Ripple’s controversial XRP token continues to lose bullish momentum following the SEC’s complaint against the company late last month.
Its market capitalisation has plunged from $30 billion to just $10 billion in just three weeks as investors cut their losses with the project.
The SEC alleges that the Ripple Foundation conducted unregistered securities sales, which could result in XRP being deemed as a security by the US regulator.
This caused a number of leading exchanges to delist XRP, prompting a further sell-off in price with XRP currently trading at $0.2266.
It’s worth noting that the current level is a historic level of support dating back to early 2017, however the market dynamics are far different now with XRP facing a wrath of bearish sentiment.
If XRP manages to pick itself up and follow the wider cryptocurrency market rally, levels of resistance remain at $0.315 and $0.3475, although it is unlikely that price action will drive to these points unless there is a positive resolution to the SEC situation.
What seems more likely at the moment is continuation to the downside, especially if Bitcoin continues to rally to a new all-time high.
Downside targets have now emerged at $0.175 and $0.130, although a dive to as low as $0.10 may be on the cards depending on the upcoming shift in sentiment.
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About Ripple (XRP)
Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company. It is also referred to as the Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace its roots to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create their own money.
Ripple is one of the largest cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.
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