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XRP Price Dangles on the Cliff’s Edge as Crypto Lawyer John Deaton Defense Ripple’s XRP Sales

With XRP price support at $0.5 lost once again, investors may brace themselves for potential losses extending to $0.465 and $0.45.
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XRP Price Dangles on the Cliff’s Edge as Crypto Lawyer John Deaton Defense Ripple’s XRP Sales

The token native to the world’s leading cross-border blockchain network, XRP, experienced a 2.5% decline in value over the past 24 hours, trading at $0.48 on Monday. After a bullish surge last week that propelled XRP price to $0.527, the overall crypto market settled down during the weekend, allowing for price consolidation.

With support at $0.5 lost once again, investors may brace themselves for potential losses extending to $0.465 and $0.45.

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Ripple Selling XRP Doesn’t Make the Token a Security – John Deaton

John Deaton, an attorney who founded CryptoLaw, has put forward different scenarios where Ripple’s sale of XRP does not necessarily categorize the token as a security. Over the weekend, he argued that many investors bought XRP tokens without prior knowledge of Ripple, the company.

Deaton revealed that a significant 52% of the extensive pool of over 10,000 investors he engaged with confessed to being unaware of Ripple when they initially acquired XRP. This highlights a substantial portion of the investor base discovering and engaging with the cryptocurrency without prior awareness of its association with the Ripple network.

The lawyer’s statements sparked a debate among XRP holders and enthusiasts. For example, Caesar Korvinus, a community member, raised questions regarding those who purchased the tokens with knowledge of Ripple, the company.

Deaton responded by suggesting that if Ripple had directly communicated with Korvinus and sold XRP to him, the Securities and Exchange Commission (SEC) could potentially argue that the sale satisfied the Howey test—a legal criterion used to determine if an investment qualifies as a security.

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XRP Price Succumbs To The Bear Flag Pattern Selling Pressure

XRP price has slipped below $0.50 once again and is testing support at $0.48. The rejection from last week’s high confirmed the formation of a bearish flag pattern. Losing the buyer congestion zone at $0.50 has made the support vulnerable to selling pressure.

Traders typically trigger sell orders slightly below the support of the flag, in this case just below the 200-day Exponential Moving Average (EMA) (in purple). As more sell orders enter the market, volume increases, exerting downward pressure on the price.

XRP/USD four-hour chart | Tradingview

That being said, traders will closely monitor a sustained break below the immediate support at $0.48 to confirm the pullback. The technical analysis of the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggests that bears have the upper hand, as the MACD’s sell signal reinforces the weakening market structure.

On the other hand, some investors will be on the lookout for a rebound from the $0.48 support level. If sustained, this could enable XRP price to reclaim the $0.50 resistance and pave the way for further gains, targeting $1.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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