Ripple Loses $0.3500 Support Following Momentum Change
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However, the crypto market suffered a sharp decline in the Asian open on Sunday, dragging XRP to the $0.3420 mark, a weekly low.
Ripple rallied ahead of the weekend after the controversial William Hinman speech documents came back into focus on the ongoing Ripple Labs vs. SEC lawsuit.
After SEC filings and objections from the defendant, the court denied the 30-page opening brief while granting the request to file a 10-page brief.
The US Securities and Exchange Commission remains desperate to protect the Hinman documents from making it to evidence in the case. In 2018, former SEC Director of the Division of Corporation Finance, William Hinman, stated that Bitcoin (BTC) and Ethereum (ETH) are not securities. If entered as evidence, the documents would likely swing the case in favor of Ripple, giving the regulatory watchdog sleepless nights.
Earlier this month, the court threw out the SEC’s motion to protect the documents, prompting the SEC to request an opportunity to appeal the ruling, further stalling the case.
Before its latest filing, the Commission had made about six filings in opposition to the Defendants’ motion to compel, filed on August 10, 2021.
Key Ripple Levels to Watch — July 25
While it showed solid bullish prospects over the weekend, upbeat expectations for Ripple were abruptly cut short at the Asian market open on Monday, forcing the cryptocurrency below the critical $0.3500 support.
XRP is now on the verge of retesting my ascending trendline at around $0.3400. While this line could provide some cushion to the fall, we could see a bearish extension towards $0.3200 in the coming days, ahead of the US FOMC meeting.
Meanwhile, my resistance levels are $0.3500, $0.3600, and $0.3700, and my support levels are $0.3400, $0.3300, and $0.3200.
Total Market Capitalization: $1.01 trillion
Ripple Market Capitalization: $16.6 billion
Ripple Dominance: 1.66%
Market Rank: #7
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