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The XRP price sank 4% in the last 24 hours to trade at $1.8362 as of 3:47 a.m. EST, with trading volume falling 28% to $6.4 billion.
The drop comes as the US Securities and Exchange Commission (SEC) hinted that the Ripple fight is not over. This is after the regulator opposed Justin W. Keener’s emergency request to present decisive evidence in favor of Ripple.
🚨 BREAKING 🚨 : The @SECGov has just filed an opposition to that “emergency request to present decisive evidence” in favor of @Ripple we saw filed last week by one Justin W. Keener.
The SEC opposes the motion because, they say, that 1) The District Court lacks jurisdiction… pic.twitter.com/VoJklkGtiB
— GA Spark (@01themoonshoot0) April 8, 2025
The filing aims to provide what Keener claims to be decisive evidence that could help Ripple in its case against the SEC.
The SEC states that the District Court no longer has jurisdiction over the request, as the case has already moved to the Second Circuit Court of Appeals.
Moreover, according to the SEC, Keener did not follow the proper legal procedures to intervene in the case, and Ripple can decide whether the evidence is helpful to its case.
As many hope for an official statement from the agency confirming the case is truly over, what does this recent development mean for the XRP token?
XRP Price Analysis: Bearish Breakdown Signals Potential Downside
The XRP price recently broke down from a descending triangle pattern, a classic bearish formation that most times precedes further downside
This triangle formed over several months, with consistent lower highs and horizontal support around the $1.93 level, GeckoTerminal data shows.
The breakdown below this key support zone suggests sellers are gaining control. The price of XRP is currently trading at around $1.83, just below the 200-day Simple Moving Average (SMA), which previously acted as dynamic support.
The 50-day SMA is above the 200-day SMA, but the Ripple Token price trades below both SMAs, which is a bearish sign.
Meanwhile, the Relative Strength Index (RSI) is at 34.39, indicating weak momentum and nearing oversold territory, though not yet signaling a reversal.
Given the technical breakdown, bearish chart pattern, and weak momentum, the price of the Ripple token may continue its decline toward the next support zone near $1.50.
On the flipside, if the oversold RSI opens an avenue for buyers to enter, the price of XRP could surge, pushing the asset to point D on the triangle around $2.49.
Meanwhile, investors are flocking to buy a new Solana project called Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 725K subscribers, says the crypto has the potential to soar 100X post-launch.
Solaxy Presale Races Towards $30 Million – Best Crypto To Buy Now?
Solana has been experiencing congestion problems during peak times, which makes transactions hang or fail.
Solaxy was created to fix this while improving transaction speeds and reducing fees. This is similar to what Ethereum has done with some of its layer-2 solutions like Arbitrum and Optimism.
Another massive utility of Solaxy is that it offers the best of both Ethereum and Solana.
This is because SOLX merges the benefits of Ethereum’s liquidity and growing decentralized finance ecosystem with Solana’s efficiency and speed, connecting the two most prominent crypto ecosystems in the Web3 space.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
The Solaxy presale has already garnered over $29.5 million. Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001688 each using BNB, ETH, USDT, or a bank card.
The project’s presale staking program also offers token holders a huge 138% APY. Anyone looking to buy SOLX at the best rate will want to hurry, because the token’s price will increase in around 9 hours.
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