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XRP Bears Continue to Target Sub-$0.45 on SEC v Ripple Uncertainty
This morning, XRP was again in the red. After the lackluster response to the Hinman documents, uncertainty about the outcome of the SEC v. Ripple lawsuit persists.
On Thursday, XRP lost 0.01% of its value. On Wednesday, XRP fell by 7.56% and finished the day at $0.47994. For the first time since May 29, a range-bound session left XRP short of the $0.50 handle.
XRP increased to a morning high of $0.48511 thanks to a strong start to the day. XRP dropped to a low of $0.46761 in the late afternoon after failing to surpass the First Major Resistance Level (R1) at $0.5130. However, XRP recovered to conclude the day at $0.47994 after avoiding the First Major Support Level (S1) at $0.4542.
Hinman Fed Sentiment Is Overshadowed by Doc Disappointment
After the hawkish Fed pause, US economic statistics drew attention, making Thursday's session bustling.
The statistics, which showed rising retail sales and stable jobless claims, allayed concerns of a hard landing in the US. Data from the manufacturing sector showed conflicting results. But as the manufacturing industry only makes up a small fraction of the US economy, its influence on market risk perception is limited.
Investor anxiety on the documents relating to the Hinman speech held back XRP from a bullish session even as the overall cryptocurrency market found support. Judge Torres will now have to rule on pending filings since the speech-related documents failed to raise a fuss or pressure the SEC to settle.
Investors were not diverted by any new developments in the current SEC v. Ripple case.
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