XRP experiences 4.1% dip ahead of SEC v Ripple case deadline By Investing.com
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XRP, the digital currency, experienced a decline of 4.10% to close at $0.6856 on Tuesday, after hitting a session low of $0.6518. This drop came amid a lack of progress in the SEC v case, with an upcoming deadline for agreeing on a briefing schedule set for Thursday, November 9. Despite this setback, XRP managed to stay above the 50-day and 200-day Exponential Moving Averages (EMAs), and a 14-day Relative Strength Index (RSI) reading of 74.31 indicated overbought conditions.
Selling pressure was evident at the $0.7047 resistance level, fueling concerns that if no agreement is reached by the deadline, XRP’s value could drop further to the $0.6354 support level. This comes as uncertainty prevails around the Programmatic Sales ruling, with fears of an interlocutory appeal by the SEC and a 4-hourly RSI reading of 58.37 suggesting potential for further price fluctuations.
The Securities and Exchange Commission’s proposed disgorgement of $770 million could pose significant hurdles for Ripple in reaching a favorable settlement. Attorneys Jeremy Hogan and John E. Deaton have suggested this outcome, while amicus curiae attorney Deaton has expressed doubts about ongoing settlement discussions.
This development underscores the high-stakes nature of the SEC v Ripple case and its potential impact on XRP’s market performance. As the November 9 deadline approaches, investors and market watchers are keeping a close eye on proceedings, with the outcome likely to have significant implications for the future of XRP and other digital currencies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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XRP, the digital currency, experienced a decline of 4.10% to close at $0.6856 on Tuesday, after hitting a session low of $0.6518. This drop came amid a lack of progress in the SEC v case, with an upcoming deadline for agreeing on a briefing schedule set for Thursday, November 9. Despite this setback, XRP managed to stay above the 50-day and 200-day Exponential Moving Averages (EMAs), and a 14-day Relative Strength Index (RSI) reading of 74.31 indicated overbought conditions.
Selling pressure was evident at the $0.7047 resistance level, fueling concerns that if no agreement is reached by the deadline, XRP’s value could drop further to the $0.6354 support level. This comes as uncertainty prevails around the Programmatic Sales ruling, with fears of an interlocutory appeal by the SEC and a 4-hourly RSI reading of 58.37 suggesting potential for further price fluctuations.
The Securities and Exchange Commission’s proposed disgorgement of $770 million could pose significant hurdles for Ripple in reaching a favorable settlement. Attorneys Jeremy Hogan and John E. Deaton have suggested this outcome, while amicus curiae attorney Deaton has expressed doubts about ongoing settlement discussions.
This development underscores the high-stakes nature of the SEC v Ripple case and its potential impact on XRP’s market performance. As the November 9 deadline approaches, investors and market watchers are keeping a close eye on proceedings, with the outcome likely to have significant implications for the future of XRP and other digital currencies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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