The post XRP Price Dips as SEC vs. Ripple Lawsuit Heats Up: Will it Hold Above $0.65? appeared first on Coinpedia Fintech News
XRP’s price dropped to $0.62 on Thursday, pushing it below the crucial support level of $0.65. However, the demand for BTC and the broader crypto market also rebounded, with net inflows into BTC-spot ETFs driving buyer interest. Notably, iShares Bitcoin Trust (IBIT) saw record net inflows on March 5, contributing to overall net inflows in the BTC-spot ETF market.
This drop in XRP price is particularly notable as it comes ahead of a key deadline in the ongoing legal battle between Ripple vs SEC. With the SEC preparing to present its remedies-related opening brief on March 22, investors are closely watching how regulatory developments will impact XRP’s future. There is no doubt that Ripple vs SEC has been a key driver of XRP’s price action, reflecting the broader view of cryptocurrency’s regulatory status.
The SEC’s next move will be disastrous for XRP; let’s analyze its price in the following weeks.
Questioning SEC’s “Vague” Rules
Meanwhile, Ripple’s Chief Legal Officer Stuart Alderoty has shared a transcript from an ongoing case involving the SEC, expressing concerns about the agency’s vague and loose rules. This comes amid criticisms against the SEC’s practices, potentially drawing scrutiny from US lawmakers.
In February, Senator Cynthia Lummis and four other senators sent a letter to SEC Chair Gary Gensler, threatening scrutiny after the SEC filed charges against Debt Box. The Office of Inspector General is investigating crypto conflicts of interest within the agency, which could impact the SEC’s plans to appeal the ruling on Programmatic Sales of XRP. A resolution in favor of Ripple could positively impact XRP’s future price trends.
XRP Price – Technically not Sounding Good
Taking into account the OIG Investigation, SEC v crypto case updates and BTC-spot ETF market flows. From a technical standpoint, XRP’s price could undergo further correction soon. The altcoin may test the psychologically significant support level at $0.60 before potentially staging a rebound. The Awesome Oscillator indicates that there is still room for downward movement, suggesting that XRP’s correction may not be over yet.
However, if XRP manages to close above the 78.6% Fibonacci retracement level at $0.6293, it could signal a reversal of the current bearish trend, providing hope for a potential recovery in the future. Having said that, there is a possibility that XRP may rebound to Tuesday’s high of $0.6692 before hitting overbought territory under the 14-day RSI of 58.01.
Will this Vague rule theory push XRP down to dust? Only time will tell.