XRP Tumbles 5% as Post-SEC Settlement Rally Fizzles—Traders Cash In
Ripple's legal victory party didn't last long. XRP bulls are hitting the exits after a 5% plunge—classic 'buy the rumor, sell the news' behavior.
Profit-taking erases gains
The SEC settlement sparked a 20% moonshot last week, but now traders are dumping bags faster than a DeFi rug pull. Welcome to crypto, where 'long-term hold' means 72 hours.
Market shrugs off regulatory clarity
Irony alert: XRP drops despite achieving what most altcoins dream about—legal certainty. Guess Wall Street's 'regulation will bring institutional money' narrative works better in PowerPoints than trading desks.
What's next for the OG bank coin?
Watch the $0.55 support level. Break that, and we're back to pre-lawsuit prices—proving once again that in crypto, the only thing harder than HODLing is timing the top.
Technical Analysis Overview
XRP falls 5% in the 24-hour period ending August 9, dropping from $3.34 to $3.20 before recovering to $3.30. The MOVE spans a $0.17 range, marking 5.24% volatility.
Selling pressure peaks between 14:00-15:00, when price collapses from $3.36 to $3.20 on 209.67 million volume — the largest single-hour print of the session.
Buyers defend the $3.20 zone, triggering a rebound to $3.33 by 19:00. Resistance forms at $3.31-$3.33, with support locked at $3.20.
News Background
The Securities and Exchange Commission and Ripple Labs have officially ended their five-year legal battle, jointly dismissing their appeals in the XRP case. The Second Circuit Appeals Court recognized the filing, with both parties bearing their own costs.
“Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals,” Ripple’s chief legal officer Stuart Alderoty said on X.
Price Action Summary
• XRP drops from $3.34 to $3.20 between August 8 14:00-15:00 in a high-volume selloff, printing 209.67 million tokens traded
• Buyers defend $3.20 support, sparking recovery to $3.33 by 19:00
• Resistance builds at $3.31-$3.33 as profit-taking caps upside momentum
Technical Indicators Analysis
• $3.20 confirmed as key support with volume validation at 209.67 million
• Resistance established at $3.31-$3.33 during recovery phase
• Bull flag structure forming above $3.28, suggesting potential upside continuation if $3.33 breaks
• Volume spike to 1.86 million at 01:52 indicates targeted accumulation attempts
• 5.24% intraday volatility highlights defined range-bound trade between $3.20 and $3.33
What Traders Are Watching
• Whether $3.20 holds on the next retest amid continued institutional positioning
• Breakout confirmation above $3.33 to signal end of profit-taking phase
• Follow-through buying linked to post-settlement regulatory clarity
• ETF-related flows from Japan’s SBI filing and potential spillover into U.S. markets
