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.
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