According to CoinMarketCap, XRP is the sixth largest cryptocurrency by market cap. Its price has dropped by 2% in the last 24 hours, bringing it down to $0.5002 at press time. As of press time, its entire market capitalization was around $25.8 billion.
The 24-hour dip in the price of XRP has eroded the remittance token’s strong weekly performance. XRP’s weekly price performance remains positive at +1% as of press time.
XRP/USD 4-hour chart | Source: TradingView
In the previous 24 hours, the price of XRP has plummeted out of the upward price channel seen on its chart, reaching a low of $0.4855. On the most recent 4-hour cycle, however, bulls appear to be attempting to save the XRP price.
If the price of XRP falls below the support level at roughly $0.4742 in the next 24 – 48 hours without assistance from bulls, it will be vulnerable to a drop to the next major support level at $0.4452. Before buying or selling XRP in today’s trading session, XRP traders and investors will most likely wait for the results of the JOLTs Job Openings data, which will be released later today.
In another development, attorney John E Deaton clarified that Judge Analisa Torres has no deadline to rule on the pending SEC action against Ripple Labs.
There is no deadline of today for her to rule. The decision could come out within the next hour or it could take another 30-60 days. Based on previous cases, Judge Torres has issued her ruling on summary judgment within a couple months of her Daubert/Experts’ decision.
— John E Deaton (@JohnEDeaton1) March 31, 2023
Deaton took to Twitter to explain that Judge Torres’ ruling would not be released on a specific date. Many in the cryptocurrency industry had expected a verdict yesterday based on a prediction made by attorney James Filan.
Many XRP investors and cryptocurrency enthusiasts have been watching the case closely to see if Ripple’s sale of XRP represents an unregistered security offering. Despite the absence of a timetable, the decision is expected to substantially impact the cryptocurrency market and the legal classification of digital assets.
Read more:
- XRP Trading Volume Soars On Korean Exchanges As Traders Bet On Ripple’s Victory Against SEC
- Does The XRP Price Have Enough Power To Keep Growing?