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Market News XRP Eyes $0.41 on Easing Regulatory Risk and SEC v Ripple Optimism

XRP Eyes $0.41 on Easing Regulatory Risk and SEC v Ripple Optimism

After a decline on Thursday, XRP recovered support this morning. But, given the most recent US statistics and SEC activities, investors will continue to be cautious.

Jimmy Khan

2023-02-17

8470

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Thursday saw a 4.20% decline in XRP. XRP finished the day at $0.38434, somewhat erasing a Wednesday gain of 4.95%. For the first time since February 11 XRP avoided sub-$0.38 levels despite the gloomy day.

XRP rose to a day high of $0.40447 in the early morning after a strong start to the day. XRP dropped to levels below $0.40 after failing to reach the First Major Resistance Level (R1) at $0.4101. XRP fell to a low of $0.38434 in the last hour of the day following a strong afternoon session start. Late support was provided by the First Significant Support Level (S1) at $0.3845.

Ripple Silence v. SEC Leaving XRP in the Fed's Hands

On Thursday, there were no new developments in the ongoing SEC v. Ripple lawsuit to divert investors. XRP was left in the hands of US economic statistics and the larger crypto market due to the absence of updates.

Persistent inflation continues to worry the Fed and the markets. Wholesale inflationary pressures subsided, but not enough for the Fed to let off on the accelerator. The NASDAQ Composite Index and the larger crypto market both fell as hawkish Fed talk exacerbated the pessimistic sentiment.

Investors are still confident that the SEC v. Ripple lawsuit will be resolved favorably despite the decline on Thursday. The SEC would probably suffer significant repercussions from a Ripple win. Gensler and the team are hopeful that the SEC will be given the authority to oversee the digital asset market by US legislators. A win for Ripple would alter the story.