XRP Sluggish: Unraveling the Factors Behind Its Weakness

The XRP community has been struggling with a significant increase in profit-booking activities due to repeated attempts to break the unbreakable resistance barrier of $0.85, which has resulted in a massive decrease in the price of the Ripple altcoin.

The market is now anxiously awaiting the answer to an important question: will the bullish forces muster enough strength to defend the crucial $0.70 support level? Investors are patiently waiting for a definitive response as uncertainty prevails, aware of the delicate balance at stake.

Following reports that the US Securities and Exchange Commission plans to appeal against the recent legal ruling in favor of Ripple, XRP A massive 12% drop was observed against USDT on Binance. This appeal nullified the gains made during the significant rally in XRP and other altcoins due to the successful resolution of the lawsuit.

At the time of writing, the top altcoin was trading at $0.739, down 4.6% in the last 24 hours. Data from crypto market tracker CoinGecko shows that despite the hiccups, XRP managed to achieve a 3.0% gain on the weekly time frame.

XRP lost momentum after hitting a resistance near the $0.85 level, and on-chain signals suggest that whale investors may soon succumb to the developing bearish trend.

RSI shows XRP momentum is slowing down

XRP decreased in price by 17% between July 13 and July 22. Ripple’s partial victory fueled enthusiasm among XRP holders and propelled the altcoin to its regional high of $0.9375.

It is also important to note that despite some losses over the past week, XRP still has a long way to go as some traders booked profits, with support levels still rising at the time of this writing.

As a result, XRP remains a relatively safe investment for future gains in the short term, with the coin possibly on its way to reach $0.85 in the coming days or weeks.

However, Relative Strength Index data indicates that price growth for XRP is likely to slow significantly over the next several days.

According to the latest data, XRP RSI has dropped below the crucial 70 level at the end of July 21 to settle at 68.24 after the altcoin rocketed to extreme highs following a favorable SEC decision.

US-Based Crypto Exchanges Resume XRP Listings

In a recent Bloomberg article, the US SEC explained its position on a landmark cryptocurrency case, arguing that a federal court took the organization’s side. The regulator has indicated that intend to appeal Continue your efforts to address the changing crypto landscape in an effort to resist the decision.

Market sentiment remains upbeat

Meanwhile, since the decision, crypto exchanges have resumed XRP listings in the United States. This move could lead to an increase in the price of the token.

Despite the lack of significant developments since the delivery of the verdict a week ago, market sentiment remains optimistic, with widespread speculation that Ripple is on the verge of announcing its initial public offering (IPO), fueling optimism and interest in the cryptocurrency.

(The information presented herein is not intended as financial guidance. Investing is not without risk. The capital you invest could potentially lose value.)

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