Why XRP Is Down Today? Here’s Are The Possible Factors Pulling The Curtains Down!

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As the SEC vs. Ripple lawsuit enters a pivotal phase, both parties are diligently crafting remedies-related briefs. This signifies a notable progression in the legal proceedings, with looming deadlines shaping the direction of the case. Notably, March 13 marks a key milestone for the SEC’s filing, followed by April 12 for opposing motions, and April 29 for final remedies submissions. Hence by April 29th, the court is expected to determine penalties for Ripple’s alleged institutional sales of XRP, potentially offering closure to the protracted legal battle. However in a recent breakout, it went beyond Ripple vs SEC, the SEC is yet again entangled in another legal mess. Here’s what happened and its impact on XRP at a glance. 

XRP slips below $0.55 amid ongoing SEC v. Ripple lawsuit developments. March 13 marks a pivotal deadline as court prepares to determine penalties. Meanwhile, LEJILEX crypto exchange and CFAT sue SEC, challenging digital asset sales classification. #Maleyatupdates

Legal Battle Intensifies: LEJILEX Exchange Challenges SEC 

Surprisingly, the LEJILEX crypto exchange and the Crypto Freedom Alliance of Texas (CFAT) have taken legal action against the SEC. Their lawsuit seeks a declaration affirming that secondary-market sales of digital assets, including those envisioned by LEJILEX, do not constitute sales of securities. This groundbreaking lawsuit underscores the mounting tensions between regulators and the crypto industry, as stakeholders seek clarity on the regulatory landscape. So far, Ripple has set an example in the industry by fighting and winning over the SEC, and this case will bolster efforts to save crypto from SEC manipulation.

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 asset’s price trend might be about to change.

Looking ahead, market participants are closely monitoring XRP’s 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. 

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.