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Market News XRP Bulls to Target $0.50 on SEC v Ripple Court Rulings

XRP Bulls to Target $0.50 on SEC v Ripple Court Rulings

This morning, XRP is moving. Despite Fed Fear and US regulatory risk, purchasers were attracted by expectations of a court decision in the SEC v. Ripple case.

Cory Russell

2023-04-25

12096

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Sunday saw a 1.60% decline in XRP. In part reversing a Saturday rise of 5.10%, XRP lost 10.83% of its week's value to conclude at $0.46477. For the second time since March 26, XRP closed the day below $0.47, which is significant.

After an erratic morning, XRP increased to a high of $0.47201 before going back down. XRP declined to a low point in the afternoon of $0.45349 after failing to pass through the First Major Resistance Level (R1) at $0.4833. XRP recovered to close the day at $0.46477 after finding support at the First Major Support Level (S1) at $0.4536.

Fed Fear and Regulatory Uncertainty Weigh

There were no developments in the SEC v. Ripple lawsuit over the weekend to affect investor sentiment. Investors were forced to think about the disparate crypto regulatory environments in the US and Europe since there were no statistics.

The XRP price is still negative due to a US government that is anti-crypto and supports the SEC's regulatory by enforcement stance. The worry of a more hawkish Fed heightened the negative feeling. Investors are increasingly thinking about a Fed rate rise in June and its potential effects on the US and global economy, and this is reflected in the US private sector PMIs from Friday.

While the US crypto environment continues to be unfavorable, a victory for Ripple in the SEC v. Ripple lawsuit might change lawmakers' views on cryptocurrencies on Capitol Hill in favor of the crypto sector. There is still hope for a Ripple triumph, and legal analysts anticipate this week will bring about court decisions.

The Ripple Defense team is now in a stronger position thanks to the Hinman papers and references to judge comments from previous crypto-related cases. The SEC's period of regulating by enforcement may come to an end if it is unable to keep the Hinman records secret and avoid settlement.

The Coming Day

The ongoing SEC v. Ripple lawsuit should be followed by investors on the cryptocurrency news wires for developments. News about Binance and Coinbase (COIN) will also provide guidance.

Absent any developments in the SEC v. Ripple case, US regulatory action and legislative discussion will continue to be the key topics.