Source: Yahoo Finance
XRP/USD has dropped 50% to a low of $0.212, in the past 24 hours. It is down more than 60% from its 30-day high of $0.76.
This came about after the Securities and Exchange Commission (SEC) sued Ripple stating that XRP is a security, and for illegal sales of securities worth around $1.3 billion over a seven-year period.
Analyst predict that if the $0.25 level is breached, there will be a 100% retracement of the most recent leg of the up-move.
The Relative Strength Index (RSI) has been trending upwards slowly upon the sharp dip and currently stands at 68, moving close to an overbought condition.
Analyst predict that as the buying pressure increases, it will be an anchor for the bulls to move upwards and eye $3 by the end of 2021.
However, if the SEC prevails, it will be hazardous for Ripple as many other exchanges would delist XRP from their list because they would have to register as securities exchange. This would be a key market mover for XRP/USD. Even if Ripple wins the lawsuit against SEC, it will take time.
The company has announced plans that it might be relocating to the U.K. CEO Brad Garlinghouse has stated that the Financial Conduct Authority in the U.K. does not deem XRP a security.
XRP/USD (as of Dec 24, 2020, 9.50 a.m., GMT +8) - $0.2923
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