Ripple Under Water, XRP Calls 911
XRP continued its downward trend from Sunday, trading at $2.14, down almost 10%. President Trump’s Strategic Bitcoin Reserve Executive Order has caused investor dissatisfaction, as evidenced by XRP’s second consecutive session of underperforming the overall market. The Ripple-based token has lost more than a quarter of its value in the last 7 days.
President Trump’s choice to create a Strategic Bitcoin Reserve instead of a multi-crypto reserve dampened expectations that the SEC would soon drop its appeal in the Ripple case.
The SEC contested the Programmatic Sales of XRP decision in its opening brief for the appeal on January 15. Following the resignation of former SEC Chair Gary Gensler and the appointment of Commissioner Mark Uyeda as acting Chair, conjecture regarding a potential settlement of the Ripple lawsuit has intensified.
If XRP had been listed as a national Crypto Strategic Reserve Asset, the SEC might have been pressured to drop its appeal.
The Ripple-based token had a horrible week, trading above the 200-day but below the 50-day Exponential Moving Average (EMA). The EMAs provide bullish long-term price signals and bearish short-term ones. Should the 50-day EMA line be broken, ripple bulls might target the high of $3 on March 2 as the next resistance level.
Positive news about the Ripple case could trigger the all-time high of $3.6. On the other hand, a decline below the low of $2.2 on March 4 might reveal sub-$2 levels and the $1.93 support level.
If the bears get past the $1.93 support level, they might then be able to target the February 3 low of $1.7024.
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