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- XRP’s price has sharply fallen, erasing gains made post-July 2023 court ruling.
- Judge Torres approves SEC’s request for an interlocutory motion, with significant dates set for further proceedings.
A Week of Intense Developments for XRP
Building on our previous report from the start of this week, which highlighted the U.S. District Court Judge’s decision allowing the SEC’s motion on Ripple’s XRP transactions, and our subsequent update on market reactions and crypto trends, here we are presenting further developments and insights into XRP’s alarming price trajectory. Now, in light of fresh events from Thursday, August 17, we are chronicling further developments and insights into the world of XRP and its alarming price behavior.
XRP’s Staggering Decline
The XRP Price has been on a free fall in recent weeks and the price correction has been further exacerbated amid a strong correction in the crypto market on Thursday, August 17. Ripple’s XRP crypto price has plunged by a staggering 20% in the last 24 hours slipping to under $0.50.
This downturn means that the cryptocurrency has lost all gains it saw after the positive XRP lawsuit ruling in July 2023. Adding fuel to the fire, the SEC’s decision to file an interlocutory motion against the court ruling has amplified negative sentiments around XRP.
SEC’s Interlocutory Motion and Ripple’s Response
Judge Torres decided to approve the SEC’s request and granted the regulator until August 18 to submit its opposing motion. Ripple Labs has been given the opportunity to file its opposition papers by September 1. If necessary, the SEC will then have an additional window to respond, which lasts until September 8.
Technical Overview and Price Predictions
From a technical perspective, XRP encountered challenges surpassing the $0.65 resistance against the US Dollar, triggering a new decline. It experienced a major fall below the $0.550 support zone.
Currently, XRP is trading below $0.55 and the 100 simple moving average across a 4-hour timeframe. The 4-hour chart of the XRP/USD pairing reveals a significant bearish trend line with resistance proximate to $0.585.
Immediate resistance hovers around the $0.520 mark, close to the 50% Fibonacci retracement level of the downward shift from the $0.6365 high to the $0.47 nadir. The following crucial resistance is poised near $0.550, with the primary resistance building up around the $0.585 mark, aligning with the previously mentioned trend line.
Should XRP be unable to clear the $0.550 resistance, a further decline is anticipated. The first support on the downside is projected around the $0.480 range, followed by substantial support near the $0.455 threshold. If XRP’s price breaks and seals below the $0.455 boundary, this could catalyze extended setbacks, potentially driving the price towards the $0.400 support zone.
Legal Proceedings Dictating XRP’s Fate
It’s evident that Ripple’s price movement in the near future will predominantly hinge on the legal evolution of the XRP lawsuit. Thus, all investor and market eyes remain firmly affixed to this ongoing litigation.
