XRP Price Drops to $0.67: Hodlers Waits for Lawsuit DeadlineCRYPTOCAP:XRP price corrected to $0.67 touching the support level of $0.66 on Thursday as a key SEC vs. Ripple lawsuit deadline approaches.
Ripple and SEC’s lead attorneys Andre Ceresney and Jorge Tenreiro dived into government enforcement in crypto in a recent panel discussion. Martin Hiesboeck a Crypto expert weighs in on the possibility of an XRP Exchange Traded Product.
CRYPTOCAP:XRP price Plummets slightly on Thursday, trading at around $0.665, below its 2024 peak of $0.7440. Investors brace for a key deadline in the Securities and Exchange Commission vs. Ripple lawsuit on March 22, which could have an integral effect on CRYPTOCAP:XRP price as it is the native token of the CRYPTOCAP:XRP Ledger payment network developed by Ripple.
Meanwhile, crypto experts are speculating on the likelihood of an XRP Exchange Traded Product (ETP) following the recent approval of Bitcoin spot ETFs. A recent panel discussion also featured lead attorneys for both Ripple and the Securities and Exchange Commission (SEC), highlighting their different approaches in terms of how the sector should be regulated.
XRP holders are gearing up for the potentially significant remedies-related opening brief of the SEC in the Ripple lawsuit, to be held on March 22. The attorneys of both sides commented on the regulation of crypto and its enforcement in a panel.
The panel discussion was focused on criminal enforcement in cryptocurrency, covering Samuel Bankman-Fried’s FTX exchange collapse, fraud, conspiracy, Binance’s CZ and the exchange’s settlement with the Department of Justice, the SEC’s lawsuits against top exchanges like Binance, Coinbase, and Kraken for operating as unregistered national securities exchanges, brokers, dealers, and clearing agencies, among other things.
Attorneys Andrew Ceresney and Jorge Tenreiro, representing Ripple and the SEC in the ongoing lawsuit, respectively, shared their thoughts on the “enforcement under current legislative and regulatory regimes and the evolution of cryptocurrency in the US.
Technical Analysis:
CRYPTOCAP:XRP is currently consolidating in a narrow range between $0.66 and $0.74. The altcoin is likely to sweep support at $0.6370, the 50% Fibonacci retracement of XRP’s rally to its year-to-date peak of $0.7440.
Once the altcoin collects liquidity at this level, sustained buying pressure could push CRYPTOCAP:XRP price first to the range high at $0.7440, aiming for the resistance level at $0.80. Sidelined buyers can gear up for the altcoin’s sweep of the $0.6370 level.
The Relative Strength Index (RSI) stands at 58.88 This signals that XRP keeps moderate bullish momentum while still below the overbought zone, giving room for the altcoin to climb higher.
