XRP Falls 5% Following Ripple-SEC Settlement Amid Profit-Taking
XRP experienced a 5% drop, falling from $3.34 to $3.20 before recovering to $3.30, amid a high-volume selloff following the Ripple-SEC settlement.
Technical Analysis Overview
- XRP declined to $3.20 with 5.24% volatility.
- Peak selling occurred between 14:00-15:00, with a volume of 209.67 million tokens.
- Support established at $3.20; resistance noted at $3.31-$3.33.
News Background
- The SEC and Ripple Labs concluded their five-year legal dispute, dismissing appeals.
- The Second Circuit Appeals Court recognized the dismissal, with both parties covering their own costs.
- Ripple's chief legal officer confirmed the dismissal on X.
Price Action Summary
- XRP fell from $3.34 to $3.20 in a selloff, trading 209.67 million tokens.
- Recovery to $3.33 occurred after buyers defended the $3.20 support.
- Resistance formed between $3.31-$3.33 as profit-taking limited upward movement.
Technical Indicators Analysis
- $3.20 confirmed as key support, validated by high volume.
- Resistance established at $3.31-$3.33 during recovery.
- A bull flag structure is forming above $3.28, indicating potential upside if $3.33 breaks.
- A volume spike to 1.86 million suggests accumulation attempts.
- Intraday volatility at 5.24% indicates range-bound trading between $3.20 and $3.33.
What Traders Are Watching
- Strength of $3.20 support on the next retest amid institutional interest.
- Breakout confirmation above $3.33 signaling an end to profit-taking.
- Buying momentum related to regulatory clarity post-settlement.
- ETF-related movements from Japan’s SBI filing impacting U.S. markets.