XRP Price Could Lose Another 40% Despite Break in SEC vs Ripple Case

The XRP/USD exchange rate stood at $0.48 on Sep 30, hinting at more losses.

XRP Price Played Out a Bearish Formation

XRP price action played out CoinChapter’s prediction and confirmed a setup known as the ‘descending triangle.’

Price action breaks below the said support, the formation forecasts a drop equal to the maximal height between the trendlines. Thus, the target price for XRP at approximately $0.2.

Given the decline in XRP daily trading volumes and the overall bearish bias across the market, a further 40% price decline to the $0.3 support appears likely.

SEC vs Ripple: What Happened? Judge Torres overruled the SEC’s objections and ordered the agency to turn over the Hinman Speech-related documents.

Why is the Hinman Speech important?

William Hinman is the former Director of the Corporation Finance Division at the SEC. In his June 2018 speech, voiced his position on defining digital assets.

SEC didn’t extend the same ‘courtesy’ to larger cryptocurrencies like Bitcoin and Ethereum became the cornerstone of the lawsuit. Defense cited  to the “Hinman Speech” to prove their point.