Ripple Moves Back Toward Strong Demand Zone
Gregor Horvat | Aug 22, 2023 03:25AM ET
Ripple's value dropped to 0.43, lower than the levels we saw in July when there was a debate about Ripple winning a legal case against the SEC. Many traders were overly hopeful, causing a crowded reaction, which usually didn't end well.
So, considering how people feel and the way market trends work, it's not surprising that Ripple is falling again and losing the gains it made in July. This is a regular pattern because markets often swing the opposite way when things get extreme.
Also, recent news about the Ripple case made things worse. A judge allowed the SEC to challenge the case, which means we're still not sure how cryptocurrencies like XRP will be controlled. As a result, Ripple remains weak for now, undoing all the progress it made in July after it was announced that Ripple had beaten the SEC.
Despite all this, looking at our current trading levels, there seems to be a strong chance of support that could help things turn around. This is a good time for a positive change, especially since many unsure investors have left the market. In my opinion, this is the right time for things to improve.
However, when we look at the short-term chart, there might be another drop to around 0.43 or 0.40 to finish the current downward movement before things go up again.
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