- The price has recently broken the key support level of $0.50.
- If price manages to break above the $0.51 mark, then it will likely rally towards the $0.55.
It’s been less than two months since the landmark SEC vs. Ripple judgment. After significantly rising post the judgment, XRP’s price has fallen back to its pre-breakout level as the token is now facing a 53% retracement after its spectacular breakthrough in July.
Undoubtedly, the euphoria among XRP traders and investors has been muted by the SEC’s intention to appeal Judge Analisa’s order. Despite persistent pushback from the crypto sector, Gary Gensler, chairman of the SEC, maintains that the agency’s securities laws apply to the vast majority of cryptocurrencies.
To restate the SEC’s firm view that cryptocurrency firms must register with the regulatory body, Gensler provided written testimony to the Senate Banking Committee on September 12. The crypto community is watching the case intently because of the potential effect it might have on the whole industry. There are also a large number of XRP investors that are directly involved.
Key Support Level Broken
At the time of writing, the price of XRP is $ $0.48 as per data from CMC. Also, the trading volume of XRP is up 14.42% in the last 24 hours. On a positive note, the price of XRP is up 34.74% in the last 1 year.
Source: CoinMarketCap
If price manages to break above the $0.51 mark, then it will likely rally towards the $0.55 region. The price has recently broken the key support level of $0.50. It will likely test the $0.33 support level. With U.S CPI and PPI data expected this week, the price of XRP is expected to breakout in either direction.
