Ripple’s price surged to over $1.8 in 2021 as investors rushed to get exposure to the cryptocurrency market during the COVID-19 pandemic. However, sellers quickly emerged and a bearish triangle formed, which held until 2022. In the first half of that year, Ripple’s price broke lower, and since then, it has not looked back.In July, news that the XRP token is not a security when sold to the general public caused the price to spike from the $0.4 area to close to $1. But the SEC wants to appeal the federal court ruling in Ripple’s case, and investors sold, sending the XRP/USD rate back to where it was before the July news.Ripple is now back in the range, unable so far to break above or below major resistance and support areas. The $0.3 area acted as a major support in 2022, and the market has built a series of higher highs and higher lows ever since. If Ripple’s price drops below $0.4, the momentum then builds for further downside toward the major support area seen at $0.3. A break there could be game over for bulls.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
neutral |
| Relevance Score |
9 |
| People |
None |
| Companies |
SEC (Security and Exchange Commission), Ripple |
| Currencies |
Ripple, XRP, Bitcoin, Ethereum, USD |
| Securities |
None |
