Ripple-SEC Settlement Leads to XRP Price Drop Amid Profit-Taking

XRP’s price has decreased by 2%, moving from $3.19 to $3.14. This change follows a peak of $3.32. The rally had been fueled by the recent legal resolution between Ripple Labs and the SEC, which resulted in trading volumes jumping by 208% to $12.4 billion, even after the settlement. However, macroeconomic changes continue to affect XRP’s price.

Technical Analysis Overview

• XRP fell from $3.19 to $3.14 in the 24-hour window ending August 12.
• An intraday high of $3.32 was observed, followed by significant sell-off, especially around 19:00.

Market Analysis and Economic Factors

The decline could be a natural profit-taking action from investors following the significant gains seen from the legal resolution. Despite some institutional selling, many large holders are keeping their bids steady at around $3.13 to $3.15.

What Traders Are Watching

Traders are eyeing the potential for a breakout above $3.27 to sustain upward momentum while observing the stability of support at $3.13 amid continued market fluctuations.