Market Analysis: XRP/USD Price Rolls Back to Important Support

FXOpen

July was marked by the end of the trial between the SEC regulator and Ripple Labs in favor of the latter, which led to a sharp increase in the XRP token to a price above USD 0.9, but then a rollback followed after the first emotional reaction.

By the way, the trial is not completed yet. As it became known, the SEC intends to appeal the court's decision.

Bearish arguments:
→ The price of the XRP token may fall after the SEC formally files an appeal.
→ The price of the XRP token has rolled back by more than 2/3 from the July rapid growth — this is too deep a size for a normal correction.

Bullish arguments:
→ The price dropped to the important support zone 0.530 – 0.575, which repeatedly affected the price dynamics of the XRP token in 2021-2023.
→ Long lower shadows on the intraday XRP/USD charts may indicate that the support effect from this zone has already begun. Similar reversals can be observed, by the way, in a similar zone 0.404 – 0.424.

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