XRP became the victim of the cryptocurrency market reaction following the release of the previous Federal Open Market Committee (FOMC) minutes, which implied that monetary tightening would continue.
The cryptocurrency fell by 2.88% to $0.577, reaching a cumulative loss of 5.5%. Bitcoin and Ethereum are also in turmoil. Bitcoin fell below $28,000 with a drop of over 3%, while Ethereum dropped by 4% to $1,700.
XRP Coin Reviews
XRP has lost 37% of its value due to profit-taking activities and the overall weakening structure of the cryptocurrency market since reaching $0.93 after the rally triggered by the Ripple decision. As the expectation of a rally above $1 decreased in the past few weeks, bearish confidence increased and weakened XRP’s ability to sustain an upward trend. Selling pressure intensified with another drop to $0.6228 below the macro downtrend on the daily chart and below the 50-day Exponential Moving Average (EMA) (red).
With the price falling below $0.6 and XRP trading at $0.577, bulls need the 100-day EMA (blue) to be useful to have a chance of recovery. However, if the downtrend continues, bears are likely to target the 200-day EMA (purple) at $0.5261.
Based on the appearance of the Moving Average Convergence Divergence (MACD) indicator, there is no short-term downtrend in XRP. Short positions in XRP, especially with the momentum indicator indicating a prolonged decline, have the potential to become profitable. This situation did not change much for XRP even with Bitcoin falling below $28,000.
XRP maintains a bearish outlook on shorter time frames, including the four-hour chart where it remains below all moving averages and the MACD gives a sell signal. According to information obtained from the on-chain analytical platform Santiment, whale activity increased as investors took advantage of the price drop to buy more XRP tokens. The increase in whale addresses buying XRP did not have an impact on the price. However, this accumulation could eventually generate momentum for a breakout up to $1.
XRP News
Ripple’s top executives, CEO Brad Garlinghouse and Chairman of the Board Chris Larsen, have filed a motion aimed at opposing the Securities and Exchange Commission’s (SEC) request to appeal the July decision.
Judge Analisa Torres determined that the programmed sales of XRP, similar to those on exchanges like Binance and Coinbase, were not securities, unlike direct sales to institutional investors.
The two executives argue that the court ruling does not revolve around a dominant legal issue and that the SEC has failed to demonstrate a significant platform for different perspectives. They also claim that an ongoing appeal will not expedite the resolution of this legal dispute.
Crypto lawyer John Deaton expressed his opinion that the SEC’s accusation of aiding and abetting individual defendants in a non-fraudulent case is meaningless and therefore increases the burden of proof.
