Over the weekend, most altcoins traded in the red zone and the beginning of the week does not seem to show any optimism. The token has been facing increased pressure from the SEC as investors continue to grow wary about the lawsuit’s outcome. In addition, there are fears about the speculated monetary policy to be enforced by the
Ripple started the week on a positive note after increasing 2.07% on Saturday. However, the positive trend was short-lived, and Ripple started the week on a 6.4% decline. XRP has now fallen short of major resistance levels.
The token fell short of the resistance level of $0.7247, and it is now pushing to another lower support of $0.6755. As investors fear another drop, it may trigger a selloff that will push the token to retest its lower support levels.
Ripple’s coin needs support from the broader cryptocurrency market to reach $0.750. With the lack of a major crypto rally, the coin’s chances of an upside are limited. However, if any development in the market creates another rally, XRP may shoot to test a high resistance of $0.85. If the token falls further, it may bring the next support level of $0.65 into play.
The case between Ripple and the SEC may extend until 2022, which may affect any hopes of the token avoiding high volatility. The SEC was added another two months to disclose details on bitcoin, ethereum and litecoin. Furthermore, Ripple does not show any signs of making a settlement, which may further delay the case.
Hester Pierce, an SEC commissioner, also known as the crypto mom, has stated that XRP does not have to be a security. “It doesn’t mean that the asset itself necessarily has to be a security. It means that it was being sold as a security,” said Pierce. This may change the course of the lawsuit.
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