the lack of significant developments since the ruling’s delivery a week ago, the market sentiment remains optimistic, with widespread speculation that Ripple is on the verge of announcing its initial public offering, further boosting optimism and interest in the cryptocurrency.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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