• 22 June, 2024
Market News

Ripple Plummets 5% Despite Landmark Victory Against SEC

In the aftermath of Ripple Labs’ landmark victory against the US Securities and Exchange Commission (SEC), XRP’s price struggles to reflect the positive outcome, remaining below the $0.6603 support level. Ripple’s legal battle, spearheaded by CEO Brad Garlinghouse and Chairman Chris Larsen, showcased resilience against the SEC’s allegations of aiding and abetting violations of US securities laws.

Source: TradingView

Ripple’s Chief Legal Officer, Stuart Alderoty, urged crypto companies to stand up against regulatory overreach, echoing Ripple’s decision to defend itself against the SEC’s charges. Despite the adversity, Alderoty commended Ripple for winning “in a very important way,” instilling courage within the crypto community.

In a significant turn of events on July 13, Judge Analisa Torres ruled that XRP was only classified as a security when sold to institutional clients. This decision marked a pivotal win for Ripple, leading to a surge in XRP prices. Three months later, the SEC dropped its lawsuit against Garlinghouse and Larsen, signaling a positive shift for the company.

However, XRP’s price currently faces a 5% potential pullback as it slipped below the symmetrical triangle’s lower boundary. The Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators suggest a bearish trend with the potential for extended losses. A breach below the critical $0.5981 support level could solidify the downtrend, paving the way for further declines.

As of the latest data, XRP is priced at $0.619, reflecting a 4.70% decrease over the past 24 hours. With a market capitalization of $33,251,330,715, XRP holds the 5th position in the cryptocurrency rankings. The 24-hour trading volume is $1,692,757,867, accounting for 13.62% of the market cap. The circulating supply of XRP is 53,718,306,475 XRP, constituting 53.72% of the total supply of 99,988,221,902 XRP. The maximum supply is capped at 100,000,000,000 XRP.

Conversely, if sidelined investors enter the market, Ripple’s price might recover above the triangle’s lower boundary, surpassing the $0.7000 psychological level. This could propel XRP toward the Fair Value Gap (FVG) between $0.7512 and $0.7623, acting as a magnet for price correction. In a highly bullish scenario, Ripple’s gains could extend beyond the FVG, testing the $0.8000 level and indicating a substantial 30% climb above current levels.

As the crypto market reacts to regulatory developments and price movements, Ripple’s ability to weather the SEC storm and inspire confidence among investors remains a focal point. Traders and enthusiasts closely monitor XRP’s price dynamics, weighing the implications of its legal triumph against the broader market trends.

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