Ripple’s Rollercoaster: XRP Dips 5% as Traders Cash In on Gains

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What to know:

  • XRP experienced a 5% drop in value before stabilizing, with significant trading volume highlighting institutional activity. 🎢💸
  • The SEC and Ripple Labs have concluded their legal dispute, providing regulatory clarity for XRP. 🏛️💼
  • Japan’s SBI Holdings has filed for a Bitcoin-XRP ETF, potentially influencing future market dynamics. 🇯🇵📈

XRP slides through key levels in a high-volume selloff before stabilizing at major support, with regulatory clarity now in place after the Ripple-SEC settlement. Just another day in the crypto jungle! 🏞️🔮

Technical Analysis Overview

XRP falls 5% in the 24-hour period ending August 9, dropping from $3.34 to $3.20 before recovering to $3.30. The move spans a $0.17 range, marking 5.24% volatility. 🧐📉
Selling pressure peaks between 14:00-15:00, when price collapses from $3.36 to $3.20 on 209.67 million volume – the largest single-hour print of the session. 📊🚨
Buyers defend the $3.20 zone, triggering a rebound to $3.33 by 19:00. Resistance forms at $3.31-$3.33, with support locked at $3.20. 🏰💪

News Background

The Securities and Exchange Commission and Ripple Labs have officially ended their five-year legal battle, jointly dismissing their appeals in the XRP case. The Second Circuit Appeals Court recognized the filing, with both parties bearing their own costs. 🏁🎉

“Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals,” Ripple’s chief legal officer Stuart Alderoty said on X. 📢

00-15:00 in a high-volume selloff, printing 209.67 million tokens traded. 🔻💰

• Buyers defend $3.20 support, sparking recovery to $3.33 by 19:00. ⬆️💵

• Resistance builds at $3.31-$3.33 as profit-taking caps upside momentum. 💡

Technical Indicators Analysis

• $3.20 confirmed as key support with volume validation at 209.67 million. 🔒💥
• Resistance established at $3.31-$3.33 during recovery phase. 💼💪
• Bull flag structure forming above $3.28, suggesting potential upside continuation if $3.33 breaks. 🚩📈
• Volume spike to 1.86 million at 01:52 indicates targeted accumulation attempts. ⚡💼
• 5.24% intraday volatility highlights defined range-bound trade between $3.20 and $3.33. ⏳📊

What Traders Are Watching

• Whether $3.20 holds on the next retest amid continued institutional positioning. 🕵️‍♂️🔍
• Breakout confirmation above $3.33 to signal end of profit-taking phase. 🏁💸
• Follow-through buying linked to post-settlement regulatory clarity. 📜🔑
• ETF-related flows from Japan’s SBI filing and potential spillover into U.S. markets. 🌍💹

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2025-08-09 08:06