OpenSea Excludes Ripple in Response to SEC Wells Notice: Will XRP Decline?

The XRP price has remained stable despite a previous decline, experiencing a minor 0.18% decrease over the past 24 hours. Nonetheless, increasing concerns have arisen following OpenSea’s omission of Ripple in its reply to the SEC’s Wells Notice, raising apprehensions about a more pronounced downturn.

Today’s price fluctuations have not significantly improved XRP’s situation, which has been in a downward trend since last Thursday, down 4.68%—a situation that has contributed to the altcoin’s monthly drop, disrupting the stability seen in recent weeks.

This unimpressive performance appears to have dampened trader enthusiasm, as trading volume has decreased by 32.18% to $1.113 billion in the last 24 hours.

OpenSea Excludes Ripple in SEC Response

The NFT marketplace OpenSea has drawn attention after failing to include Ripple in its response to the U.S. Securities and Exchange Commission’s (SEC) Wells Notice.

The notice, which typically serves as a warning of possible enforcement action, signifies the SEC’s intention to pursue legal measures against OpenSea—though such actions are not assured.

OpenSea openly criticized the SEC’s “sweeping move” against creators and artists, expressing that it was “shocked” by the notice. In its defense, the marketplace referenced several companies contesting the SEC, including Coinbase, Uniswap, and Kraken.

However, Ripple, which secured a notable victory against the regulator last July, was conspicuously absent from OpenSea’s list—a slight that has not gone unnoticed by some members of the community. One social media user commented:

“Ripple has spent hundreds of millions of dollars fighting the SEC, and numerous companies have relied on the Ripple lawsuit in their defenses. Yet, OpenSea has somehow failed to acknowledge them—what a disappointment”

Forgot @Ripple

— Bias Goose (@BiasGoose) August 28, 2024

XRP Price Analysis – Further Declines Ahead?

An examination of XRP’s price chart indicates that OpenSea’s post may have influenced XRP’s decline over the past 24 hours.

XRP / USDT 1H Chart. Source: Binance.

Following the immediate sell-off triggered by the tweet, the XRP price has rebounded and formed a symmetrical triangle pattern, suggesting a period of consolidation before a decisive movement in either direction.

However, momentum indicators imply that more favorable price action may be forthcoming. Most notably, the Relative Strength Index (RSI) (purple) has bounced back to near-neutral territory, although it has yet to maintain a break above 50, indicating a slight bearish inclination.

The lack of buying pressure reflects cautious sentiment among traders, which could hinder XRP from gaining upward momentum in the near term unless stronger demand emerges.

On a more positive note, XRP’s Chaikin Money Flow (CMF) (green) remains in positive territory, currently at +0.15, suggesting that while the RSI’s momentum has softened, the market is still inclined toward an upside breakout from the pattern.

Traders should keep an eye on the immediate resistance at $0.5770 for confirmation of a successful breakout, as this level has consistently impeded momentum during XRP’s consolidation.

Beyond that, resistance from the 50DMA (pink) serves as the next crucial point of contention, having played a significant role in shaping the current pattern XRP is navigating.

If the XRP price can surpass the 50DMA, it could further recover this week’s losses, approaching the $0.5975 level.

However, more substantial catalysts will be required to initiate a significant surge beyond this point, given the prevailing weak trader interest in XRP.

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