XRP price plummets to $0.67 as holders brace for SEC vs. Ripple lawsuit deadline

• XRP price corrected to $0.67 on Thursday as a key SEC vs. Ripple lawsuit deadline approaches.
• Ripple and SEC’s lead attorneys Andre Ceresney and Jorge Tenreiro dived into government enforcement in crypto in a recent panel discussion. 
• Crypto expert Martin Hiesboeck weighs in on the possibility of an XRP Exchange Traded Product. 

XRP price falls slightly on Thursday, trading at around $0.67, below its 2024 peak of $0.7440. Investors brace for  a key deadline in the Securities and Exchange Commission vs. Ripple lawsuit on March 22, which could potentially affect XRP price as it is the native token of the XRP Ledger payment network developed by Ripple. 

Meanwhile, crypto experts are speculating on the likelihood of an XRP Exchange Traded Product (ETP) following the recent approval of Bitcoin spot ETFs. A recent panel discussion also featured lead attorneys for both Ripple and the Securities and Exchange Commission (SEC), highlighting their different approaches in terms of how the sector should be regulated. 

Also read: XRP price climbs 17% weekly, Ripple CEO Brad Garlinghouse comments whether XRP is the next Bitcoin

Daily digest market movers: Attorneys of Ripple and SEC weigh in on enforcement of regulation in crypto

• XRP holders are gearing up for the potentially significant remedies-related opening brief of the SEC in the Ripple lawsuit, to be held on March 22. 
• The attorneys of both sides commented on the regulation of crypto and its enforcement in a panel, titled “Government Enforcement in the Cryptocurrency Arena: Where Do Things Stand,” on March 12. 
• The panel discussion was focused on criminal enforcement in cryptocurrency, covering Samuel Bankman-Fried’s FTX exchange collapse, fraud, conspiracy, Binance’s CZ and the exchange’s settlement with the Department of Justice, the SEC’s lawsuits against top exchanges like Binance, Coinbase, and Kraken for operating as unregistered national securities exchanges, brokers, dealers, and clearing agencies, among other things. 
• Attorneys Andrew Ceresney and Jorge Tenreiro, representing Ripple and the SEC in the ongoing lawsuit, respectively, shared their thoughts on the “enforcement under current legislative and regulatory regimes and the evolution of cryptocurrency in the US,” according to Yale Edu. 
• Crypto expert and head of research at UpholdInc, Dr Martin Hiesboeck, said on X that an XRP ETP is “around the corner”. 

• Bitcoin’s ongoing price rally and developments in the SEC lawsuit are the two catalysts that could influence the altcoin’s price in the coming weeks.

Technical Analysis: XRP price sustains above key support

XRP price is currently consolidating in a narrow range between $0.65 and $0.74. The altcoin is likely to sweep support at $0.6370, the 50% Fibonacci retracement of XRP’s rally to its year-to-date peak of $0.7440. 

Once the altcoin collects liquidity at this level, sustained buying pressure could push XRP price first to the range high at $0.7440, aiming for the resistance level at $0.80. Sidelined buyers can gear up for the altcoin’s sweep of the $0.6370 level. 

The Relative Strength Index (RSI) stands at 62.92. This signals that XRP keeps bullish momentum while still below the overbought zone, giving room for the altcoin to climb higher. The green bars on the Awesome Oscillator also support the altcoin’s potential move to resistance at $0.7440, once the altcoin sweeps support at the aforementioned 50% Fibonacci retracement level.

XRP/USDT 1-day chart

A daily candlestick close below the $0.6370 level could invalidate the bullish thesis and XRP price can plummet to support at the psychologically important support at $0.60. 

 

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