XRP price dips below critical support ahead of key development in SEC v. Ripple lawsuit
XRP price declined to $0.62 on Thursday; the altcoin dropped below key support at $0.65.
The SEC is preparing its remedies-related opening brief for the March 22 deadline in the Ripple lawsuit.
Ripple’s CLO criticized the regulator, highlighting a comment by a judge on the SEC’s “vague and loosey-goosey” rules.
XRP price nosedived below an important support level for the altcoin, at $0.65. The altcoin is trading at $0.62 on Thursday. An important deadline in the SEC v. Ripple lawsuit is fast approaching and the regulator is set to present its remedies-related opening brief on March 22.
Technical Analysis: XRP price could correct further and sweep key psychological level
XRP price declined to $0.62 on Thursday. The altcoin is likely to sweep the psychologically important level of $0.60 before beginning a recovery. XRP price could resume its uptrend once the correction is complete.
XRP price could find support at the 50% Fibonacci retracement level of its rally to the 2024 high, at $0.5769, in the event of a decline. A daily candlestick close above the 78.6% Fibonacci retracement level at $0.6293 could invalidate the bearish thesis.
