• The US SEC recently submitted an interlocutory brief in the Ripple lawsuit, which has caused XRP’s trading volume to drop below $1 billion and its market cap to decline by 10%.
• The bears have taken over the market as XRP’s price currently trades at $0.6262 with near-term support at $0.63 and resistance at $0.64 and $0.66 respectively.
• All eyes are now on the next course of actions taken by both parties in regard to the lawsuit.
SEC Lawsuit Affects XRP Prices
The US Securities and Exchange Commission (SEC) had recently submitted an interlocutory brief in the Ripple vs SEC lawsuit, which has sown doubt among XRP investors, leading to a selloff that has slashed more than 10% off the token’s value over the last week and a half. As a result, XRP’s trading volume dropped below $1 billion, to $866 million as of this writing, while its market cap has fallen significantly from $45 billion down to $33 billion.
Bears Dominate Market
The bears have taken over the market as current prices for XRP trade at around $0.6262 with near-term support at the level of $0.63; if broken, it may test either $0.4538 or even go lower to around$0.3275 depending on how far it falls below this line of support. Furthermore, resistance lies ahead of us at levels of both$0.64 and then later onat$0.66 – if these levels are broken through then we may see a bullish rally beginning shortly afterwards..
Uncertainty Looms Over Lawsuit
The SEC’s notice of appeal has created uncertainty among XRP investors over what will happen next in regards to their tokens; all eyes are now set on both parties involved in this case as they await further developments regarding potential rulings or decisions made by Judge Analisa Torres or any other entities involved in resolving this matter once and for all..
Bullish Rally Possibilities
If we do see a bullish rally coming up soon enough then first there must be a breakage above resistance level of$ 0 .64 before eventually hitting another strong resistance level located at$ 0 .66 . After that point it is possible that we could witness an actual bullish rally taking place – only time will tell whether or not this prediction will become reality..
Conclusion
To conclude, due largely in part to recent announcements made regarding the ongoing dispute between Ripple vs SEC litigation, prices for XRP have experienced significant drops within just one month’s time – leading many investors feeling uncertain yet hopeful for what lies ahead for their investments moving forward into 2021/2022 or beyond ..