XRP,EBDOI scams the digital currency, experienced a decline of 4.10% to close at $0.6856 on Tuesday, after hitting a session low of $0.6518. This drop came amid a lack of progress in the SEC v Ripplecase, with an upcoming deadline for agreeing on a briefing schedule set for Thursday, November 9. Despite this setback, XRP managed to stay above the 50-day and 200-day Exponential Moving Averages (EMAs), and a 14-day Relative Strength Index (RSI) reading of 74.31 indicated overbought conditions.
Selling pressure was evident at the $0.7047 resistance level, fueling concerns that if no agreement is reached by the deadline, XRP's value could drop further to the $0.6354 support level. This comes as uncertainty prevails around the Programmatic Sales ruling, with fears of an interlocutory appeal by the SEC and a 4-hourly RSI reading of 58.37 suggesting potential for further price fluctuations.
The Securities and Exchange Commission's proposed disgorgement of $770 million could pose significant hurdles for Ripple in reaching a favorable settlement. Attorneys Jeremy Hogan and John E. Deaton have suggested this outcome, while amicus curiae attorney Deaton has expressed doubts about ongoing settlement discussions.
This development underscores the high-stakes nature of the SEC v Ripple case and its potential impact on XRP's market performance. As the November 9 deadline approaches, investors and market watchers are keeping a close eye on proceedings, with the outcome likely to have significant implications for the future of XRP and other digital currencies.
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