Brace for a Major XRP Decline Now

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Rip­ple price retreat­ed on Fri­day as investors focused on the upcom­ing anniver­sary of the SEC vs Rip­ple case. XRP retreat­ed to a low of $0.3855, which was the low­est point since Tues­day. It has dropped by more than 6.50% from the high­est point this week. Rip­ple is val­ued at over $16.50 billion.

SEC vs Ripple case anniversary

The SEC filed a major law­suit on Rip­ple on Decem­ber 20th, 2020. Since then, the two sides have con­tin­ued bat­tling in an Amer­i­can court. Rip­ple Labs and its exec­u­tives have defend­ed them­selves vig­or­ous­ly. They have argued that the SEC had no mer­it in the case and that XRP was still not a security.

This month will be an impor­tant one for both Rip­ple and SEC. For one, as the case enters the third year, some ana­lysts expect that the SEC or Rip­ple could pro­pose an out-of-court set­tle­ment. The SEC could seek to do that to pre­vent Rip­ple from access­ing some mate­ri­als, includ­ing a speech by William Hinman.

In June, the judge over­see­ing the case ordered that the SEC must pro­vide these doc­u­ments to Rip­ple. The two par­ties have now start­ed fil­ing their replies to oppo­si­tions to motions for sum­ma­ry judg­ment under seal. 

Ana­lysts expect that the redact­ed ver­sions of these replies will hap­pen on Decem­ber 5. The two par­ties will like­ly meet before then to con­fer on redac­tions before the doc­u­ments are filed to the public.

Ripple price prediction

The four-hour chart shows that the XRP price has been crawl­ing back in the past few days. In this peri­od, it man­aged to rise from a low of $0.3151 to a high of $0.4171. Along the way, the coin has formed a ris­ing wedge pat­tern that is shown in orange. In price action analy­sis, this pat­tern is usu­al­ly a bear­ish sign. 

Rip­ple price has also moved slight­ly below the 25-day and 50-day mov­ing aver­ages and the 38.2% Fibonac­ci Retrace­ment lev­el. There­fore, the coin will like­ly have a bear­ish break­out as sell­ers tar­get the key sup­port at $0.3500. A move above the resis­tance at $0.400 will inval­i­date the bear­ish view.

Ripple price

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