Quick Poll

XRP Plummets, Traders Face R471m Loss Amid SEC Suit”

 
  • Ripple's XRP price fell to $0.56, marking its lowest level in two weeks amid anticipation of legal developments in the SEC lawsuit, with a significant deadline approaching on April 22 for Ripple to respond to the SEC’s brief.
  • Traders have realized over $25 million in losses within two days, reflecting a potential capitulation as XRP's price dropped and uncertainties about its status as a security persist.
  • Technical analysis suggests XRP's price may find support at $0.5673, the March 20 low, with further potential support at $0.5386, indicating a possible area for price stabilization and recovery.
XRP

In South Africa, the cryptocurrency community is closely monitoring Ripple (XRP) as it dipped to a two-week low of $0.56 (approximately R10.55) on Wednesday. This decline comes amid heightened anticipation for upcoming developments in the legal face-off between Ripple and the U.S. Securities and Exchange Commission (SEC), with a crucial deadline on April 22 for Ripple to respond to the SEC’s brief on remedies.

This recent downturn in XRP’s market price has led to significant financial setbacks for traders, with losses exceeding $25 million (around R471 million) over the last two days.

The Network Realized Profit/Loss chart on Santiment revealed that Ripple holders have incurred $25.67 million (about R483.9 million) in losses since Tuesday. This metric, which gauges the aggregate profit or loss realized by traders on the day they sell their assets, indicates a potential capitulation scenario when losses coincide with a price decline.

The selloff among XRP traders is likely driven by the recent price drop and the ongoing uncertainty regarding XRP’s classification as a security. Ripple’s Chief Legal Officer, Stuart Alderoty, recently addressed these concerns on social media, criticizing the SEC’s inconsistent stance on XRP and the broader definition of a cryptocurrency ecosystem.

As the April 22 deadline approaches, where Ripple is slated to file its opposition to the SEC’s remedies-related brief, the XRP community is on edge. From a technical standpoint, XRP’s price trajectory has shown a pattern of lower highs and lows throughout April. Analysts suggest that the asset’s decline may bottom out at the $0.5673 support level, aligning with the March 20 low, which acts as a pivotal point on the 4-hour chart. Should the price fall further, the next critical support level is at $0.5386 (approximately R10.15), the February 22 low, potentially setting the stage for a recovery.

Related

Rateweb

South Africa’s primary source of financial tools and information

Contact Us

admin@rateweb.co.za

Disclaimer

Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.