XRP Experiencing a Decline in the Crypto Market

The cryptocurrency XRP lost value due to the lawsuit filed by the SEC against Ripple and the general market downturn. The price dropped by 5% to $0.61 after reaching a peak of $0.7440 on Monday. The number of enforcement actions brought by the SEC against crypto firms increased by 53% in 2023 since the lawsuit on March 22. Impacts of the SEC and Ripple Lawsuit A forum at Harvard Law School discussed the effects of the lawsuit between the SEC and Ripple on the cryptocurrency market. In a ruling on July 13, Judge Torres did not see Ripple’s XRP sales as securities sales, which was considered a significant loss for the SEC. XRP Price and Technical Indicators XRP found support at the 61.8% Fibonacci level and could potentially drop to $0.5758 if the decline continues. However, if the price recovers, a rise to $0.7440 may be possible. The Relative Strength […]

XRP Experiencing a Decline in the Crypto Market

The cryptocurrency XRP lost value due to the lawsuit filed by the SEC against Ripple and the general market downturn. The price dropped by 5% to $0.61 after reaching a peak of $0.7440 on Monday. The number of enforcement actions brought by the SEC against crypto firms increased by 53% in 2023 since the lawsuit on March 22.

Impacts of the SEC and Ripple Lawsuit

A forum at Harvard Law School discussed the effects of the lawsuit between the SEC and Ripple on the cryptocurrency market. In a ruling on July 13, Judge Torres did not see Ripple’s XRP sales as securities sales, which was considered a significant loss for the SEC.

XRP Price and Technical Indicators

XRP found support at the 61.8% Fibonacci level and could potentially drop to $0.5758 if the decline continues. However, if the price recovers, a rise to $0.7440 may be possible. The Relative Strength Index and the Awesome Oscillator indicate market indecision and continuation of the upward trend.

If the daily close is below $0.5758, it could invalidate the long-term recovery scenario and signal deeper corrections for XRP. The potential support at the lowest point in February, $0.53, is considered a significant support level.

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