Ripple’s XRP experienced a sharp price drop from $0.63 to $0.52 amid regulatory issues with the US SEC. The SEC filed an appeal against XRP's non-security status, impacting its recent gains.
However, traders remain optimistic, as the Long/Short Ratio suggests a bullish sentiment with 67.75% holding long positions. This indicates expectations for a price rebound.
The liquidation heatmap and technical indicators like the Bollinger Bands and Fibonacci retracement level support this sentiment, pointing to a potential price recovery towards $0.58 and $0.62.
Although risks remain, if Ripple can overcome regulatory challenges, a recovery could be imminent. If not, prices could dip to $0.48.
