OpenSea Snubs Ripple in SEC Wells Notice Response: Is XRP Going To Crash?

The XRP price has remained steady despite an earlier dip, with a slight 0.18% lapse over the last 24 hours. However, growing unease has emerged after OpenSea excluded Ripple in its response to the SEC’s Wells Notice, sparking fears of a more significant downturn.

Today’s price movement hasn’t done much to lift XRP out of the slump it’s been in since last Thursday, down 4.68% – the likes of which have fueled the altcoin’s monthly decline, disrupting the stability observed in recent weeks.

This lackluster performance seems to have dampened trader enthusiasm, as trading volume has plummeted by 32.18% to $1.113 billion in the past 24 hours.

OpenSea Snubbs Ripple In SEC Response

The NFT marketplace OpenSea has raised eyebrows after omitting Ripple from its response to the U.S. Securities and Exchange Commission’s (SEC) Wells Notice.

The notice, typically a forewarning of potential enforcement action, indicates the SEC’s intent to take legal steps against OpenSea—though such action is not guaranteed.

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

However, Ripple, which achieved a significant victory against the regulator last July, was notably absent from OpenSea’s list—a snub that hasn’t gone unnoticed by some community members. One social media user wrote:

“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?

A closer look at XRP’s price chart reveals that OpenSea’s post may have played a part in XRP’s decline over the past 24 hours.

Following the immediate sell-off triggered by the tweet, the XRP price has recovered and formed a symmetrical triangle pattern, indicating a phase of consolidation before a decisive move in either direction.

However, momentum indicators suggest that more favorable price action could be on the horizon. Most notably, the Relative Strength Index (RSI) (purple) has rebounded to near-neutral territory, though it has yet to sustain a break above 50, reflecting a slight bearish bias.

The insufficient buying pressure reflects cautious sentiment among traders, which could prevent XRP from gaining upward momentum in the near term unless stronger demand materializes.

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 eased, the market is still leaning toward an upside breakout from the pattern.

Traders should monitor the immediate resistance at $0.5770 for confirmation of a successful breakout, as this level has consistently suppressed momentum during XRP’s consolidation.

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

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

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

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