XRP Dips Below $0.55, But Can It Bounce Back? Analysts Weigh In

As the SEC vs. Ripple lawsuit reaches a crucial stage, both parties are working on remedies-related briefs. This signals progress in the legal process, with key deadlines shaping the case: March 13 for the SEC’s filing, April 12 for opposing motions, and April 29 for final remedies submissions.

By April 29th, the court is expected to decide on penalties for Ripple’s alleged XRP sales, potentially concluding the prolonged legal battle. However, recent developments reveal the SEC facing another legal challenge beyond Ripple vs SEC, impacting XRP.

LEJILEX and CFAT Take On the SEC

In a surprising move, LEJILEX crypto exchange and the Crypto Freedom Alliance of Texas (CFAT) have filed a lawsuit against the SEC. Their aim is to assert that secondary-market sales of digital assets, including those proposed by LEJILEX, should not be considered as securities sales.

This groundbreaking lawsuit highlights the growing tensions between regulators and the crypto industry, as stakeholders seek clarity on regulations. Ripple’s success against the SEC serves as inspiration for the industry, strengthening efforts to protect crypto from regulatory interference.

Also Read: Ripple and Coinbase Get a Boost? Top SEC Lawyer Switches Sides, Joins White & Case

XRP’s Price Movement: Analysts’ Insights

From a technical standpoint, investors and experts closely watch XRP’s price changes. Despite dipping below $0.55, the 6th largest coin remains in contention. Analysts suggest a potential test of the 23.6% Fibonacci level at $0.5219 if XRP continues to decline.

However, positive indicators like the Moving Average Convergence/Divergence (MACD) and the Awesome Oscillator (AO) signal favorable momentum and a potential shift in the asset’s price trend.

Future Outlook: Recovery on the Cards?

Looking ahead, market participants focus on XRP’s behavior, especially its ability to bounce back and resume an upward trajectory. A successful rebound could lead to a retest of the 78.6% Fibonacci retracement level at $0.6073.

This Might Interest You: Ripple XRP ETF Could Launch in 2024, Claims Insider

Conversely, a sustained drop below $0.5219 may result in further correction, potentially pushing the price down to $0.50. Despite challenges, optimism remains that XRP can recover losses upon surpassing this critical threshold, keeping the crypto community eagerly awaiting the outcome.