XRP News: Ripple (XRP) Price Drop Hits One-Year Low Below $0.40 – Latest Updates


XRP News: Ripple (XRP) Price Drop Hits One-Year Low Below $0.40 - Latest Updates
The cryptocurrency market has witnessed steep declines, with notable assets such as Binance Coin, Dogecoin, and XRP enduring double-digit losses. Despite these challenges, technical indicators point to a potential rebound for XRP. While favorable court rulings in crypto-related cases failed to boost buyer demand for XRP on July 4th, the outcome of ongoing legal battles, specifically SEC v Coinbase (COIN) and Ripple, could significantly alter the narrative. One crucial question remains: When will Judge Analisa Torres issue her ruling on the financial penalty Ripple faces for violating US securities laws? This decision could be a pivotal moment for the future of XRP and the entire crypto market. Stay tuned for updates as the situation unfolds.

Daily Chart Snap

  • XRP Analysis: Currently trading below the crucial 50-day and 200-day EMAs, indicating bearish sentiment.
  • A rebound to $0.45 could potentially spark a bullish rally, testing the trend lines and 50-day EMA.
  • A successful break above the 50-day EMA could then target the 200-day EMA, though selling pressure may intensify near the top trend line.
  • Investors should be mindful of SEC activity and related crypto news as they monitor market developments.
  • Conversely, a drop below $0.42 could pave the way for further declines, potentially testing sub-$0.40 levels.
  • With a 14-day RSI reading of 26.75, XRP is currently in oversold territory, hinting at a possible increase in buyer demand.
  • The July 5 low of $0.4240 is a crucial support level that could trigger intensified buying interest.


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Red Day Redux

Prior to this market crash, several analysts had forecasted a bullish trajectory for XRP, predicting a new all-time high in the NEAR future. Despite these optimistic predictions, the market dynamics have painted a different picture. For instance, cry pto Rover, a prominent XRP enthusiast with a robust follower base of nearly 800,000, had speculated that the asset was in a consolidation phase within the $0.13-$1.50 range.

On July 3, when XRP traded around $0.46, EGRAG cry pto offered their perspective, suggesting that the token was nearing a crucial resistance level known as Fibonacci 1.618. However, market forces have proven contrary to these projections.

Ripple v SEC: Legal Impact & Consequences

Delving into the depths of the Ripple v SEC legal battle, we explore how a definitive ruling in this high-stakes case could significantly influence the pricing of XRP. As the litigation enters its crucial trial phase, a favorable outcome for Ripple stands poised to trigger a bullish rally in the cryptocurrency market. Since December 2020, the dispute has centered around the SEC’s allegations that Ripple and its executives unlawfully conducted an unregistered securities offering through the sale of XRP tokens. Initially, the SEC sought a staggering $2 billion fine, but Ripple contested this, arguing for a penalty not exceeding $10 million. Subsequently, the regulator softened its stance, proposing a reduced fine of $102.6 million. The resolution of this landmark case holds immense potential to reshape the regulatory landscape for cryptocurrencies, with implications that could extend far beyond the XRP market. Stay tuned as we monitor the developments and analyze the implications for investors.


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SEC vs. Ripple: July Verdict Anticipated

In the absence of any significant updates related to the SEC vs. Ripple case on Thursday, investors were left to ponder the potential implications of the recent court rulings in similar cases. Ripple, the blockchain payments company, has been embroiled in a legal dispute with the SEC over allegations that it sold unregistered securities in the form of XRP tokens. While the SEC vs. Ripple case remains pending, recent developments in the SEC vs. Binance case have provided Ripple with potential ammunition in its defense.

On a related note, Ripple filed a notice of supplemental authority regarding the SEC vs. Binance court ruling, aiming to alert Judge Analisa Torres of the significant implications of the verdict. In the SEC vs. Binance case, Judge Amy Berman Jackson dismissed the SEC’s allegations against Binance, ruling that secondary sales of Binance Coin (BNB) qualify as securities under the Howey test. This ruling, which arrived before the SEC vs. Ripple verdict, has sparked speculation about its potential impact on Ripple’s defense.

Ripple is currently facing charges of violating US securities laws by selling unregistered XRP tokens to institutional investors. The company is arguing that XRP is a currency, not a security, and thus does not fall under the SEC’s jurisdiction. The SEC vs. Binance ruling, which found that certain digital assets can be classified as securities, could potentially bolster Ripple’s defense, providing a precedent for the classification of XRP.

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