In the ever-evolving world of cryptocurrencies, the status of XRP, also known as Ripple, has once again come under scrutiny. A recent ruling by SDNY District Judge Jed Rakoff has opened the door for the Securities and Exchange Commission (SEC) to continue its legal battle against Terraform Labs and its founder, D Kwon.

The legal representatives of Terraform and Kwon had sought to dismiss the SEC’s case by referring to a ruling made in the widely-followed Ripple vs SEC lawsuit. However, Judge Rakoff’s decision did not consider the previous ruling, which had made a distinction between institutional XRP sales and public sales conducted on third-party exchanges like Coinbase and Binance.

This new development has raised questions about the classification of XRP and whether it is indeed a cryptocurrency or a security token. The SEC’s case against Terraform and Kwon aims to determine whether they violated security laws, leaving the fate of XRP in the balance.

As the legal battle unfolds, the market has responded with caution. XRP’s price has experienced a 2.4% decline in the last 24 hours, currently trading at $0.6881. This downward trend mirrors the broader turbulence seen in other major cryptocurrencies, with Bitcoin falling 1.6% to $28,932 and Ethereum holding support at $1,830 after a 1.7% drop.

Despite the Ripple ruling that labeled XRP as not a security token, at least for sales through exchanges, attempts to push the XRP price to the elusive $1 mark have been unsuccessful. Although the token briefly soared to trade at highs of $0.93, it has struggled to maintain a consistent upward trajectory and has been oscillating between the $0.68 and $0.85 range.

Currently positioned at the lower end of this range, XRP faces considerable pressure on its support level at $0.68. The stability of this support is critical for the bulls, as a breach below it could trigger sell signals from the Moving Average Convergence Divergence (MACD) indicator. Such a bearish signal might prompt traders to abandon long positions and opt for short positions, leading to a potential market sell-off.

To prevent this scenario, XRP needs to secure a break above the $0.7 resistance level, which is situated at the 100-day Exponential Moving Average (EMA). If successful, a sustained move above $0.7 could indicate a strong range support, potentially averting further declines and paving the way for a climb to $0.75 and eventually the range high of $0.85.

On the flip side, if XRP fails to hold the $0.68 support level, it may revisit the 200-day EMA, and in the worst-case scenario of investor panic, the price could plummet to $0.6 before regaining momentum towards the coveted $1 milestone.

As the legal saga surrounding XRP unfolds, uncertainty looms over its market position. Traders are urged to exercise caution and closely monitor key support and resistance levels for potential trading opportunities. The outcome of the SEC’s case against Terraform and Kwon could have significant implications not just for XRP but for the broader cryptocurrency market as well. Amidst a rapidly changing crypto landscape, XRP, also known as Ripple, finds itself once again in the spotlight. A recent ruling by Judge Jed Rakoff has allowed the SEC to pursue its legal battle against Terraform Labs and its founder, D Kwon, raising questions about XRP’s classification as a cryptocurrency or security token.

As the legal drama unfolds, XRP’s price has experienced a 2.4% decline, currently trading at $0.6881. The market, already turbulent with Bitcoin and Ethereum also facing drops, remains cautious as XRP’s future hangs in the balance.

Despite previous rulings favoring XRP’s status as not a security token for sales through exchanges, attempts to push its price to $1 have faltered. The token struggled to maintain a steady upward trend, oscillating between $0.68 and $0.85.

With XRP currently testing the $0.68 support level, traders are on high alert. A break below this critical support may trigger a market sell-off, while a successful breach above the $0.7 resistance level could pave the way for a potential climb to $0.75 and beyond.

As the SEC’s case against Terraform and Kwon continues, the uncertainty surrounding XRP’s position in the market remains. Traders are advised to exercise caution and closely monitor key support and resistance levels for potential trading opportunities.

XRP, also known as Ripple, faces legal uncertainty as the SEC’s case advances against Terraform Labs and its founder, D Kwon. The market responds with caution as XRP’s price hovers at $0.6881 amidst broader turbulence in the crypto space. Traders closely watch if XRP can break the $0.7 resistance or dip below the critical support at $0.68.