In the ongoing litigation between Ripple and the SEC, a crucial detail has emerged that could be cause for optimism to the cryptocurrency community. Making serious charges against the company, the SEC has had setbacks in five of its most recent six hearings before the Supreme Court. With this, XRP price It has not been able to sustain its rise recently as it has lost critical support levels, creating bearish concerns among investors ahead of the final hearing.
The recent losses the SEC has recorded could indicate that the agency is having difficulties filing its case or adapting to an evolving legal environment, potentially leaving room for Ripple to rise to the top.
In a recent development, Ripple Labs, along with its directors Brad Garlinghouse and Chris Larsen, responded with a stern letter to the U.S. Securities and Exchange Commission (SEC) addressing its Additional Powers.
XRP Price Needs to Test This Level
A major factor contributing to the recent drop faced by XRP is the declining trading volume, which indicates a waning interest from both traders and investors in the digital asset. In the daily price chart, XRP The price dropped below the key support level of the 23.6% Fibonacci channel. However, the fact that the price has enough room before dipping below the EMA-20 trendline at $0.5 on the daily price chart indicates that the bulls are not completely out of control.
At the time of writing, XRP price is trading at $0.5121, down more than 1.5% from yesterday. When we examine the 4-hour price chart, it is possible to see that the altcoin price has formed a descending triangle formation. If the price breaks below the EMA-100 at $0.5, a sharp drop is expected. For a bullish reversal, XRP needs to test the $0.48 level.
You can follow the current price action here.