- The price of the XRP token dropped all the way to $0.49.
- A price drop to the next support level at $0.46 is expected if it breaches $0.49 support.
On Friday, a day after the court stated that the U.S SEC may present its argument, the regulatory agency filed for permission to appeal the judge’s judgment that XRP sales via exchanges did not violate securities legislation.
The filing read:
“The rulings that the SEC seeks to appeal were legal determinations about the existence of investment contracts based on undisputed facts. The undisputed facts (e.g., Order at 23 (Programmatic Sales are ‘blind bid/ask transactions’)) present a legal question – can an issuer’s offers and sales on crypto asset trading platforms create a reasonable expectation of profits based on the efforts of others? This legal question is at issue in a number of pending cases, and a Second Circuit ruling will have ‘precedential value.'”
Dramatic Bear Assault
Moreover, the price of Bitcoin and other leading cryptocurrencies continued their downward trend on Friday. Bitcoin’s price dropped to a two-month low as the crypto market saw one of its biggest dives of the year.
Even XRP couldn’t withstand the bear’s ferocious assault. The price of the token dropped all the way to $0.49. However, there was a brief recovery, and as of this writing, the price was trading at $0.51. The price has been consolidating, preparing for the next move, following the brief recovery.
A price drop to the next support level at $0.46 is expected if it breaches the current support level of $0.49. However, if it clearly breaks through the $0.52 short-term resistance level, a brief bullish rally is likely. In light of the current market downturn, a quick recovery for the XRP token seems doubtful. Investors may need to patiently await a definitive indication that this severe decline has bottomed out.
