The XRP price is currently consolidating below $0.4850 and the 100-hour Simple Moving Average, signaling bearish control over its movement.
XRP continues to confront regulatory challenges, highlighted by attorney Fred Rispoli, who pointed out potential inconsistencies in XRP’s legal classification across different states.
In the midst of a broader market correction, XRP faces robust selling pressure. While it briefly attempted to rally above the $0.4820 resistance, bearish activity near $0.4880 impeded further gains.
Following a peak at $0.4884, XRP underwent a fresh decline, mirroring Bitcoin and Ethereum, spurred by a surge in short positions as reported by Crypto News Flash.
The price dipped below key support levels at $0.4850 and $0.4800, testing as low as $0.4722 before stabilizing below the 100-hour Simple Moving Average.
According to Crypto News Flash, selling pressure persists for XRP amidst ongoing legal battles, complicating its recovery prospects.
In a potential upward move, resistance is anticipated near $0.4765, corresponding to the 23.6% Fibonacci retracement level from its recent swing high to low.
As of the latest update, XRP trades 1.95% lower at $0.4764, boasting a market cap of $26.5 billion. Daily trading volumes have spiked by 164%, surpassing $1 billion.
On the hourly chart of XRP/USD, a bearish trend line is forming near $0.4810, aligning closely with the 50% Fibonacci retracement level, suggesting further resistance.
Despite intense selling pressure, the XRP Ledger AMM reports substantial growth, with total-value-locked (TVL) surging by 51%, as detailed in Crypto News Flash.
XRP faces critical resistance at $0.4820; failure to breach this level could sustain its downward trajectory, with initial support at $0.4720 and further major support at $0.4650.
Legal uncertainties persist for XRP, with Fred Rispoli’s insights indicating conflicting regulatory stances across states, complicating its status.
While Judge Phyllis Hamilton dismissed some claims against Ripple, including securities law violations in the Zakinov case, the debate over XRP’s security status remains unresolved.
Legal proceedings continue, addressing allegations of misleading statements under California state law, with a potential Ripple vs. SEC settlement by year-end anticipated by investors.
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