- DOGE_SEC investigates SEC misconduct, fueling speculation amid Ripple’s lawsuit and potential regulatory shifts.
- XRP faces key levels at $2.50 support and $3 resistance, with RSI at 46.22 and MACD hinting at a weak recovery phase.
- Analysts predict XRP’s breakout could hit $4.20 to $5 or dip to $1.80, with mid March being crucial for key levels.
A newly surfaced account, DOGE_SEC, has launched an initiative to investigate the U.S. Securities and Exchange Commission (SEC). The account seeks public input on potential misconduct within the agency.
This coincides with the SEC’s ongoing lawsuit against Ripple, leading to speculation about the case’s impact on XRP’s price. Legal experts have also weighed in, raising concerns about the SEC’s regulatory approach.
Questions About SEC’s Crypto Regulation
The DOGE_SEC account urged the public to share any relevant information about agency misconduct. The probe has led to discussions, especially as Ripple’s legal battle with the SEC reaches an important stage.
Coinbase’s Chief Legal Officer, Paul Grewal, has suggested that the SEC should reimburse legal fees for defendants who successfully challenge its lawsuits. Ripple’s Chief Legal Officer, Stuart Alderoty, has also hinted at revealing key documents regarding the SEC’s actions.
Speculation has grown about a potential withdrawal of the SEC’s appeal. Since filing the appeal brief on January 15, internal shifts within the agency have added to expectations of a revised regulatory stance.
With Mark Uyeda as Acting Chair and Hester Peirce leading the Crypto Task Force, the SEC’s enforcement strategy may soon change. Recent court filings in cases against Binance, Coinbase, and Lejilex have also seen extensions, possibly due to the Crypto Task Force’s involvement.
XRP Price Trends and Market Indicators
At press time, XRP was trading at $2.56 after pulling back from a recent peak above $3. The digital asset had a rally in late 2024, reaching a high of around $3.50 before entering a consolidation phase.
The RSI is at 46.22, slightly below the 50 midline, indicating neutral to slightly bearish momentum. If the RSI moves above 50, it could suggest renewed bullish strength. However, a drop below 40 may confirm further downside potential.
Meanwhile, the MACD indicator shows a bullish crossover. The MACD line has moved above the signal line, but histogram values are negative, suggesting a weak recovery phase. If the histogram turns positive, it could indicate growing bullish momentum.
Support levels for XRP are at $2.50 and $2.00, while resistance is at $3 and $3.50. A break above $3 could confirm further gains, while failure to hold $2.50 may lead to additional declines.
Analysts’ Outlook on XRP
Analysts have shared mixed opinions on XRP’s short term direction. According to Ali, the TD Sequential indicator has flashed a sell signal on the daily timeframe, suggesting a potential pullback.
Egrag Crypto outlined multiple possible scenarios for XRP’s price movement. If XRP breaks above its current channel, the first target would be $4.20, with the next level around $5. If it breaks downward, it could drop to approximately $1.80 before rebounding.
If XRP remains within the channel, the potential for an eventual breakout increases over time. Egrag Crypto also suggested that if no major breakout occurs by mid March, a bearish move could follow. However, this scenario could precede a strong upward movement later.
