In an unexpected twist, XRP’s value slipped to $0.62 on Thursday, dipping below the crucial $0.65 support level. However, amidst this uncertainty, the broader crypto market, fueled by increased interest in BTC, experienced a rebound, with notable inflows into BTC-spot ETFs like iShares Bitcoin Trust (IBIT) on March 5.
XRP’s recent price drop coincides with a looming deadline in the Ripple vs SEC legal battle. Investors eagerly await the SEC’s opening brief on remedies, scheduled for March 22, as it holds the potential to sway XRP’s future. The ongoing Ripple vs SEC saga continues to shape market sentiments, reflecting the larger regulatory landscape of cryptocurrencies.
The SEC’s next move will be disastrous for XRP; let’s analyze its price in the following weeks.
Raising Concerns
Ripple’s Chief Legal Officer, Stuart Alderoty, recently shared concerns about the SEC’s vague rules amidst an ongoing case. This adds to the growing critique of the SEC’s practices, potentially drawing attention from US lawmakers. A letter from Senator Cynthia Lummis and others to SEC Chair Gary Gensler indicates increasing scrutiny and concerns about conflicts of interest within the SEC.
Also Read: Ripple vs SEC Lawsuit Unfazed by Coinbase Judgment, Confirms Expert
A Deep Dive – What Does the Future Look Like?
An ongoing Office of Inspector General (OIG) investigation into crypto conflicts of interest within the SEC adds another layer of uncertainty. The investigation could impact the SEC’s plans to appeal the ruling on Programmatic Sales of XRP. A positive resolution for Ripple might influence XRP’s future price trends, offering a glimmer of hope amid regulatory uncertainties.
Technical Analysis
Considering the ongoing investigations, updates in SEC vs crypto cases, and market dynamics, XRP’s price may face further correction. The altcoin could test the $0.60 support level before a potential rebound. The Awesome Oscillator suggests possible downward movement, indicating the correction may not be over.
However, closing above the 78.6% Fibonacci retracement level at $0.6293 might signal a reversal of the current bearish trend, sparking hope for recovery. There’s a chance XRP could rebound to Tuesday’s high of $0.6692, possibly entering overbought territory with a 14-day RSI of 58.01.
Read More: Ripple vs SEC: Key Dates to Watch for the Remedies Brief
Investors brace for a volatile journey ahead, closely monitoring signs of market resilience or further turbulence.
