XRP slipped below the $2 threshold once again as market sentiment cooled following new developments in the Ripple-SEC legal case. It dropped by 0.39 percent to $1.99, while daily trading volume fell sharply by over 51 percent to $4.12 billion.
Ripple Labs, together with the U.S. Securities and Exchange Commission, asked the U.S. Court of Appeals for the Second Circuit to suspend their present appeal. The filed motion suggests the SEC accept a settlement of $50 million instead of the initially proposed $125 million fine for Ripple.
The legal progress between Ripple Labs and the U.S. Securities and Exchange Commission did not stop XRP traders from maintaining a cautious approach to the market. The market showed only faint interest in the news because few investors engaged in trading activity.
Also Read: Big News: Ripple and SEC Make Major Move in XRP Lawsuit, Here’s What Happened
XRP underwent an oversold shift on the Relative Strength Index because selling activity controlled market action at the start of the trading day. The price stopped declining at $1.9709 and then demonstrated a slight upward trend.
However, this bounce was short-lived as continued pressure dragged the token down to $1.9221. Buyers re-entered at this level, sparking a brief recovery supported by a golden cross on the MACD, which often signals a potential uptrend.
Technical Indicators Suggest Tug of War Between Buyers and Sellers
Moreover, as buying activity pushed XRP higher, the asset entered an overbought zone, pointing to possible exhaustion among buyers. A subsequent death cross on the MACD confirmed that sellers were regaining control, leading to a renewed decline.
A second golden cross from this period brought back enough bullish sentiment to the market. The $2.0860 resistance point continues to impede XRP’s price rise, although the token has yet to cross this threshold.
If bullish momentum holds, the token may target $2.1200; conversely, failure to maintain current support could result in a retreat toward $1.9000, a level where buyers may once again test their strength.
Conclusion
XRP’s slip below $2 reflects the market’s cautious stance despite encouraging signs in the Ripple-SEC case. Price direction remains tied closely to technical patterns and legal updates, as traders evaluate whether recent support can hold or if another drop is on the horizon.
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