🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

XRP May Erase Its Monthly Gains if SEC Appeals the Verdict

Published 03/08/2023, 11:38
Updated 03/08/2023, 12:45
© Reuters.  XRP May Erase Its Monthly Gains if SEC Appeals the Verdict
XRP/USD
-

  • Judge Jed Rakoff’s dismissal of the XRP vs SEC ruling has caused investors to question XRP’s future.
  • XRP had fallen below the crucial support level at $0.6850 over the past 24 hours.
  • At press time, XRP was changing hands at $0.6712 following a 24-hour loss of 3.26%.

The price of Ripple (XRP) printed a 24-hour loss as investors began to question its long-term prospects. The future of the remittance token is no longer secure following Judge Jed Rakoff’s dismissal of the differentiation argued in the Ripple lawsuit in recent days. As a result, there is a high possibility that XRP could plummet, erasing the gains made in the previous month.

Daily chart for XRP/USDT (Source: TradingView)

XRP’s price closed yesterday’s trading session below the 20-day EMA line at $0.6893, which resulted in a continued drop to below the crucial support at $0.6850 as well. If the altcoin closes today’s trading session below this mark, it may be at risk of falling to the 50-day EMA line in the next few days. This will see it fall to $0.6241.

This EMA line will be the remittance token’s last line of defense protecting it from a retest of the next major support level at…

The post XRP May Erase Its Monthly Gains if SEC Appeals the Verdict appeared first on Coin Edition.

The post XRP May Erase Its Monthly Gains if SEC Appeals the Verdict appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.