- After failing to close above the $0.50 barrier mark every day since Monday, XRP is now stuck below it.
- Spiral CLO Since the SEC withdrew its claims against executives, Stuart Alderoty announced late on Tuesday that there will not be a pretrial conference.
- According to Alderoty, Ripple will submit a response by April 22 in response to the SEC’s request for fines.
On Wednesday, Ripple (XRP) is stuck in a range below $0.50 as it has failed to break over this significant resistance level three days in a row. The Chief Legal Officer (CLO) of the payment remittance company, Stuart Alderoty, stated that although XRP holders conjectured about the likelihood of a settlement between the Securities and Exchange Commission (SEC) and Ripple, the pretrial conference—which was one of the final opportunities for both parties to come to an agreement before the formal trial phase started—did not occur on Tuesday as scheduled.
Daily digest market movers: Ripple, SEC did not have a pretrial conference
There is no indication of when the SEC v. Ripple lawsuit will end. There was no pretrial conference between the two parties, according to CLO Stuart Alderoty’s tweet on X on Tuesday, following the regulator’s withdrawal of its allegations against CEOs Brad Garlinghouse and Chris Larsen.
Holders of XRP were hoping for a resolution between Ripple and the SEC after learning about the pretrial conference. As the payment remittance company gets ready to submit its response to the regulator’s request for fines by April 22, this prospect appears unlikely.
Alderoty stated on March 25 that the SEC had asked the judge to fine and penalize Ripple $2 billion. According to the CLO, Ripple anticipates that the court will handle the remedies phase equitably.
With over 250 developers, $20,000 in prize money, and 55 applications deployed on the Ledger’s EVM Sidechain, the 60-day XRPLedger hackathon came to an early close on Wednesday.
The two factors most likely driving the price of XRP, Ripple’s native token, are the developments in the litigation and changes in the XRP Ledger ecosystem.
Technical analysis: XRP stuck below $0.50 for third day in a row
The price of XRP attempted to break over the $0.50 barrier level on April 17 by testing it again. Since Monday, the cryptocurrency has not closed over $0.50.
A momentum indicator called the Relative Strength Index (RSI), which gauges the size of recent price movements, increased from 27.29 on Saturday (below 30, which indicates the oversold zone) to 33.84 on Wednesday. The RSI is not in the oversold area but is still considerably below the 50 mid-level, indicating that there is not much positive momentum behind XRP’s rise from its low on April 13 of $0.4188 to $0.4983 on Wednesday.
The red histogram bars below the zero line of the Moving Average Convergence/Divergence (MACD) indicator also imply that negative momentum is still present. The price of XRP can be trapped below $0.50 until a daily candlestick closes above this mark.
The price of XRP may reach its next resistances around $0.5310 and $0.6431, which represent the 50% and 100% Fibonacci retracement levels of the drop from the top of $0.6431 on April 9 to the bottom of $0.4188 on April 13. If the daily candlestick closes above $0.50. This might refute the bearish theory and encourage an altcoin comeback.