By plunging over 35% over the past two days, XRP price has effectively erased its November rally
The XPR price is starting to drop sharply below the support of $ 0.42 and $ 0.4. However, XRP is still gaining momentum but is getting close to the main 100-day simple moving average and $ 0.32.
XRP/USD 4-hour chart | Source: TradingView
XRP price started to plummet from above $ 0.5 after the SEC threat, more than 25% on the day
Following the SEC threat, XRP started to plummet from a high of $ 0.5, down more than 25%, and it broke many supports like $ 0.45 and $ 0.4. The price has even settled below $ 0.4 to move further into the bearish zone. At press time, XRP is currently trading below $ 0.38, trading around $ 0.359, currently approaching the $ 0.34 support zone and the 100-day simple moving average.
If XRP initiates a wave of recovery, it could face a lot of hurdles, starting with the broken channel trend line at $ 0.385. The first major resistance on the bulls is near the $ 0.4 level.
Brad Garlinghouse shared a note sent to Ripple employees ahead of the SEC crackdown
Ripple CEO Brad Garlinghouse shared a note he sent to his employees before the US Securities and Exchange Commission (SEC) officially announced a lawsuit against Ripple against the company.
Garlinghouse is urging Ripple employees not to worry about the lawsuit is just the start of a legal battle he expects to drag on for a long time:
“What I DON’T want is for you to worry. We will get through this, and we will prove our case in court. We have a phenomenal legal team and as I said, we are on the right side of the law, to begin with. Know, however, that the legal system is slow, and this is just the beginning of a long, civil process.”
Garlinghouse and former CEO Chris Larsen chose to actively fight:
“We could do that, and it would all be behind us. NOT happening. That’s how confident Chris and I are that we are right. We will aggressively fight – and prove our case – through this case we will get clear rules of the road for the industry here in the U.S.”
? The number of small $XRP addresses being created have not skipped a beat since yesterday’s #Ripple lawsuit announcement. However, the number of larger tier addresses are shrinking, with 18 less addresses with 10M+ tokens ($490k+) since the news broke. https://t.co/iEOjqO7oKT pic.twitter.com/oySoVaYoZi
— Santiment (@santimentfeed) December 23, 2020
According to Santiment’s data, the large number of XRP addresses has plummeted, meaning the whale was behind this surrender. After XRP’s market cap lost more than $ 7 billion, it has now ceded to Tether, falling to fourth place on CoinMarketCap.
You can see the XRP price here.
Read more:
- Is XRP Shitcoin? Will Ripple Escape A Lawsuit With The SEC When The Cryptocurrency Community Is Being Divided?
- SEC Sues Ripple And Two Executives, XRP Dumps 20% On SEC Lawsuit Worries