Ripple (XRP) price consolidates in a tight range around $0.50 on Wednesday as the Securities and Exchange Commission (SEC) legal battle against payment-remittance firm Ripple intensifies with two key issues in focus this week.
The SEC calls for legally mandated repayment of gains from discounts offered by Ripple to institutional clients. Ripple offered different discounts to institutional clients, the SEC expects the firm to pay back “ill-gotten gains.” XRP consolidates and sustains above $0.50 on Wednesday. Ripple price consolidates in a tight range around $0.
The red histogram bars below the neutral line and the crossover of the signal line above MACD on Sunday support a bearish narrative for XRP. Relative Strength Index reads 40.72, still far from oversold levels and leaving more room for a further decline. XRP could sweep support at $0.4717, the 23.6% Fibonacci retracement of the decline between the April 9 top of $0.6431 and the April 13 bottom of $0.4188. This would mark a nearly 6% correction in Ripple price from current levels.
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