XRP Price Crumbles Under Pressure As Ripple And SEC Race To Meet Deadlines
The token powering the seventh-largest cryptocurrency ecosystem by market capitalization, XRP price, saw its plans of reaching $1 in March go up in flames as cryptocurrencies generally corrected from their recent highs.
XRP plunged from $0.7484 — the highest level achieved in 2024 to $0.5689 in tandem with Bitcoin’s dive to near $60,000. Ethereum also bled profusely, falling from above $4,000 to $3,050.
After a 15% decline, the price of XRP holds at $0.5835. Several four-hour candle closing below the crucial level at $0.6 implies that the downtrend may be far from over.
XRP Price Prediction As Ripple Vs. SEC Deadlines Pile Up
New developments in the case between Ripple, the issuer of XRP, and the Securities and Exchange (SEC), a US regulator could impact the future of XRP, especially now that both parties are expected to meet key deadlines.
According to information shared by @RipplePandaXRP on X, Ripple’s legal team is required to “file and edit its response to the SEC’s document by 23 April.”
The legal documents belonging to the SEC will remain sealed until April 24 when they will be revealed to the public. According to experts in the legal profession, these steps are critical to safeguard trade secrets as well as keep sensitive business data from leaking into the public domain.
The SEC, on the other hand, will have until May 7 to formulate its case. Note that a portion of the documents will be made public on May 8.
This comes after all parties involved in the lawsuit filed a joint sealing proposal in order to oversee “sealing issues relating to the upcoming remedies-related briefing to be filed in this case.”
– Ripple should file and edit its response to the SEC’s document by 23 April, and then release a censored version to the public on 24 April.
– The SEC needs to submit its replies to Ripple’s response and discuss any amendments by 7 May before releasing a censored version to the… https://t.co/1sGwh5VLP5
— PandaRippleXRP (@RipplePandaXRP) March 20, 2024
XRP Seeks Relief From Bears
XRP price is on the cups of sliding below Tuesday’s open at $0.5839 — a move likely to trigger more pain.
The four-hour chart also shows that the price is below all short-term moving averages, including the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA (the blue, red, and purple lines on the chart).
XRP price chart | Tradingview
The longer XRP stays above these bull market indicators the stronger are sellers likely to get. At the same time, the position of the Relative Strength Index (RSI) at 42 and still falling towards the oversold region leaves bulls significantly exposed.
A retest of the support at $0.5683 cannot be ruled out considering a death cross pattern on the four-hour chart. The 20-day EMA crossing below the 200-day EMA is a strong bearish signal.
Traders waiting to enter new long positions should be patient until XRP confirms a reversal above the 78.6% Fibonacci level coinciding with the 20-day EMA. From this level, XRP could gain momentum to reach $0.7 ahead of the next move to $1.
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Filed under: News - @ January 1, 1970 12:00 am