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XRP Bears Eye Sub-$0.45 on Hawkish Fed Bets and SEC v Ripple News
The focus of today's trading activity for XRP and the whole market is on ETF news and US economic statistics. However, the SEC v. Ripple silence still carries downside risks.
Thursday saw a gain of 2.13% for XRP. XRP finished the day at $0.4748, partially correcting a 3.91% decline from Wednesday. XRP missed the $0.48 handle for the first time since May despite the positive session.
XRP experienced a negative start to the day, dropping to a low of $0.47480 in the first hour before turning around. As XRP increased, it avoided the First Major Support Level (S1) around $0.4484 and reached a high point in the late session of $0.4775. However, XRP slipped back to conclude the day at $0.47480 after failing to pass the First Major Resistance Level (R1) at $0.4829.
Much-Needed Support Was Delivered by Fidelity ETF Filing
There were no court decisions in the continuing SEC v. Ripple lawsuit on Thursday, so it was another calm session. Investors in XRP are remaining on a cautious footing as they wait for the Summary Judgment due to the lack of court decisions.
The anticipation of a pre-summer summary judgment has diminished as June draws to a close, and the delay is XRP-negative.
Despite the lack of court action, XRP ended the day in the black thanks to encouraging ETF news.
Cboe BZX Exchange resubmitted the application to obtain approval for the Wise Origin Bitcoin Trust on Thursday. The SEC previously rejected the Fidelity proposal. Following the Volatility Shares Trust 2x Bitcoin Strategy ETF's acceptance by the SEC, other requests are very expected.
A victory for Ripple and the introduction of spot crypto ETFs would be positive developments for the XRP price.
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