On Tuesday, Ripple (XRP) maintained stability above $0.5800, a crucial support level for the asset. The altcoin prepares for a comeback, probably as a result of encouraging project developments. The current price of XRP is $0.5860 as of this writing.
Daily Market Digest: Pro-Ripple Attorney Criticizes US Regulator Over Small Investor Losses
- As an amici curiae, or friend of the court, in the SEC v. Ripple case, attorney John Deaton’s remarks were crucial to XRP holders and the trading community.
- In a YouTube interview with the Good Morning Crypto podcast, Deaton claimed that tiny cryptocurrency investors lost close to $15 billion as a result of the US Securities & Exchange Commission’s (SEC) handling of cryptocurrency legislation in the Ripple dispute.
- Stuart Alderoty, Chief Legal Officer (CLO) of Ripple, has said that the SEC litigation has come to an end. The regulator recently issued an apology, citing the use of the term “crypto asset securities” as the source of confusion.
- Alderoty thinks the word misled courts into viewing cryptocurrencies as securities even though it has “no legal basis” and was used in the SEC litigation against Coinbase and Ripple.
Technical analysis: XRP could rally to $0.6602, break past $0.6000 resistance
Ever since reaching its peak in July 2023 of $0.9380, more than a year ago, XRP has been declining. On July 5, the asset reached its 2024 low of $0.3823; since then, XRP has rebounded, rising back above $0.5800.
The 50% Fibonacci retracement level of the drop from the July 2023 high of $0.9380 to the July 2024 low of $0.3823 is where XRP is ready to make a rebound. If XRP gains 12.5%, it will reach its goal.
If the price of XRP corrects, the altcoin might find support in the Fair Value Gap (FVG) between $0.5413 and $0.5556.
