- XRP price slid to $0.61 on Friday, the altcoin noted a weeklong correction.
- Harvard Law discussed SEC enforcement in 2023 and highlighted the regulator’s high-profile loss in the Ripple lawsuit.
- The opening brief deadline for the regulator is March 22.
XRP price is down nearly 5% on Friday, the altcoin has suffered a weeklong correction, since hitting its year-to-date high on Monday. The Securities and Exchange Commission’s (SEC) lawsuit against Ripple is approaching an important deadline, the regulator is set to file their remedies-related opening brief on March 22.
Also read: XRP price plummets to $0.67 as holders brace for SEC vs. Ripple lawsuit deadline
- The US financial regulator’s remedies-related opening brief deadline is March 22, nearly a week away from the event, XRP price has nosedived to a $0.61 low.
- Harvard Law recently discussed SEC’s enforcement actions in 2023 and addressed the Ripple lawsuit as a “high-profile loss” for the regulator.
- The SEC brought 46 enforcement actions against crypto firms in 2023, a 53% increase from the regulator’s lawsuits in crypto in 2022.
- The discussion focused on how the regulator focused on whether digital assets will be considered securities and whether securities laws apply to cryptocurrencies.
- In the July 13 ruling, presiding Judge Analisa Torres ruled that Ripple’s sale of XRP on digital exchanges does not constitute the sale of securities.
- This is being referred to as a “high profile loss,” since the regulator’s enforcement actions were then limited to Ripple’s institutional sales of XRP, until the SEC appeals Judge Toress’ motion.
Harvard Law discusses SEC enforcement. Source: Corplaw.harvard.edu
XRP price declined to a low of $0.61 on Friday. The altcoin found support at $0.6117, the 61.8% Fibonacci retracement level, in its downward move. If the altcoin corrects lower, it could drop to support at $0.5758, the 78.6% Fibonacci retracement of the altcoin’s rally to its 2024 peak. Once XRP price sweeps support, indicators support a recovery in the altcoin’s price. XRP could make a comeback to its $0.7440 high.
The Relative Strength Index (RSI) reads 52.99, close to neutral. The green bars on the Awesome Oscillator (AO) signal the altcoin could see positive momentum and the uptrend remains intact, despite the weeklong correction in XRP.
XRP/USDT 1-day chart
A daily candlestick close below the $0.5758 level could invalidate the long-term recovery thesis for XRP and suggest further correction in the altcoin. The February low of $0.53 could become relevant as support for XRP.
