- Amid ongoing market uncertainty, XRP’s price is at risk of dropping to $0.5, following a decline below the $0.7 support level.
- Despite the downturn, Ripple’s ongoing legal battle with the US SEC is stirring significant apprehension within the crypto industry.
The cryptocurrency market is displaying a generally bearish sentiment, with XRP’s price indicating a potential slide. In the past week, XRP has seen a 6.9% decrease, currently trading at $0.69, and the market’s leading cryptocurrency, Bitcoin, has experienced a 2.2% drop in the last 24 hours.
An Uncertain Path for XRP Price
The bullish momentum sparked by Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC) was unable to maintain an uptrend, leading to a price reversal from the $0.85 resistance level. XRP’s price is currently experiencing a sell-off below the $0.7 threshold. If bullish investors don’t rally behind this cross-border remittance token soon, there’s a high likelihood of the price dipping further to $0.6, potentially even reaching $0.5.
The XRP daily chart’s technical outlook suggests that sellers currently have an advantage, with the Moving Average Convergence Divergence (MACD) indicator giving a bearish signal. This downtrend is further reinforced by the Relative Strength Index (RSI), swiftly moving from the overbought region towards the midline and possibly hitting the oversold region below 30.
Should XRP’s price close the day below the $0.7 level, short traders might rendezvous at the next target of $0.6. However, this situation may prove advantageous for sidelined investors seeking exposure to lower-priced XRP tokens. In this scenario, the 50-day EMA, located slightly below $0.6, could crucially mitigate the bearish impact, creating a suitable environment for a potential rally towards $1.
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Ripple-SEC Ruling Fuels Industry Uncertainty
The Ripple vs SEC lawsuit continues to be a hot topic, stirring considerable uncertainty within the crypto industry. Financial institutions like Bank of America (BAC) are among those voicing their concerns. As per a CoinDesk report, the BAC is advocating for a comprehensive regulatory framework to oversee the crypto market and foster mainstream adoption, thereby attracting institutional investors.
According to BAC, the SEC-Ripple case ruling failed to alleviate regulatory worries in the industry. Going forward, regulatory bodies will need to differentiate blockchain-based digital assets from tokenized assets, potentially including exchange-traded funds (ETFs) and gold.
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