On Tuesday, the price of #XRP dropped to $0.48 after it failed to break through the $0.50 barrier level.
As Ripple and the US Securities and Exchange Commission (SEC) prepare for Tuesday's last pretrial meeting in a New York court, XRP is seeing resistance near $0.50. Prior to the start of the trial proper, this session will provide the parties an opportunity to discuss potential settlements. Since the date and hour are visible in the legal calendar, the conference may go forward as planned.
In her ruling dated July 13, Judge Analisa Torres determined that XRP, when sold on exchanges in the secondary market, does not constitute a security. It is quite probable that the SEC would appeal this programmatic sales verdict, which was generally seen as a win for Ripple.
The outcome of the lawsuit's settlement is entirely dependent on the outcome of the last pretrial session.
According to the data, XRP is having trouble recovering from the decline below $0.50.
After almost six months of resistance, XRP finally broke over $0.50 on Saturday. If XRP continues to fall, it may wipe out liquidity below $0.4717, the 23.6% Fibonacci retracement level of the altcoin's decline from its April 9th high of $0.6431 to its April 13th low of $0.4717.
Given the persistence of the red histogram bars, the Moving Average Convergence Divergence (MACD) indicator on the daily chart lends credence to the theory of more correction.
If the decline continues, the price of XRP may find support at its low of $0.4188 on April 13 and the weekly support level of $0.4117.
#bitcoinhalving #BullorBear
The negative argument might be disproven if the daily candlestick closes above $0.50, a crucial resistance level for XRP. The price of XRP has the potential to skyrocket to $0.5310, which would mark a 50% Fibonacci retracement of the decrease that occurred between April 9 and April 13.
The altcoin's upward trajectory encounters resistance at the psychologically significant $0.60 level before reaching the local peak of $0.6431 on April 9th.
