- The US SEC had recently submitted an interlocutory brief in the Ripple lawsuit.
- The volume of XRP trades has dropped below $1 billion, to $866 million as of this writing.
One month prior, the price of XRP almost doubled in a short span of time, and this was likely due in large part to developments in the Ripple vs SEC lawsuit.
However, the US SEC had recently submitted an interlocutory brief, suggesting that it intends to appeal a previous judgment made by Judge Analisa Torres. The judgment noted that XRP traded on the secondary market, may not be classified as a security.
The SEC’s notice of appeal has sown doubt among XRP investors, leading to a selloff that has slashed more than 10% off the token’s value over the last week and a half.
Selling Pressure Mounts
As the cryptocurrency market continues to slump, the volume of XRP trades has dropped below $1 billion, to $866 million as of this writing. The market cap has also fallen significantly, from $45 billion at the beginning of July to $33 billion now.
This market posture indicates that bulls are being subjected to mounting selling pressure, which made prices fall all the way to the near-term support level of $0.62. XRP was trading at $0.6262 at the time of writing as per data from CMC.
If the price breaks the $0.63 level and trades below this line of support then it may test $0.4538 or even decline lower to $0.3275. The price has been consolidating since August 10 and has found support at the $0.63 level on multiple occasions. If it wants to start a bullish rally then the price must initially break over $0.64 resistance. It will then test a stronger resistance level at $0.66. All eyes are now on the next course of actions taken by both parties in regard to the lawsuit.
