There is havoc in the crypto space today as Bitcoin fell below $30K and the industry has lost almost $200 billion in value as a result of this new round of liquidation. In tandem with the market, XRP price has taken a dive too with the market cap plunging by $5.5B in the last 7 days.
XRP is tanking right now, trading at $0.533 down by 9.4% in just the last 24 hours and down by 15.7% in the last seven days,
XRP fell to a swing low of $0.5184 but retraced overnight. On the daily price chart, a clear triangular formation can be seen. The top of the triangle may be seen at $0.5700, which is a significant resistance level.
In case the downtrend continues and XRP breaks the $0.51 level, the price could crash down to $0.3616. The Relative Strength Index (RSI), on the other hand, is breaking down, and a move south might push the present reading of 30.10 into oversold territory.
However, the breakout is to the upside if XRP trades above $0.5700. The tight-knit 50 and 200 DMAs between $0.733 and $0.7542 are the apparent targets in this case. Following that, $1.000 is once again up for grabs.
Ripple Vs SEC Update
Lawyers for Ripple CEO Brad Garlinghouse and co-founder Chris Larsen have filed a notice of supplemental authority with the court to support their individual applications to dismiss the SEC complaint filed against them.
The notice quotes two Republican SEC commissioners, Hester Peirce and Elad Roisman, who recently expressed their disappointment with other commissioners with regards to their settlement with Coinschedule.com.
The settlement never specified which of Coinschedule’s unlawfully promoted tokens were truly securities, they said.
Ripple has cashed in on this statement and highlighted the perceived lack of regulatory clarity.
The notice read,
There is a decided lack of clarity for market participants around the application of the securities laws to digital assets and their trading.
The case is long going on for sure, and the little wins made by Ripple in the lawsuit have unfortunately not translated well for the price action. Thanks to the bearish sentiment in the broader crypto market.