The Ripple—SEC court drama continued last week amid a market-wide correction that saw XRP prices plunge, pulling back the coin to parity with the greenback. As of writing, the XRP/USD price is trading at $1.18, losing 10 percent week-to-date in what appears to be a correction of the week ending Apr 18 overvaluation.
However, triggers for the XRP decline seemed to be a combination of the SEC’s action and the meltdown of Bitcoin prices from Apr 18. Latest reports indicate that the U.S. regulator, SEC, has served 51 third-party subpoenas to Ripple’s partners and customers.
Beyond that, the agency has asked foreign regulators to serve document requests on Ripple’s partners in a country where XRP has been declared a utility.
Is SEC being harassed by Ripple Lawyers?
It is emerging that the SEC is also crying foul despite being one of the most supported oversight agencies in the world with an annual budget of $2 billion.
The SEC claims Ripple is not seeking relevant evidence. Instead, its lawyers seek to harass the SEC and derail the court case away from its merits as they bog down the SEC with document view.
Supporters of Ripple are striking back. They argue that the SEC’s claims of “harassment” hold no merit. In their view, the SEC is also harassing Ripple’s partners in other countries outside of their purview.
For this, they say SEC has no case, but instead, they want to harm Ripple Labs and XRPL in every possible way.
Ripple Price Analysis
The XRP price is down 10 percent against the greenback, as crypto trackers reveal.
From the weekly chart, the uptrend is firm. After the correction of the week ending Apr 18 overvaluation, the XRP/USD price remains inside the week ending Apr 11 bull bar—a net positive.
This also means prices are trading within a bullish breakout pattern.
Provided $0.80 holds, every low is technically a loading opportunity for aggressive buyers aiming for $1.7 and $2.4.
These levels coincide with the 2 and 3.618 Fibonacci extension levels of the 2018-2021 trade range.
From an Effort-versus-Results perspective, XRP bears will flow back if prices drop below $0.60—or Apr 2021 lows, with high volumes surpassing those of early Apr 2021.
In that case, the XRP price may fall back to $0.20 in a bear trend continuation.
Chart Courtesy of Trading View
Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.