The asset management firm, BlackRock, is reportedly not leaning to provide support for an XRP ETF, according to information cited by a reporter for Fox Business. The consequence of this information increases in light of the ongoing SEC v. Ripple lawsuit in 2024.

The most recent development in the legal dispute indicates that Ripple filed its response to the regulator's motion to compel. This advancement consistently garners interest from the XRP holder community.

SEC Seeks More Information From Ripple

The legal counsel for Ripple has requested the defendant to disclose case-related information and particulars. Following the filing of the complaint on January 11, the SEC petitioned the court to compel Ripple to disclose financial statements and contracts about XRP institutional sales for the fiscal year 2022-2023.

Ripple argues that the SEC was granted sufficient time to request post-complaint documents throughout the fact-finding phase of the litigation. They contend that the SEC did not inquire into the payment company's post-complaint conduct during that period because it deemed it inconsequential to the litigation.

Ripple argues that a reversal of position by the SEC is unacceptable, and the conduct that occurred after the complaint was filed is irrelevant to the case. The SEC is presumably seeking evidence to determine whether Ripple continued violating securities laws after the charges were initially filed against the company. Ripple could face penalties from the presiding judge if the allegations are confirmed.

Meanwhile, Bitcoin is trading below the $40,000.00 level after the ETF approval, while altcoins follow it by forming a strong selling pressure.

XRPUSD Technical Analysis

In the daily chart of XRP price, the recent price trades bearish, within a descending channel formation. Moreover, the broader context is corrective as the upward swing in November 2023 failed to make a new swing high.

In this context, the dynamic 20-day EMA is the immediate resistance, which is above the current price with a downward slope. Moreover, the 14-day RSI remained bearish, below the 50.00 line, with a higher possibility of coming below the 30.00 oversold line.

Based on the daily outlook of XRPUSD, an immediate descending channel breakout with consolidation above the 0.6500 level could increase the price toward the 0.9000 psychological level. However, an ongoing downside pressure might see the 0.4600 support level. In that case, another bullish rejection from the 0.5037 to 0.4500 area could offer another long opportunity in this pair.

*Disclaimer: The content of this article is for learning purposes only and does not represent the official position of VSTAR, nor can it be used as investment advice.