Ripple Faces New Hurdles: SEC May Appeal Court’s $125 Million Fine Decision: Forecast
The XRP price has dropped by 2% in the past 24 hours, slipping to $0.605 after comments from the SEC raised questions as to whether it may appeal this week’s judgment in its case with Ripple.
Despite today’s dip, XRP remains up by 5% in a week and by 37% in a month, with the coin rallying strongly this week following the aforementioned decision.
Yet XRP remains down by 5% in a year, suggesting that the ruling hasn’t done enough to make up for recent underperformance.
And while some have raised the possibility that the SEC may appeal Judge Eleanor Torres’ awarding of a $125 million fine, the regulator’s statement mostly suggests that it is largely content with her ruling.
Looking at XRP’s chart, it continues to show buying pressure, yet it may be at the top of a short-term peak.
In other words, it could continue correcting a little over the next one or two days, with its RSI (purple) falling from over 80 on Wednesday to just under 50 today.
Meanwhile, XRP’s 30-period moving average (orange) has plateaued, likely as a prelude to dropping below the 200-period average (blue).
Because XRP is in an overbought position, it may need to fall further before buyers return to it and help it to launch another rally.
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