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

<img src="https://fxopen.com/blog/en/content/images/2023/08/XRP1.jpg" alt="Market Analysis: XRP/USD Price Rolls Back to Important Support" /><p>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.</p><p>By the way, the trial is not completed yet. As it became known, the SEC intends to appeal the court&apos;s decision.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/08/17a2.png" alt="Market Analysis: XRP/USD Price Rolls Back to Important Support" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/08/17a2.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/08/17a2.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/08/17a2.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/08/17a2.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p><strong>Bearish arguments:</strong><br>→ The price of the XRP token may fall after the SEC formally files an appeal.<br>→ 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.</p><p><strong>Bullish arguments:</strong><br>→ 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.<br>→ 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.</p>