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Resistance at $0.55 rejected the ripple price after sinking to $0.50 last Thursday. The coin saw a 17% drop in the past seven days due to a new bearish wave.
Bitcoin led the drop, but XRP quickly followed, just like the rest of the market. The coin started last week at $0.627, seeing its first minor drop late on August 15.
The price dipped to $0.6 then, which was sudden but not too bad. However, the price kept pushing deeper for the rest of the week.
In the end, late on August 17, XRP was at $0.57, only to suddenly crash to $0.48 within two hours.
The price then saw a minor recovery, leading it back above $0.5, and it spent last Friday and Saturday fluctuating between $0.50 and $0.51.
On Sunday, the price jumped a bit, reaching $0.52, mostly trading sideways for the first half of the day. Later on, the same day, it jumped again to $0.55, only to start spiraling down.
At the time of writing, August 21, XRP is back to $0.5213, dropping over 4% in the last 24 hours.
So far, the token’s most significant support has been at $0.5, and this level has managed to hold and prevent the price from sinking further.
XRP is still 52% higher yearly, so the recent drop has not been damaging. Even so, a fall below this level would be considered very bearish.
On the plus side, analysts note that the accumulation of XRP is increasing again, but a lot will depend on the continuation of the Ripple v. SEC case.
SEC Returns for Second Round with Ripple
After Judge ANalisa Torres decided that XRP is not a security, the SEC reorganized its case and returned with a new filing.
The US securities regulator filed a Motion to Certify Interlocutory Appeal regarding XRP’s non-security designation.
Ripple’s CTO, David Schwartz, attempted to clarify the SEC’s motivation behind the appeal. The move initially seems like the regulator is trying to challenge Judge Torres’ classification of XRP.
However, in the eyes of the SEC, Schwartz said that the move comes from the assumption that the legal battle is still ongoing.
The SEC will freeze the primary legal action until the appeal is processed. Ripple, on the other hand, wishes to see the direct lawsuit progress alongside the appeal process.
Whales are Going Back to XRP
One of the enormous consequences of Ripple’s partial victory seems to be the most significant return of XRP whales.
There are around 221 addresses that hold anywhere from 10 million to 1 billion XRP, and their activities tend to have an impact on the XRP price.
Whales hold 16.13 billion XRP, with a total value of $8.71 billion. Their involvement with the asset might contribute to its recovery even further.
yPredict Presale Surpasses $3.5 Million
Those less willing to risk often turn to alternative opportunities in the crypto market, such as presales, whose tokens are not yet threatened by volatility.
One of the most promising presales in terms of technology and potential is yPredict (YPRED). This all-in-one AI ecosystem was explicitly built for traders, analysts, and developers.
The platform offers trading signals, fundamental and technical analyses, and chart pattern recognition, all done by AI technology. With AI’s advantages over humans in terms of research, this is a giant leap for those who rely on signals and technical massive in trading.
The presale has already raised over $3.53 million, selling the token for $0.1. The listing price is scheduled to be $0.12, so there is excellent potential in buying now, as the price is still lower.
Anyone interested can buy YPRED with MATIC, ETH, USDT, or BNB. Alternatively, you can also buy it via credit or debit card.
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