XRP faced bearish trends and fell below the First Major Support Level (S1) at $0.4860, ending the day at $0.48720. The pending SEC v Ripple Summary Judgment could bring clarity on whether XRP and other altcoins are commodities or securities. Deaton acknowledged that XRP would meet the Howey Test but also pointed out that it would not meet the test if acquired in the secondary market without a contract with Ripple. The SEC’s one-size-fits-all approach is not suitable. XRP sat below the 200-day EMA, and the EMAs delivered bearish signals. A bearish cross of the 50-day EMA through the 200-day EMA would support a fall through S1 ($0.4786) to bring S2 ($0.4700) into view. A move through the 50-day EMA would send a bullish signal.
AI Sentiment: Negative