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 vs. Ripple case, with a deadline to agree on a briefing schedule set for Thursday, November 9. Despite the pullback, XRP managed to stay above its 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 XRP could fall further to the $0.6354 support level if no agreement is reached by the deadline. This comes amid uncertainty surrounding the programmatic sales ruling, with fears of an SEC appeal and a 4-hour RSI reading of 58.37 suggesting potential for further price volatility.
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 vs. Ripple case and its potential impact on XRP’s market performance. As the November 9th deadline approaches, investors and market watchers are keeping a close eye on the proceedings, with the outcome likely to have significant implications for the future of XRP and other digital currencies.
