Ripple-SEC Settlement Rally Cools as XRP Drops 5% on Profit-Taking
Main Idea
XRP experienced a 5% drop due to profit-taking after a surge following the conclusion of the Ripple-SEC legal dispute, with key support and resistance levels identified.
Key Points
1. XRP surged 13% on Friday as the Ripple-SEC case concluded, providing regulatory clarity for XRP.
2. XRP dropped 5% in 24 hours, falling from $3.34 to $3.20 before recovering to $3.30, with significant selling pressure between 14:00-15:00.
3. Buyers defended the $3.20 support level, triggering a rebound to $3.33 by 19:00, with resistance forming at $3.31-$3.33.
4. Japan's SBI Holdings filed for a Bitcoin-XRP ETF, potentially influencing future market dynamics.
5. The SEC and Ripple Labs officially concluded their legal dispute, with both parties bearing their own costs.
Description
XRP slides through key levels in a high-volume selloff before stabilizing at major support, with regulatory clarity now in place after the Ripple-SEC settlement. 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 ...
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