Xrp Trades Above Support

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Xrp Trades Above Support

Xrp Trades Above $0.50 Despite The Legal Troubles

During Tuesday's session, the XRP can be seen near the $0.5054 level as the altcoin is struggling to hold the $0.50 support zone.

The XRP has again been in trouble as Ripple (the company behind XRP) lost an SEC lawsuit. Now, it remains to be seen whether the recent loss would be enough to send it under the $0.50.

In the SEC lawsuit, the judge allowed the SEC access to Ripple's financial statements from 2022 to 2023. In addition, the SEC will also get access to the proceeds from the institutional sales as well.

When we look at the trend in XRP from October 2023 till today, it is going downwards, as it is also making lower lows and lower highs. Despite all the troubles, the $0.50 level has stayed strong, which could change in the coming days.

The XRP price touched $0.4853 before moving back up to the $0.5429 level, which is also the 23.6% fib retracement level. Just like that, the Awsome indicator also shows that the pair can recover on a daily timeframe.

So, even if the XRP prices drop under the $0.50 handle, the next support can be near $0.4858. But even if these two levels fail to hold the bearish pressure, the next stop will be $04210, the low from August 2023.

One of the primary reasons behind the decline in the XRP prices is the SEC lawsuits against Ripple.

The latest update from the legal realm also shows that things could be going better for the cross-border payment firm. But despite this, investors are ready to defend the $0.50 support zone.

According to experts, the $0.50 level is psychologically essential as it has remained a strong support for almost three months.

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