XRP Faces Uncertainty as Price Plummets After Legal Victory Against SEC
In July, XRP experienced a surge in price following Ripple’s legal victory over the SEC. However, the excitement was short-lived as the token’s value quickly plummeted, erasing its gains. Crypto trader Benjamin Cowen emphasized that XRP retraced the entire move that came after the SEC vs. Ripple case. The cryptocurrency lost $1 billion in market cap and dropped around 24% on a monthly chart.
Key Support and Resistance Levels
XRP currently faces a support level at $0.45028, indicating a potential increase in buying interest to prevent further decline. On the other hand, it encounters resistance at $0.50011, which it must overcome to continue its upward momentum.
Bearish Sentiment and Token Movements
The fear & greed index for XRP currently sits at 30/100, indicating a ‘fear’ phase. Additionally, 100 million XRP from the recent token unlock were moved and sold, adding to the negative sentiment surrounding the cryptocurrency.
Hot Take: Uncertain Future for XRP
Following its legal victory, XRP’s price has gone through a rollercoaster ride. With significant losses and bearish sentiment, the future of XRP remains uncertain. Investors should closely monitor support and resistance levels to gauge the token’s future direction.
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