XRP has fallen victim to the crypto market reaction to the release of the previous United States Federal Open Market Committee (FOMC) minutes, which hinted at continued monetary tightening.
The cross-border money remittance is down 2.5% to $0.58 with its cumulative losses totaling $5.5%. Bitcoin and Ethereum are also in turmoil, down 2.7% to $28,328 and 2.5% to $1,777, respectively.
Read More: Judge Torres Approves SEC’s Request to File Interlocutory Appeal in XRP Ruling
XRP Dips Below Macro Downtrend
Since XRP topped out at $0.93 following a rally triggered by the Ripple ruling, tumbled 37%, thanks to profit-booking activities and a generally weakening crypto market structure.
As the anticipation of a rally above $1 faded in the last few weeks, the bears’ confidence increased, leaving XRP too weak to sustain an uptrend.
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Selling pressure has also intensified below the macro downtrend on the daily chart coupled with another drop below the 50-day Exponential Moving Average (EMA) (red) at $0.6228.
Now that losses are below $0.6 and XRP price is trading at $0.577, the 100-day EMA (blue) is required to come in handy for the bulls to have a chance at pushing for a rebound. However, if the downtrend extends, bears are likely to target the 200-day EMA (purple) at $0.5261.
Based on the outlook of the Moving Average Convergence Divergence (MACD) indicator, a downtrend in XRP is unlikely in the short term. Short positions in XRP have the potential to turn profitable, especially with the momentum indicator signaling an extended decline.
XRP maintains the bearish outlook on shorter timeframes, including the four-hour chart where it seats below all the moving averages and the MACD dons a selling signal.
Whale activity, according to insights from on-chain analytics platform Santiment, has soared as investors capitalized on the price dip to buy more XRP tokens.
The increase in whale addresses buying XRP has not had an impact on the price. However, this accumulation could eventually build up the momentum for a breakout to $1.
Ripple Executive Oppose The SEC’s Request To Appeal Ruling
Ripple’s top executives, Brad Garlinghouse the CEO, and Chris Larsen the executive chairman have filed a motion that seeks to oppose the Securities and Exchange Commission’s (SEC) request to appeal the ruling in July.
In the ruling, Judge Analisa Torres determined that programmatic sales of XRP such as those on exchanges like Binance and Coinbase are not securities contrary to direct sales to institutional investors.
The judicial directive doesn’t revolve around a dominant legal issue; the SEC is unable to demonstrate a significant platform for diverse viewpoints; also, an expedited appeal wouldn’t accelerate the resolution of this ongoing legal dispute, the two executives argue.
Chiming in on the matter, crypto lawyer John Deaton said that it was pointless for the SEC to charge “the individual defendants with aiding and abetting IN A NON-FRAUD CASE, and thus, increasing the burden of proof,” was, in turn, costing the SEC.
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