XRP price dropped below $0.55 as both Ripple and SEC work on remedy-related briefs.
March 13 is the next key deadline for the SEC v. Ripple lawsuit.
The court will determine penalties for Rippleâs institutional sales of XRP by the April 29 deadline.
ON THE OTHER HAND HERE'S THE GOOD NEWS l!
XRP is Poised for Further Price Correction
From a technical point of view, investors and experts pay close attention to how the price of XRP changes.
Even though it fell below $0.55, the 6th largest coin is still in the race. Analysts say that if XRP goes down even more, it might test the 23.6% Fibonacci level at $0.5219.
But signs like the Moving Average Convergence/Divergence (MACD) show that things are going in the right direction, and the Awesome Oscillator (AO) suggests that the assetâs price trend might be about to change.
Looking ahead, market participants are closely monitoring XRPâs behavior, particularly its ability to bounce back to the support levels and attain its upward trajectory. If XRP manages to rebound it could see retesting the 78.6% Fibonacci retracement level at $0.6073.Â
On the other hand, a sustained drop below $0.5219 may pave the way for further correction, potentially leading to a decline to $0.50. However, optimism remains high that XRP could recover its losses upon surpassing this critical threshold.
