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The altcoin market witnessed a slowdown in recovery momentum as Bitcoin encountered a major supply level at $65,000. On Wednesday, the BTC price fell below $62,000, increasing the likelihood of corrections for most major altcoins, including XRP.
Ripple’s Resistance Level
Ripple’s native currency recently rebounded from a resistance of $0.57 and continued its downward trend with the formation of a new lower high. For about two months, the XRP price has been witnessing a steady correction trend under the influence of a downward trend line on the daily chart. Dynamic resistance pushed the token down by 30%, from $0.744 to its current trading price of $0.522.
Furthermore, the SEC recently presented its final response in the compensation phase of its lawsuit against Ripple Labs, countering Ripple’s claims of recklessness and lack of clarity in the legal status of XRP. Despite Ripple’s claim that the court’s earlier rejection of the “fair notice” defense should not create uncertainty for XRP, the SEC remains firm in its position.
The Commission emphasizes that possible future violations by Ripple could occur, despite no violations since 2020. The SEC argues that assurances about Ripple’s changing behaviors do not eliminate the need for measures to prevent future legal violations.
SEC Struggle
However, during the SEC’s latest filing, the XRP price followed a volatile movement around $0.53 amidst uncertainty. The recent reversal of the falling trend line has reduced the XRP price by 5% in the last 48 hours.
If the selling momentum continues and the overall resistance remains strong, this altcoin could drop an additional 9.5% to reach the support level of $0.47. Therefore, buyers need to overcome the general trend line to regain control over this token. The altcoin market slowed down due to Bitcoin’s encounter with a major supply level. XRP price is falling, and SEC’s lawsuit uncertainty is increasing. With selling momentum, the altcoin could drop an additional 9.5%.
