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XRP Drops 11% Despite SEC Victory: What’s Happening?
Despite the recent legal victory in its battle with the Securities and Exchange Commission (SEC), the price of XRP has taken a drastic hit, plummeting by an astonishing 11%. The cryptocurrency community is left wondering what exactly is driving this unexpected drop.
As previously reported, the SEC had dropped its appeal in the Ripple case, effectively confirming that Ripple’s programmatic sales of XRP via secondary exchanges like Coinbase and Kraken did not violate securities laws. While some might have expected a positive market reaction to this news, it seems that the verdict has instead led to a sharp decline in investor enthusiasm.
On-chain data reveals a startling 70% drop in daily active addresses, suggesting that users are no longer engaging with the network at the same level as before. This is particularly concerning, given that historically, such a steep decrease in activity correlates with reduced liquidity and diminished speculative interest, potentially exacerbating downward momentum.
Furthermore, XRP’s price has been under immense pressure over the past two weeks, losing more than 11% of its value during this period. With no clear fundamental catalysts to support a reversal, it appears that selling pressure is mounting in earnest.
The technical analysis paints an equally dire picture, with the RSI currently trading at a paltry 42.65. This suggests that the token has very little momentum and could potentially drop further before reaching oversold territory. Meanwhile, the OBV has been trending downward, indicating a significant decline in buying pressure.
Given this bearish trend, it is not hard to envision XRP losing key support levels and eventually revisiting $2.00 in the near future. Any potential rally would need to overcome this resistance, with buyers struggling to regain control of the narrative.
Source: https://ambcrypto.com/xrp-drops-11-despite-sec-victory-whats-happening/
