XRP suffered a massive blow in the past 24 hours as the U.S. Securities and Exchange Commission (SEC) plans to sue Ripple.
XRP/BTC trading pair hit All Time Low
XRP price might slide towards a low of $0.30, which is a 35% drop.
It’s a bearish start to the day for the majors. Failure to move back through early highs would bring support levels into play. The Fourth largest crypto asset by market capitalization, XRP price extended its losses and dropped to a two-month low.
Analysts and traders believe that the XRP market might quickly dry up, causing prices to suffer, if SEC ultimately prevails in an expected lawsuit against Ripple Inc.
XRP Price Analysis
At press time , XRP is trading at $0.369271 with a 24-hour trading volume of $15,478,085,920. XRP is down 24.26% in the last 24 hours. The current CoinMarketCap ranking is #4, with a market cap of $16,766,371,877 USD.
As per the technical indicators, XRP needs to break $0.4552 pivot level to reach the first major resistance level at $0.5133. However, Support from the broader market would be needed for XRP to break out from $0.47 levels.
In the event of an extended rally, the second major resistance lies at $0.5800. Failure to move through the $0.4552 pivot would bring the first major support level at $0.3885 into play.
Conversely, if there is extended sell off, the first major support level at $0.3885 should limit the downside.
- First Major Support Level: $0.3885
- First Major Resistance Level: $0.5133
Will Centralized Exchanges Delist XRP?
Ryan Watkins, A research analyst at Messari , claimed that “Many cryptocurrency exchanges would be forced to delist it, so liquidity would dry up, XRP’s price would “crash hard” in this scenario.
On the other hand , Jake Chervinsky, lawyer and general counsel at decentralized finance app Compound, said that XRP could see a delisting from several regulated exchanges in the US.
Till now two exchanges, CrossTower and Beaxy, have delisted XRP. As per Beaxy exchange the customers can still withdraw XRP from their platform until further notice.
According to Kristin Boggiano, president of CrossTower Exchange
“CrossTower’s listing committee evaluates tokens along multiple dimensions,” said the firm, which opened in June. “One of the criteria is whether an asset is security. Given the uncertainty regarding XRP’s status, CrossTower has decided to delist XRP.
Cryptocurrency exchanges that continue to list XRP are at risk of being asked to register. Otherwise, these exchanges might face penalties for allowing retail consumers to trade unregistered security. So, many crypto exchanges are likely to delist XRP as time proceeds.