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- The XRP price consolidates losses below $0.4850 and the 100-hour Simple Moving Average, putting the bears in control of the price action.
- XRP continues to grapple with regulatory challenges, as highlighted by lawyer Fred Rispoli, who pointed out potential inconsistencies in XRP’s legal status across different states.
Amid the broader market correction, the XRP price seems to be facing strong selling pressure. The XRP price attempted a recovery wave above the $0.4820 resistance zone, but bearish activity near the $0.4880 resistance zone halted the progress.
After reaching a high of $0.4884, XRP started a fresh decline, similar to Bitcoin and Ethereum, amid the surge in the short positions, per Crypto News flash report.
The price dropped below the $0.4850 and $0.4800 levels, even testing the $0.4720 support. A low of $0.4722 was formed, and the price is now consolidating losses, trading below $0.4850 and the 100-hour Simple Moving Average.
As per the Crypto News Flash report, the XRP selling pressure continues as the altcoin’s legal hurdles seem to be never-ending in the Ripple vs SEC battle.
On a potential fresh increase, the price might encounter resistance near $0.4765, or the 23.6% Fib retracement level of the downward move from the $0.4884 swing high to the $0.4722 low. As of press time, the XRP price is trading 1.95% down at $0.4764 with a market cap of $26.5 billion. Also, the daily trading volume for XRP has surged by a massive 164%, shooting past $1 billion.
The first major resistance lies near the $0.4810 and $0.4820 levels. Additionally, a connecting bearish trend line is forming with resistance at $0.4810 on the hourly chart of the XRP/USD pair. This trend line is close to the 50% Fib retracement level of the downward move from the $0.4884 swing high to the $0.4722 low.
Despite the XRP price facing significant selling pressure, the XRP Ledger AMM has shown healthy growth, with total-value-locked (TVL) jumping by 51%, per the Crypto News Flash report.
XRP Price Resistance Ahead
A decisive move for XRP above the $0.4820 resistance could push the price toward the $0.4880 resistance. The next major resistance is near the $0.50 level. Closing above the $0.50 resistance zone could increase the price, with the next key resistance around $0.5120. Further gains might see the price reaching the $0.5250 resistance.
Thus, if XRP fails to break the $0.4820 resistance zone, it could continue its downward trend. Initial support on the downside is near the $0.4720 level.
The next major support is at $0.4650. A break and close below the $0.4650 level could lead to a significant decline, potentially pushing the price below the $0.450 support in the near term.
Uncertainty Prevails Over XRP’s Legal Status
Per the recent Crypto News Flash report, XRP lawyer Fred Rispoli raised concerns about regulatory inconsistencies regarding XRP’s legal status, suggesting it might be deemed a security in California but not New York.
Although Judge Phyllis Hamilton dismissed several claims against Ripple in the Zakinov lawsuit, including allegations of securities law violations, the debate over XRP’s status as a security remains unresolved.
Moreover, a trial will proceed to address misleading statements related to the offer or sale of securities under California state law. Investors have also been eagerly awaiting the end of the long-running Ripple vs. SEC lawsuit, with a final settlement expected by year-end.
