The recent decision by Judge Analisa Torres in the case between Ripple and the SEC has significantly impacted the XRP market, causing price fluctuations and heightened investor concerns.
Impact of Court Decision on XRP Market
Judge Analisa Torres denied the parties' request for an 'indicative ruling,' marking a crucial juncture in the protracted legal battle between Ripple and the SEC. This decision led to an immediate decline in XRP’s price, which initially fell to $2.09 but slightly recovered to $2.10, reflecting a 5% dip. This development underscores investor sensitivity to court proceedings and increases perceived market risk.
Technical Indicators and Market Trends
Technical indicators show no signs of recovery. With each rebound in the current bearish formation, the price forms lower peaks, indicating waning buyer strength. Analysts emphasize that for a positive trend to start, XRP needs to establish higher lows first, followed by breaking previous peak levels.
Critical Support and Resistance Levels for XRP
For XRP, the initial defense line against downward risks lies in the $2.08–$2.10 range. Staying below this threshold could introduce concerns at the $1.92–$1.95 level, with $1.79 serving as a stronger support base. Experts remind that while Bitcoin has initiated a five-wave structure, XRP has yet to confirm a similar pattern. Thus, maintaining strength above $2.08 is crucial for the potential emergence of a fifth wave.
Key levels and unresolved legal issues continue to impact the XRP market. Overcoming critical resistance points is essential to restore investor confidence.
