XRP News: Price Correction Tests Key Support Levels

XRP's price has recently faced resistance at the $3.25 level, leading to a correction that is now testing the crucial $3.00 support. This movement suggests a potential consolidation phase or a possible breakdown if the support fails to hold.

XRP Price Dips Back to Support: Consolidation or Breakdown Ahead?

XRP price struggled to continue higher above the $3.25 level and is now correcting gains, potentially finding bids near the $3.00 level. The price started a downside correction from the $3.250 zone and is currently trading below $3.150 and the 100-hourly Simple Moving Average. A connecting bearish trend line is forming with resistance at $3.10 on the hourly chart of the XRP/USD pair. If the price stays above the $3.00 support, it might start a fresh increase. XRP price managed to start a fresh increase from the $3.050 support zone, but upsides were limited compared to Bitcoin. The price surpassed the $3.150 level before the bears appeared, forming a high at $3.25 and correcting all gains, with a low formed at $3.035.

Better Markets Files Amicus Brief Backing SEC in Ripple Case

Better Markets, a non-profit organization advocating for financial reform, has filed an Amicus brief in support of the U.S. Securities and Exchange Commission (SEC) in its ongoing legal battle with Ripple Labs. The organization argues that a prior decision by the District Court for the Southern District of New York undermines investor protections. Better Markets claims that XRP qualifies as a security and that the district court’s ruling weakened the Howey test, a cornerstone of U.S. securities laws, by narrowing the definition of 'investment contracts.' The non-profit asserts that this exclusion of many crypto transactions from regulations could expose investors, particularly retail traders, to fraud, as the SEC now has diminished capacity to enforce protections.

U.S. Treasury’s Plan to Set Up Ripple Wallet – Impact on XRP?

The U.S. Treasury's announcement to set up an XRP wallet has significantly intensified investor interest in Ripple. Technical analysis indicates a bullish triangle breakout, with XRP prices consolidating near $3.16 after surpassing the $1.81 support level. This setup aligns with long-term market trends, suggesting a sustained move toward $3.32 and possibly beyond. Additionally, XRP’s NVT ratio has spiked to a historic high, reflecting an increased market cap relative to on-chain transaction volumes on the network. These developments hint at a promising long-term bullish trend for XRP.

XRP Struggles to Sustain Rally, Retreats from Attempted $3.40 All-Time High

XRP is currently facing significant pressure as it struggles to maintain its recent rally, retreating from an attempted all-time high of $3.40. Investor participation has declined, exacerbating the situation and adding further pressure to the altcoin's performance. The Price Daily Active Addresses (DAA) Divergence is signaling a strong sell, reflecting a decrease in investor activity on the XRP network. This reduced transaction volume is concerning, as it indicates diminishing confidence in XRP. The presence of red bars on the DAA Divergence suggests potential price drops, warning investors of increased selling pressure. Without renewed interest and transactional engagement, XRP's support levels may weaken, making it vulnerable to sharp corrections and hindering its recovery.