Ripple is down by a percentage point in today’s trading session. It is also the second consecutive session that the price of Ripple is falling.
The fall of Ripple’s price comes amidst its continued legal battles with the U.S. Securities and Exchange Commission, which terms XRP as security and not a cryptocurrency. In the latest string of headlines involving the case, U.S. Congressman Brad Sherman criticized the platform and indicated it was poised to lose its case against SEC.
According to the congressman, as highlighted by SEC, the case is a slam dunk, and Ripple was poised to lose. He indicated that Ripple, as described currently by SEC in its lawsuit, is a security, and therefore, there was a high likelihood of the platform losing.
Looking at the chart below, Ripple struggled in yesterday’s trading session, losing almost 3 percent. Today, the strong bearish trend has continued with early session hours showing an aggressive move to the downside.
However, despite the past two days’ drop, the long-term trend of Ripple has been aggressively bullish. Also, looking at the past few hours of intraday trading, the trend has been aggressively bullish, cutting losses made in the early hours.
Therefore, my Ripple price analysis expects prices to recover within today’s trading session. As a result, there is a high likelihood that, by the end of the day, the prices will be trading above the opening price. In the next few trading sessions, I also expect the current strong bullish trend to continue. As a result, there is a high likelihood that we will see prices will rise to trade above the $0.41 resistance level.
My analysis will, however, be invalidated should the rice drop below the $0.35 price level. At that point, the signs will be clear that prices will continue going down.
This post was last modified on Aug 10, 2022, 14:50 BST 14:50