XRP Price Prediction: Correction Emerges After Ripple Labs Faces $125 Million Fine From SEC

On Wednesday, Judge Analisa Torres ruled that Ripple Labs would face a $125 million fine for civil penalties and prohibited the company from future breaches

The price of XRP dropped significantly on Wednesday as several indicators turned bearish following a selling pressure near peaks.

According to data from Coinglass, there were 10,334 traders liquidated in the last 24 hours, with a total of $230.34 million in long and short positions being liquidated. Among them, the highest single liquidation occurred on XRP-March31, with an amount of $4.35 million.

On the long side, a total of 52.03% of traders were liquidated, amounting to about $120.33 million, while on the short side, 47.97% of traders were liquidated, summing up to around $110.01 million.

The price of XRP fell below the Fib channel (23.6%) after facing strong selling presence near the recent monthly high of $0.64. This led to a retest for XRP price, which was trading at $0.58 at the time of writing, indicating a decline of over 7.2% in the last 24 hours.

While bears were attempting to push the price below $0.57, bulls maintained a slight edge by keeping the price around the 20-day EMA ($0.59). If the price rebounds from its current position, it could increase the chances of a surge past $0.64, potentially pushing the XRP/USDT pair towards $0.74.

However, if the price falls and closes below the 20-day EMA, it could indicate that the pair might continue to fluctuate within a range of $0.43 and $0.64 for some time.

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