XRP Price Tumbles as Judge Torres Shuts Down Ripple’s SEC Motion – Freefall Incoming?
Another legal blow rocks Ripple as XRP faces fresh volatility. Judge Analisa Torres just denied Ripple’s motion to dismiss the SEC’s latest enforcement action—sending traders scrambling.
Market jitters hit hard. The ruling throws gasoline on an already tense standoff between crypto and regulators. XRP’s price dipped immediately post-announcement, with whales eyeing exit routes.
Technical outlook turns bearish. Key support levels loom as panic selling threatens to snowball. Meanwhile, SEC Chair Gary Gensler probably just ordered celebratory confetti shaped like subpoenas.
Will Ripple’s legal team pull a rabbit out of their briefcase? Or is this the start of a brutal crypto winter sequel? Grab your charts—and maybe a stiff drink.
XRP Price Records A Strong Bearish Reversal!
With a sudden drop in the bullish pressure, the XRP price has broken down its flag pattern today, highlighting a significant rise in the selling pressure. Notably, it formed a flag pattern around the 22nd of June and was trading within it until the late Asian trading hours today.
The Volume indicator records increased price volatility over the past few days as the histogram has displayed a sudden spike after recording a consolidated trend between 13th and 22nd June. This shows a rise in the buying-and-selling pressure for XRP price in the market.
The Stochastic RSI is a key indicator used by investors to determine the market sentiment more accurately. In this chart, both the averages have now plunged below the oversold (20) range in the 4H time frame. This suggests an increase in the selling pressure for the altcoin in the crypto market.
On the other hand, the Moving Average Convergence Divergence (MACD) shows a rising red histogram with its 12 & 26-day averages witnessing a bearish convergence. Considering the present market conditions, the XRP coin price could test its lower support levels before recording a potential bullish reversal.
How Low Will XRP Price Go?
A sustained bearish action may result in it retesting its pivotal support of $2.08 soon. Moreover, if the negative influence increases, the XRP token could plunge toward its lower support level of $2 within the upcoming hours.
In an extreme bearish situation, the XRP coin could break down its support of $2 and crash toward its crucial low of $1.91.
However, with a bullish reversal, the XRP crypto price could retest its immediate resistance trend level of $2.15. Furthermore, increasing bullish action may push the price toward its upper test level of $2.23 this week.
Also Read: BREAKING: Judge Torres Rejects Ripple SEC Motion for Indicative Ruing
