XRP Drops 23% As SEC Appeals: Is Ripple Preparing For $0.40?
XRP is down, dropping 23% from September highs. As long as prices remain below $0.55, Ripple risks dumping hard, retesting July lows
XRP is under immense selling pressure, looking at the formation in the daily chart. After days of sharp losses in the first half of the week, bears didn’t slow down. If anything, XRP retested September lows at around $0.50 before recoiling. This dump means XRP bears have reversed everything posted in September, and there is a high possibility that the sell-off will continue. With XRP below $0.55, all that’s required is a slight push, and the coin will lose $0.50, marking the start of another wave lower.
The current state of price action means sellers are back in the equation, and XRP, for all the strength it posted in Q3 2024, is surprisingly fragile. The sell-off to $0.50 means sellers are determined, pushing losses from September highs to over 23%. In the past week, XRP is down nearly 12% amid decent trading volume at nearly $2 billion.
XRP and Ripple traders are closely monitoring the following news events:
- The United States SEC has repealed the recent court of appeal ruling, serving a blow to Ripple and XRP. Notably, the regulator wants an injunction to bar Ripple from selling XRP to institutions. Due to this insistence, the coin may continue losing.
- There is a marked spike in XRP whale activity, looking at coin trackers in the past few trading days. Notably, Santiment data shows that XRP transaction volume soared, spiking to a new 8-month high of over $2.3 billion.
XRP Price Analysis
XRP/USD is sliding at spot rates.
It is down 23% from September highs and might continue losing in the coming days.
With the coin trending below $0.55, every high may offer entries for sellers targeting $0.50 and $0.40.
Notice that the slide of the past few days has seen bears recover gains of September.
At the back of this drop is a spike in trading volume, pointing to trader participation.
The only time this bearish preview will change is if XRP soars above $0.55.
Otherwise, XRP may dump to August lows.
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