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XRP Bears Reverse All SEC Ruling Gains, What's Next?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

XRP Bears Reverse All SEC Ruling Gains, What’s Next?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Ripple SEC XRP

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Trading at around $0.51, XRP bears have fully reversed all gains posted on July 13, looking at price action in the daily chart. Although bulls are optimistic, it hasn’t been smooth sailing for these traders, and bears have been active, shaving gains and putting buyers on the backpedal.

Related Reading: Optimism (OP) Continues Market Recovery As Network Whales Triple Holdings

As it is, the path of least resistance, looking at the price action from 2023 peaks to date, is southwards. 

XRP Bears Are Unyielding

Presently, XRP is down 45% from July 2023 highs. Though prices are higher relative to last week’s lows, the coin remains under immense selling pressure.

Looking at price charts, XRP prices are trending inside the August 17 trade range, a bear candlestick, suggesting that sellers have the upper hand unless there is a significant spike above $0.60 with rising volumes. This could ignite demand, lift sentiment, and allow buyers to resume the uptrend.

XRP price on August 22| Source: XRPUSDT on Binance, TradingView
XRP price on August 22| Source: XRPUSDT on Binance, TradingView

The ruling by Judge Analisa Torres on July 13 went against the United States Securities and Exchange Commission’s (SEC) claims that XRP is a security. In late 2020, the SEC alleged that Ripple, the blockchain company that uses XRP in one of their payment solutions, raised billions by selling the token, violating securities laws. Ripple’s executives, including Brad Garlinghouse, were also sued.

Last month’s landmark ruling, in favor of Ripple and its executives, reignited demand, but the momentum appears to be fizzling since bears have completely peeled back gains.

What’s Next For XRP?

According to coin trackers, XRP has a market cap of $27 billion and is technically the fourth largest cryptocurrency excluding Tether (USDT), when writing on August 22. The coin is more liquid than Cardano, Solana, and Dogecoin at this valuation. 

It is only trailing Ethereum, Bitcoin, and BNB. Its gap with BNB is narrowing to around $5 billion. The woes around Binance, the world’s largest crypto exchange, with regulators and banks, especially in the United States, could heap more pressure on BNB. In that way, the coin may drop in valuation, allowing XRP to be the third-largest network in the world.

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While price action in the daily chart predominantly points to bears, the recent bounce from lower prices after the dump on August 17 may signal strength. Whether buyers will build on this development and resume the uptrend in the direction of the July 13 bar remains uncertain. What’s also clear is that trading volumes are relatively low compared to the wide-ranging bar of mid-July that still shapes the current preview.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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