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.
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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/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 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.
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.
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.
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.