XRP Faces Constriction in Trading Channel Amidst Dwindling On-Chain Indicators. In a changing channel, XRP is currently constrained between a solid support of $0.62 and a robust resistance of $0.65. The remittance token has lost 33% of its value since its July breakout at $0.93, trading at $0.63 on Tuesday.Amidst the crypto market&#39;s stagnation, XRP&#39;s trading volume dropped below $1 billion, settling at $933 million at the time of writing. The cross-border payment token has seen a significant drop from $44 billion to $33 billion in market capitalization since the beginning of July.Is XRP&#39;s Price Movement Signaling a Decline? The fifth-largest cryptocurrency is currently positioned below all major moving averages, starting with the 50-day Exponential Moving Average (EMA) at $0.6295. The 100-day EMA sits at $0.6401, and the 200-day EMA at $0.6439.This market position suggests increased selling pressure by bulls, possibly resulting in losses below the critical support level of $0.62. Additionally, as Bollinger Bands narrow due to decreased liquidity, the altcoin inches closer to a breakout.Bollinger Bands can assist investors in predicting potential price drops in Ripple by examining the downward trend between the price and the bands. When the price forms a higher peak, it signifies weakening upward momentum and strengthening selling pressure.Traders looking to capitalize on potential short positions can also watch for a breakout below the lower band, which indicates a potential strong downward trend beyond the coin&#39;s normal range, given the reduced liquidity.XRP&#39;s Horizontal Trend XRP&#39;s current horizontal trend could potentially lead to an upward movement if bulls manage to break above the initial short-term hurdle highlighted by the 50-day EMA. However, achieving the upward trend targeting $0.7, $0.85, and even $1 within the ongoing horizontal movement might take a longer duration. The Moving Average Convergence Divergence (MACD) indicator confirms this changing movement within the same four-hour timeframe.XRP Won&#39;t Be a Security Despite SEC Appeal Crypto lawyer John Deaton readdressed the topic surrounding the partial ruling that determined sales of the altcoin on third-party platforms like Binance and Coinbase are not securities, while those directly conducted with institutions are deemed securities, in the case between Ripple and the Securities and Exchange Commission (SEC).While XRP and the crypto market have priced in the July decision, the SEC is attempting to appeal the ruling in its bid to classify the altcoin as a security.Deaton stated in his latest comment on the case that even if the court accepts the appeal request, it doesn&#39;t automatically categorize XRP transactions as securities.&#34;This would mean that it is a security because the SEC says it is. That is not even close to being true,&#34; Deaton said.The SEC&#39;s appeal is expected to focus on the agency&#39;s control over the legal questions that concern differences in opinion, especially those regarding programmatic sales of altcoins on third-party platforms. https://kriptoparahaber.com/ripple-analizi-xrp-yan-pazari-buyurken-kisa-satislar-kar-getirebilir-mi/

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