XRP Bears Eye Sub-$0.35 on SEC v Ripple Silence and Bank Woes
Wednesday was a negative day, and XRP was in danger of suffering more loses. Banking industry news is in the spotlight due to a dearth of developments in the SEC v. Ripple lawsuit.

Wednesday saw a 3.59% decline in XRP. XRP lost the 0.08% advance it had on Tuesday and finished the day at $0.36038. XRP returned to values below $0.36 for the third time in four days, which is significant.
XRP increased to a morning high of $0.37738 after a bumpy start to the day. As a result of failing to surpass the First Significant Resistance Line (R1) at $0.3856, XRP fell to a low point of $0.35712 in the late afternoon. At $0.3644, the First Significant Support Line (S1) was breached by XRP, which ended the day at $0.36038.
SEC v. Ripple Radio Quiet Keeps XRP in Conventional Finance's Control
On Wednesday, there were no new developments in the SEC v. Ripple lawsuit that could have influenced the price of XRP. Due to a dearth of court decisions, the financial industry and the US economic schedule now control the value of XRP.
Contagion worries returned to the forefront on Wednesday as a result of the failure of Silicon Valley Bank (SIVB) and Signature Bank (SBNY). Investor reaction to the bank's biggest stockholder saying it would not provide further financial support caused Credit Suisse Group AG (CSGN) to fall by 24.24%.
XRP and the larger crypto market struggled throughout the session, sending the European stock market into a deep red. The Swiss National Bank allayed concerns about a second bank failure in the late afternoon, which provided sporadic price support.
Despite being in favor of a 25-basis point Fed interest rate increase, US economic data did not cause the scale to shift. Retail sales data for February increased concerns about an economic slowdown brought on by the Fed while wholesale price pressures subsided.
The primary influencer will continue to be the Day Ahead Reports from the current SEC v. Ripple lawsuit. Investors are anticipating decisions regarding, among other things, the Hinman Papers and the Summary Judgment Supplemental Briefs.
Investors should still keep an eye on the cryptocurrency news channels, focusing on Binance and FTX news, government action, and legislator talk.
The figures of the Philadelphia Fed Factory Index and initial unemployment claims are two important US economic factors that should be taken into account. Fears of a US harsh impact could reemerge as wagers on a 25-basis point Fed interest rate increase gain traction.
XRP Price Movement
At the time of writing, the price of XRP was $0.35883, down 0.43%. XRP had a fluctuating start to the day, rising to an early high of $0.36157 and then dropping to a low of $0.35883.
Technological Significance
To reach the First Significant Resistance Level (R1) at $0.3728 and the Wednesday high of $0.37738, XRP must break through the hinge point at $0.3650. A recovery to $0.37 would denote a period that was optimistic. A breakthrough would need to be supported by the larger cryptocurrency market and the SEC v. Ripple rumor, though.
XRP would probably challenge the Second Significant Resistance Line (R2) at $0.3852 in the event of a prolonged rise. At $0.4055, there is the Third Significant Resistance Level (R3).
If the center is not crossed, the First Significant Support Line (S1) at $0.3525 remains in action. But unless there is a significant global crypto sell-off, XRP should stay above $0.35 and below the Second Significant Support Line (S2) at $0.3447. At $0.3244, the Third Significant Support Section (S3) is located.
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