As the fluctuations in Bitcoin price continue, the profitable BTC transfers of major investors have started to draw attention today. The influx of thousands of BTC into Binance and Coinbase exchanges raises concerns about the risk of these being sold. Nevertheless, the king of cryptocurrencies, Bitcoin, was holding its ground at $26,500 at the time of writing. So, what is the current situation in the XRP Coin front?
Most recently, Ripple submitted its objections regarding the dismissal of the appeal on September 1. The process will shape up depending on whether the court approves the appeal hearing. If Ripple’s objections are deemed valid, the SEC will have to wait until after April next year for the appeal hearings. For now, no decision has been made, and regardless of the outcome, price fluctuations may occur.
If the appeal is rejected, we may see the XRP Coin price quickly surpassing $0.56. On the other hand, time is running out for the government shutdown. If Congress fails to reach an agreement by September 30, 93% of SEC employees will not be at work in October.
In anticipation of a possible government shutdown, the SEC has expedited its paperwork. If the shutdown lasts a few weeks, it could mean that the SEC will miss several steps it needs to take in various crypto cases, including XRP. For example, they have the right to request a final consolidated hearing for GBTC until the second week of October.
In summary, the decision on the appeal for the lawsuit will be an important last-minute development, and it has not arrived yet.
On the weekly chart, the price is holding above the $0.47 region. We have been mentioning that the most critical area for this popular altcoin has been the $0.5 support for a while. Although the bulls continue to fight to maintain this level, the negativity in the overall market sentiment, with DXY reaching its 1-year peak and oil targeting $100, may not allow it.
Cryptocurrencies have become highly influenced by macro developments. This has been exactly what we have been experiencing for the past 2 years, and the pressure seems to continue.
On the 4-hour chart, the $0.4958 region has been tested 4 times in 3 days but has not been broken yet. Excessive tests of support are expected to weaken the region, but long candle wicks are relatively promising. The downside target is $0.42, and the upside target is $0.56.