Ripple Suffers 5% Dip Amid Widespread Market Correction

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Wednesday began on a quiet note for Ripple (XRP) as the cryptocurrency claws its way back above the $1.1500 level, following yesterday’s 5% dip. At press time, the sixth-largest cryptocurrency trades at $1.1560 (+1.81%).

The correction in XRP came after a sharp rejection in Bitcoin from the $50,000 mark, which triggered a market-wide sell-off.

Meanwhile, the legal battle between Ripple and the United States Securities and Exchange Commission continues to blow hot, as senior Ripple executives call out the watchdog on its use of “deliberative process privilege (DPP).”

Ripple’s team of lawyers argue that the deposition is former SEC executive William Hinman and the document held back by the agency could “fatally undermine the SEC’s allegations that the Individual Defendants acted recklessly in failing to recognize Ripple’s sales of XRP as an unregistered securities offering as at that time, securities law experts of Mr. Hinman’s stature (to say nothing of the full Commission) had not reached that conclusion themselves, despite looking into the issue.”

Nonetheless, many analysts maintain a bullish stance on the long-term outlook of XRP. Prominent crypto traders and influence Credible Crypto recently noted that XRP could rally to the $20 – $30 area soon, which stands for a gain of over $2,300%.

Key Ripple Levels to Watch — August 25

XRP has finally broken beneath the persevering trendline and now struggles to remain above the $1.1500 level. While this could be a necessary correction to help the cryptocurrency rebound over the $1.2700 – $1.3250 area, it could also be the beginning of a significant price correction towards the $1.000 area.

That said, XRP needs to stay above $1.1000 to keep the overall bullish bias intact, as bears plot to push prices across the crypto market lower.

Meanwhile, our resistance levels are $1.2000, $1.2700, and 1.3250, and our support levels are $1.1100, $1.0500, and $1.0000.

Total Market Capitalization: $2.05 trillion

Ripple Market Capitalization: $53.1 billion

Ripple Dominance: 2.59%

Market Rank: #6

 

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