Buy $GGsXRP Price Plunges 20% to Pre-Court Ruling Levels, More Correction Likely?
The XRP Price has been on a free fall in recent weeks and the price correction has been further exacerbated amid a strong correction in the crypto market on Thursday, August 17. Ripple’s XRP crypto price has plunged by a staggering 20% in the last 24 hours slipping to under $0.50.
With this, the cryptocurrency has lost all the gains after the XRP lawsuit ruling last month in July 2023. Furthermore, SEC’s filing for an interlocutory motion against the court ruling has further created a negative sentiment around XRP.
Judge Torres decided to approve the SEC’s request and granted the regulator until August 18 to submit its opposing motion. The Judge also allowed Ripple Labs the opportunity to file its opposition papers by September 1. If needed, the SEC will have an additional chance to respond by September 8.
XRP Technical Chart and Further Price Action
Ripple’s XRP faced difficulty surpassing the $0.65 resistance against the US Dollar and began a fresh decline. It underwent a significant drop below the $0.550 support area.
Presently, XRP is trading below $0.55 and the 100 simple moving average over a 4-hour timeframe. On the 4-hour chart of the XRP/USD pair, a notable bearish trend line is forming with resistance around $0.585.
Initial resistance is situated around the $0.520 level, close to the 50% Fibonacci retracement level of the downward movement from the $0.6365 swing high to the $0.47 low. The subsequent significant resistance stands at approximately $0.550. The main resistance is shaping up near $0.585 along with the mentioned trend line.
If XRP fails to surpass the $0.550 resistance, it could experience another decline. Initial support on the downside is expected near the $0.480 area. The subsequent significant support is near $0.455. If the price breaks below and closes beneath the $0.455 level, it could trigger extended losses for XRP. In such a scenario, the price might revisit the $0.400 support area.
The Ripple price movement going ahead will majorly depend on the legal developments in the XRP lawsuit. All eyes will be here.
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