- XRP sees a sharp 20% drop in value, positioning it under $0.50, erasing all progress made post its recent lawsuit ruling.
- The SEC’s renewed intervention in the court decision has increased market uncertainty around XRP.
Navigating Ripple’s Stormy Waters
Over the past weeks, the cryptocurrency market has evidenced considerable turbulence, and Ripple’s XRP has not been immune. Witnessing a precipitous decline of 20% within a day, its value has slumped below the $0.50 benchmark, undoing the gains acquired post its lawsuit ruling in July 2023. This downturn is intensified by the U.S. Securities and Exchange Commission’s (SEC) recent move to file an interlocutory motion against that ruling, thereby casting a shadow of doubt over XRP’s prospects.
Judge Torres, in response to the SEC’s appeal, has granted the body until August 18 to present its opposing motion. Concurrently, Ripple Labs has until September 1 to submit its rebuttal, with an option for the SEC to retort by September 8.
Analyzing XRP’s Technical Landscape
Ripple’s digital currency encountered hurdles trying to breach the $0.65 resistance against the U.S. Dollar, leading to its current downturn. The decline took it beyond the foundational $0.550 support zone.
As of now, XRP operates beneath the $0.55 threshold and also lags the 100 simple moving average on a 4-hour scale. The 4-hour XRP/USD chart reveals an emerging bearish trend line with formidable resistance approximated at $0.585. In the more immediate future, resistance is predicted near the $0.520 vicinity, adjacent to the 50% Fibonacci retracement from the $0.6365 peak to the $0.47 nadir. The subsequent prominent resistance is projected at approximately $0.550, with the primary hurdle crystallizing around $0.585.
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However, if XRP’s ascent is stifled at the $0.550 resistance mark, it may be poised for a further decline. Imminent support is forecasted around the $0.480 bracket, followed by a pivotal support close to $0.455. Any movement below this, particularly a closure beneath the $0.455 demarcation, could inaugurate a prolonged bearish phase for XRP, potentially driving its value towards the $0.400 anchor point.
Evidently, the trajectory Ripple’s token will trace largely hinges on the unfolding legal narrative surrounding the XRP lawsuit. The crypto community, investors, and market analysts alike are keenly monitoring these developments.
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