The XRP price plunged 11% in the last 24 hours to trade at $0.5314 as of 03:18 a.m. EST on trading volume that rose 8% to $3 billion.
This comes after the US Securities and Exchange Commission (SEC) filed a notice of appeal in the Ripple lawsuit on Oct 2, seeking to overturn a ruling by Judge Analisa Torres.
She had ruled that XRP is not a security when sold to the public, giving Ripple and the crypto industry what appeared to be a landmark partial victory against the regulator.
XRP Price On A Sustained Bearish Momentum
The XRP price came out of a consolidation zone in September, which was moving in a sideways pattern within the $0.58 range, according to data from GeckoTerminal . The bulls then won the struggle, pushing the price of XRP to the $0.66 resistance before returning to the $0.58 support.
XRP price then took advantage of the rounding top pattern, as the bears exerted more pressure even after the appeal, which drove the price of XRP towards a sustained bearish trend.
The pressure then allowed the price of XRP to fall below both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the rapid bearish movement.
Moreover, the Relative Strength Index (RSI) is also falling below the 30-oversold region, which shows that the asset is currently under intense selling pressure and oversold.
If the current bearish stance continues, the price of XRP may still fall to the next support at $0.50.
XRPUSD Chart Analysis Source: GeckoTerminal.com
Meanwhile, the RSI shows that the asset is currently oversold and undervalued, which may be a buying signal for optimistic investors. If investors enter the market at this level, the price of XRP could surge towards a bullish trend reversal, with the possible target at the $0.57 level (200-day SMA).
As the XRP price bulls look for more favorable buying signals, investors looking for new opportunities might want to consider a new meme coin ICO called Flockerz (FLOCK) , which offers a stratospheric Annual Percentage Yield (APY) of 6,242%..
Flockerz Presale Garners Over $370K In Presale
The Vote-to-Earn platform from Flockerz is rewriting the rules of decentralization. Compared with many other crypto projects, where a small group makes decisions of people, FLOCKERZ allows its community more control.
Indeed, not only does the platform allows its community members to impact the project’s future, but they also get compensated for it. The Vote-to-Earn platform represents a major shift in how meme coins work.
Flocktopia is the decentralized governance framework of FLOCKERZ. It is also a key component of the project. Each token holder in this DAO can influence project decisions.
To participate in the voting process, users must buy $FLOCK tokens . The greater the number of tokens you own, the more influence you have in voting. When a new suggestion is presented, members of The Flock vote.
Apart from VTE rewards, users can earn passively through the platform’s staking mechanism , with a sky-high annual yield of 6,242%.
According to 99Bitcoins, a popular crypto channel on YouTube with over 706K subscribers, $FLOCK has the potential to soar 100X after its launch.
To join the presale, you can buy $FLOCK on the official website here for $0.0056785 per token using BNB, ETH, or USDT. You can also make a purchase using your bank card.
Buy before a price hike in less than 23 hours to secure the best deal.
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