Ripple price is currently undergoing a massive selloff after news of a lawsuit against Ripple Labs from the SEC hit the newswires.
The SEC has charged Ripple Labs for selling securities without proper licensing, causing the Ripple CEO Brad Garlinghouse to decry what he terms “an assault on crypto at large.” The SEC charge alleges that Ripple sold $1.3 billion worth of securities in an offering that was not properly registered, thus denying potential investors of adequate disclosures about the XRP token and Ripple’s businesses. Garlinghouse has fired back and says that the company was ready for a legal challenge.
Ripple price has tanked 41.90% in Tuesday and Wednesday’s trading sessions, wiping off all the gains it posted in late November and early December. Several exchanges offering the Ripple pair for trading have suspended XRP trading until further notice.
The drop towards 30 cents is on, but the XRPUSD pair has to break down the 0.32516 support first. This support suffered an intraday violation that took the price down to 0.30687, but a bounce has taken the price back up to 0.32516. A successful break down puts the Ripple price support of 0.30687 at risk, with 0.28581 lining up as a potential near term target.
On the flip side, the intraday day top is seen at 0.45121. Any rallies towards this point must take out 0.35287, 0.37172 and 0.40346. Such rallies will depend on whether new money enters the crypto asset to take it up at cheaper prices.
