Ripple Falters Above $0.32 as Buyers Fail to Resume Uptrend

The price of Ripple (XRP) is in a downtrend as the altcoin drops below the moving average lines. Today, the cryptocurrency value is declining as buyers are unable to keep the price above the moving average lines.

Timeline of Xrp

It is quite a bearish day for Ripple price analysis today, as the entire market is in a dip following the Ethereum marge. Ripple's price has undergone a significant drop compared to the last 24 hours, as it currently trades for $0.32771.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. XRP did not have a very interesting time on the price charts in the last few days.

The Ripple vs SEC dispute began in December 2020 and is continuing to date, with no hopes of a resolution anytime soon. Recently, both the US Securities and Exchange Commission and Ripple defendants filed joint proposals in regard to the XRP lawsuit's summary judgment.

Ripple [XRP], since entangled with the SEC, barely managed to receive any support in the form of cryptocurrency-related projects. Although, post the grant of the Amicus Curiae status to XRP holders represented by attorney John Deaton, narratives might have taken a turn.

A legal expert who is closely following the U.S. Securities and Exchange Commission's (SEC) crypto case against Ripple says the outcome of the lawsuit could impact “the entire space for years to come.” Attorney Jeremy Hogan, an XRP proponent, tells his 226,500 Twitter followers that it's a “huge week” in crypto law for two reasons.

The Securities and Exchange Commission and Ripple Labs are battling each other, and the cryptocurrency advocacy group Chamber of Digital Commerce (CDC) has asked to join the case as an amicus curiae (Latin meaning friend of the court). On Wednesday, CDC submitted a number of documents to the Southern District of New York's district court,

A New York court approved joint plans by the U.S. Securities and Exchange Commission (SEC) and Ripple Labs that specified schedules for redactions governing sealing issues in upcoming summary judgments, according to defense lawyer James K. Filan. The post U.S. Court Approves Plan That Could Bring Resolution to SEC-Ripple Lawsuit appeared first on BeInCrypto.

Ripple's new non-fungible token (NFT) amendment to the XRP Ledger (XRPL) is on hold pending a fix to a problem that was discovered at the last minute. Nik Bougalis, the director of engineering at Ripple, says an engineering problem was discovered by a third party hours before the amendment, XLS-20, was set to be activated.

The SEC vs Ripple lawsuit has finally entered into its crucial Summary Judgement proceedings. Attorney James K Filan informed that both the parties in the case have submitted their motions regarding the process.

Ripple (XRP) has had a tough time producing double-digit gains against tether (USDT) as prices continue to range with little or no movement in recent times. The crypto market in its early days saw prices of altcoins surge as most coins rallied with considerable price gains, but that can not be said of Ripple (XRP).