Highlights:
- The current price of $2.29 for Ripple is near a key Fibonacci support at 0.382, with stronger support at 0.5 ($1.95) and 0.618 ($1.60).
- RP’s legal issues with the SEC continue to shape the market mood and direction for XRP.
- Torres denied the SEC’s request for a quick ruling, insisting on receiving more detailed paperwork before concluding.
Ripple’s case with the SEC is still ongoing and has an impact on the XRP market. John Deaton’s guide for advancement in this lawsuit surfaced at the time of robust moves in XRP’s market and encouraging signals on its charts. This analysis relies on the latest data from blockchains and technical indexes to study XRP’s situation in the market.
Currently, XRP is priced at $2.32, after falling by 3.75% in the past 24 hours. The value of tokens in the market totals $136.05 billion, meaning it has declined by 3.66% in the same span. Trading volume over the last 24 hours was $3.06 billion, which is a large 36.64% decrease compared to previous trading activity.
Based on the ratio, XRP’s liquidity is slightly higher than some, but not very high. From $2.41 yesterday, the price has trended down to its current position of $2.32. Improved selling pressure in the market may relate to concerns about Ripple’s legal matters.
Technical Analysis: Key Fibonacci Levels and Price Action
The simple analysis of the Fibonacci levels on the weekly XRP/USDT chart helps us predict how the price might behave. The retracement lines are drawn between a significant low price at $0.50 and the highest point ever reached, around $3.40. The identification of support and resistance is aided by paying attention to these levels, something most traders keep an eye on.
Currently, the price of XRP is just above the 0.382 Fibonacci retracement, located at approximately $2.29. In this region, the price often experiences a conflict between rising and falling, so it acts as an important point for corrections. Often, a 0.382 retracement suggests that a price can move back or sideways for a while. XRP is currently near this price point, which is making it a crucial time for both buyers and sellers.
Two Fibonacci levels are likely to be strong support zones, not far from current prices. At approximately $1.95 on the 0.5 level, prices typically stay stable during a pullback before continuing to rise. The golden ratio can often be seen near the 0.618 retracement, which was around $1.60 in this pair. The part between these two levels highlighted in blue indicates a possible support zone for XRP, should its price fall below.
Based on the chart’s design, XRP could revisit the lower support area and then see an advance upward. It matches how markets often build up momentum before their price moves higher. If the bullish trend holds, XRP could try to climb toward the $3.40 level. The timing of this movement, however, is not certain, and fierce volatility is expected until there is a clear trend.
XRP’s price movements are presented using a framework that shows important Fibonacci levels for possible reversals, support areas, and resistance regions over the coming months.
Legal Developments and Market Impact
Ripple’s case with the SEC is key to understanding the market sentiment for XRP. Judge Torres rejected the SEC’s request for a preliminary ruling, stating that the case demands proper use of the proper procedures.
John Deaton highlighted that for a new ruling to be valid, the SEC should admit its earlier mistakes and consider updates in the debate over digital assets. If the SEC classifies XRP as a commodity instead of a security, its powers over the token will be significantly cut.
Moreover, the defense emphasizes that no harm came to investors because of Ripple’s XRP sales. It is important for the court to consider how the ban on work with banks is affecting Ripple’s growth as a company.
Expert Fred Rispoli points out that Judge Torres requires the complete submission of previous records and any deficiencies. It might take a long time, during which investors are likely to keep experiencing uncertainty.