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Ripple's XRP Ready to Test $0.50 After Breaking Under $0.60?

Ripple’s XRP Ready to Test $0.50 After Breaking Under $0.60?

Posted Tuesday, January 25, 2022 by
Aiswarya Gopan • 2 min read

Ripple’s XRP is feeling significant bearish pressure amid the absence of buyers in the overall crypto market of late, even as its key rivals Bitcoin and Ethereum break down under key levels as a result of a highly uncertain outlook among investors. At the time of writing, XRP/USD is trading around $0.594.

The market sentiment remains the biggest driver of price action across the board and XRP is no exception. Meanwhile, the seventh largest cryptocurrency by market capitalization faces its own set of additional uncertainties due to the ongoing lawsuit between the SEC and Ripple.

In latest developments, the SEC filed a motion to extend its motion filing date from January 27 to February 17 for partial reconsideration of the DPP Ruling. The agency has requested the extension in order to submit additional documents for the in camera review to support its motion to reconsider. If this motion gets accepted, it could delay Ripple’s legal challenges further and keep the outlook clouded for XRP holders.

Ripple’s legal team has challenged this request, arguing that the SEC had previously maintained that Hinman’s speech represented his personal opinion. In addition, its motion goes on to state, “Despite having the opportunity to argue in its prior briefing and argument that Entry 9 and similar documents related to agency deliberations about the regulation of Ether or digital assets more broadly, it did not. It cannot do so now.”

The XRP Army – Ripple’s online community of token holders, have strongly supported the company in the lawsuit and have shared updates about how Hinman repeatedly referred to “we” in a CNBC interview. The interview discussed how he arrived at the statements made in his now infamous speech, and his reference to “we” strongly suggests that the insights were not merely his personal opinion but were a reflection of the SEC’s stance itself.

The XRP Army’s strong support has earned them some praise recently from US Blockchain Association’s Head of Policy, Jake Chervinsky. Chervinsky took to Twitter last week to share how the online community of XRP holders is “giving the SEC more trouble than anyone in crypto” and seem ready to “fight to the death unlike those who caved & settled”.

XRP/USD Technical Analysis

On the H4 chart of XRP/USD, moving averages are suggesting a strong bearish bias. However, leading technical indicators MACD and momentum are pointing to some buying interest in the market as well.

XRP/USD

Ripple’s XRP is trading under the pivot point at $0.65 but manages to hold above the immediate support at $0.52. We need to see if selling pressure causes a break of this level as then we could see XRP break down under $0.50.

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