XRP price tumbles below key support, declines to $0.62 ahead of SEC’s opening brief in Ripple lawsuit
- XRP price declined to $0.62 on Thursday; the altcoin dropped below key support at $0.65.
- The SEC is preparing its remedies-related opening brief for the March 22 deadline in the Ripple lawsuit.
- Ripple’s CLO criticized the regulator, highlighting a comment by a judge on the SEC’s “vague and loosey-goosey” rules.
XRP price nosedived below an important support level for the altcoin, at $0.65. The altcoin is trading at $0.62 on Thursday. An important deadline in the SEC v. Ripple lawsuit is fast approaching and the regulator is set to present its remedies-related opening brief on March 22.
Also read: XRP price dips ahead of key deadline in SEC vs. Ripple lawsuit, regulator cites default judgment
Daily Digest Market Movers: XRP price tumbles ahead of important development in SEC v. Ripple lawsuit
- XRP price is $0.62, early on Thursday. The altcoin has dropped below key support, while Bitcoin and altcoins begin their recovery from the recent bloodbath.
- The SEC is set to present its remedies-related opening brief on March 22, an important date for the regulator’s lawsuit against Ripple.
- Ripple’s Chief Legal Officer Stuart Alderoty commented on how the SEC’s rules are critiqued by judges in the US Court. Alderoty highlights that a judge called the regulator’s rules “vague and loosey-goosey” and said that he is not aware of further details in the proxy access case.
- The Judge cast doubt on the SEC’s argument in the case and Alderoty considers it a sign of the agency’s “vague” rules.
- Developments in the SEC v. Ripple lawsuit continue to influence XRP price, as the payment remittance firm continues to hold the altcoin.
Technical Analysis: XRP price could correct further and sweep key psychological level
XRP price declined to $0.62 on Thursday. The altcoin is likely to sweep the psychologically important level of $0.60 before beginning a recovery. XRP price could resume its uptrend once the correction is complete.
The Awesome Oscillator (AO) reveals that there is room for further correction in XRP.
XRP/USDT 1-day chart
XRP price could find support at the 50% Fibonacci retracement level of its rally to the 2024 high, at $0.5769, in the event of a decline. A daily candlestick close above the 78.6% Fibonacci retracement level at $0.6293 could invalidate the bearish thesis.
Crypto ETF FAQs
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.
บทความที่เกี่ยวข้อง
