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 <p>Amid the doldrums in the crypto market, the XRP trading volume has been shrinking below the $1 billion level to $933 million at the time of writing. The cross-border payments token has also seen a significant slump in its market cap from $44 billion in early July to $33 billion.</p>  
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 <h2 id="xrp-considers-downward-sweep">XRP Considers Downward Sweep</h2> 
 <p>The fifth-largest crypto sits below all the major applied moving averages, starting with the 50-day Exponential Moving Average (EMA) (red) at $0.6295. the 100-day EMA (blue) at $0.6401 and the 200-day EMA (purple) at $0.6439.</p> 
 <p>This market position shows that bulls are bearing increasing selling pressure, likely to culminate in losses below the immediate support at $0.62.</p> 
 <p>However, as the Bollinger bands narrow due to the shrinking liquidity,&nbsp;XRP gets closer to a breakout.</p>  
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 </div> 
 <p>Bollinger bands can help traders anticipate the likely price drop in <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a> by looking for a bearish divergence between the price and the bands. This would be of particular importance when the price makes a higher high, but the upper band makes a lower high, indicating that the upward momentum is weakening and that sellers are gaining strength.</p> 
 <p>Traders hoping to capitalize on the potential short positions could also look out for a breakout below the lower band (which is highly likely based on the current market structure), signaling that the price has moved out of its normal range and that a strong downtrend is likely to follow.</p> 
 <p>Selling <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a> short means that traders are betting on the price sliding below the initial support at $0.62 and extending losses to $0.60 before bulls consider another significant trend reversal.</p> 
 <figure id="attachment_156621" aria-describedby="caption-attachment-156621" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-156621" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201140%20607'%3E%3C/svg%3E" alt="XRP price stuck between $0.62 and $0.65" width="1140" height="607" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2023/08/15122954/XRPUSD_2023-08-15_09-26-05.png"> 
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   <img decoding="async" class="size-full wp-image-156621" src="https://cdn.coingape.com/wp-content/uploads/2023/08/15122954/XRPUSD_2023-08-15_09-26-05.png" alt="XRP price stuck between $0.62 and $0.65" width="1140" height="607"> 
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    XRP/USD four-hour chart | Tradingview 
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 <p>Conversely, this sideways trend in&nbsp;XRP could lead to a leg-up in the price, especially if bulls manage to push above the first short-term hurdle – highlighted by the 50-day EMA.</p>  
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 <p>However, the uptrend targeting $0.7, $0.85, and $1 may take longer to materialize amidst the ongoing sideways action. The Moving Average Convergence Divergence (MACD) indicator validates the ranging movement in the same four-hour time frame.</p> 
 <h2 id="xrp-transactions-will-not-be-securities-despite-sec-appeal">XRP Transactions Will Not Be Securities Despite SEC Appeal</h2> 
 <p>Outspoken crypto lawyer John Deaton has once again delved into the issue surrounding the partial ruling in the&nbsp;Ripple vs. Security and Exchange Commission (SEC) lawsuit&nbsp;which determined that <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a> sales on third-party platforms like Binance and Coinbase are not securities while those made directly to institutions assume the security status.</p> 
 <p>While XRP and the crypto market priced in the ruling in July, the SEC is seeking to appeal the ruling in order to insist XRP be a security.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">In this article it’s says:</p> 
  <p>“In short, most <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a> transactions might still be securities transactions.”</p> 
  <p>This is NOT true and constitutes total FUD. Even if Judge Torres agrees to certify the interlocutory appeal and stay the case (HUGE ASSUMPTIONS, especially the stay), it would… https://t.co/o7VLWbszUo pic.twitter.com/5T0H57UC8A</p> 
  <p>— John E Deaton (@JohnEDeaton1) August 11, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>Deaton in his latest rundown&nbsp;of the case said that even if the court grants the regulator’s interlocutory appeal request, it would not mean that <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a> transactions automatically become securities.</p> 
 <p>“That would assume just because the SEC claims it is, means it is. That’s not even close to being accurate,” Deaton said via X (Twitter).</p> 
 <p>It is expected that the SEC’s appeal will dwell on the programmatic sales of XRP on third-party platforms, which the agency says raises “controlling questions of law on which there is substantial ground for differences of opinion.”</p> 
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XRP Flaunts Short Selling Opportunities Targeting $0.6

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