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    XRP price slips below $0.55 with development in SEC v. Ripple lawsuit

    Source Fxstreet
    Feb 22, 2024 06:06
    • XRP price dropped below $0.55 on Thursday as both Ripple and SEC work on remedy-related briefs. 
    • March 13 is the next key deadline for the SEC v. Ripple lawsuit. 
    • The court will determine penalties for Ripple’s institutional sales of XRP by the April 29 deadline. 

    The Securities and Exchange Commission (SEC) has been criticized for its lawsuit against Ripple and a crypto exchange LEJILEX along with the Crypto Freedom Alliance of Texas (CFAT) filed a lawsuit against the regulator, seeking a declaration that “secondary-market sales of digital assets like the ones that LEJILEX intends to facilitate through its exchange are not sales of securities.”

    XRP price dropped below $0.55 on Thursday. 

    Also read: APE price nosedives nearly 9% while ApeCoin community votes on three active proposals

    Daily Digest Market Movers: SEC v. Ripple lawsuit moves beyond remedies-related discovery

    • SEC v. Ripple lawsuit has moved past the discovery stage on the February 20 deadline. The two parties are working on their remedies-related briefs. 
    • The three key deadlines in the legal battle between the two firms are:
      • March 13: When SEC files remedies-related brief 
      • April 12: Deadline for motions opposing remedies proposals
      • April 29: Final remedies deadline
    • On April 29, the court will determine the penalty for Ripple’s institutional sales and the case will likely draw to a close, unless there is a trial. 
    • The LEJILEX crypto exchange and the Crypto Freedom Alliance of Texas (CFAT) sued the SEC on Wednesday, seeking a declaration that “secondary-market sales of digital assets like the ones that LEJILEX intends to facilitate through the http://Legit.Exchange are not sales of securities.
    • The exchange is seeking the declaration under the Declaratory Judgment Act, asking the court to order that secondary market sales of digital assets are not sales of securities, declaring that the does not need to register with the SEC as an exchange, broker, or clearing. 
    • The lawsuit marks the first time a crypto exchange has sued a regulator before the launch of a project, asking the court to adjudicate questions related to digital asset securities. 
    • The regulator has sixty days to respond to the lawsuit. 

    Technical Analysis: XRP price suffers a correction, further decline likely

    XRP price is currently in an uptrend. The altcoin slipped below the psychologically important $0.55 level on Thursday and a sweep of the 23.6% Fibonacci retracement level is likely at $0.5219.

    XRP price could resume its rally towards the 78.6% Fibonacci retracement of its drop from the 2024 peak, at $0.6073, once its bounces off support at $0.5219. The Moving Average Convergence/ Divergence (MACD) indicator shows green bars that imply there is positive momentum. The Awesome Oscillator (AO) reveals that the asset’s price trend could reverse, the red bars signal a likely shift in the direction of XRP price. 

    XRP

    XRP/USDT 1-day chart

    A daily candlestick close below the 23.6% Fibonacci retracement, at $0.5219 could signal that XRP price is likely to correct further. A sweep of $0.50 is likely and XRP price could recoup its losses, once it closes above this level.

    Bitcoin, altcoins, stablecoins FAQs

    What is Bitcoin?

    Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

    What are altcoins?

    Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

    What are stablecoins?

    Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

    What is Bitcoin Dominance?

    Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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