XRP price fight: Showdown before the Supreme Court possible

XRP price fight: Showdown before the Supreme Court possible

Ripple, one of the leading cryptocurrencies, is facing possible crucial corrections as former SEC lawyer Ladan Stewart highlights the possibility of a showdown in the Supreme Court. Despite efforts, XRP price remains below the $0.50 barrier and failed to break through key resistance. This development comes amid a general correction in the cryptocurrency market, while discussions surrounding the ongoing legal battle between Ripple and the SEC also remain present. Stewart predicts that Ripple will likely go to the highest court to defend itself against the US financial regulator.

According to Stewart, the SEC is unlikely to budge from its regulatory crackdown on crypto companies. The authority's lawsuit against Ripple could therefore find its way to the Supreme Court to clarify questions regarding the definition of securities. Although Ripple scored a partial win against regulators in July, the company still faces potentially massive fines. The SEC plans to appeal the 2023 programmatic sales ruling.

In terms of technical analysis, there are many indications that XRP could overcome the March 2023 lows. The price of XRP is currently hovering below the important $0.50 level, which has provided solid support in the past. Should XRP continue to decline, support lies at $0.4188, the April 13 low, as well as $0.3553 and $0.2879. The Balance of Power indicator is currently showing a dominant seller situation, which could indicate a potential trend reversal.

All of these developments indicate that Ripple could face a challenging period in the coming weeks and could potentially end up in the Supreme Court to resolve its legal dispute with the SEC. It remains crucial to see how the situation will develop and what impact this will have on Ripple and the entire cryptocurrency market.