Ripple's XRP token experienced a significant decline, losing over 10% of its value within 24 hours. This drop followed the SEC's notice of appeal challenging a judgment favoring Ripple. The price is nearing a two-month low of $0.47.
The appeal by the SEC comes after Judge Torres ruled that XRP's institutional sales were securities transactions, but not fraudulent. The SEC's decision, along with market conditions, has intensified sell-offs.
XRP's increased trading volume amidst a price drop signals bearish sentiment. The RSI further supports this outlook, as it suggests oversold conditions.
Open interest has decreased, indicating reduced market participation. The XRP price nears a resistance level at $0.51, threatening a fall to $0.46 or potentially $0.38 unless market sentiment turns bullish.
