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XRP Price Faces Bearish Pressure at $2.80 as SEC Appeal Withdrawal Provides Relief
The XRP price is currently trading at $2.80, down 2.66% over the past 24 hours despite a significant regulatory development that could have provided relief for the cryptocurrency’s market momentum.
As previously reported, Ripple CEO Brad Garlinghouse announced that the company would be withdrawing its SEC appeal, effectively signaling an end to the prolonged legal battle. This news initially sent XRP price surging by 3% as investors took solace in the regulatory clarity this development brings.
However, the price action has since reversed, and XRP is now facing bearish pressure at $2.80. The cryptocurrency’s RSI (Relative Strength Index) currently sits at 41.53, indicating a neutral momentum with potential oversold conditions developing.
From a technical perspective, the current position of XRP within the Bollinger Bands presents a compelling story. With the price testing lower band support at $2.76 and the %B position at 0.0929, Ripple must reclaim its short-term uptrend by breaking above the 20-day moving average at $3.02.
The daily ATR (Average True Range) of $0.17 highlights sufficient volatility for day traders to capitalize on intraday opportunities around the London and New York trading sessions when volume typically peaks.
As a result, traders should maintain a close eye on volume indicators as any significant increase could signal the beginning of the next directional move for XRP price.
Ripple’s strategic partnerships continue to strengthen its ecosystem foundation.
Source: Blockchain.News
