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Market News XRP Eyes Sub-$0.35 on US Banking Woes, USDC, and SEC v Ripple Silence

XRP Eyes Sub-$0.35 on US Banking Woes, USDC, and SEC v Ripple Silence

On Saturday, XRP defied a positive market pattern. However, as buyers wait for the outcome of the SEC v. Ripple lawsuit, more losses might be in store.

Florala Chen

2023-03-15

11267

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Saturday saw a 1.24% decrease in XRP. XRP fell by 0.02% on Friday and finished the day at $0.36655. Notably, XRP avoided falling below $0.36 while extending its loss run to three days.

XRP experienced a positive start to the day, climbing to an early high of $0.37718 before going backward. Ahead of the First Significant Resistance Line (R1) at $0.3781, XRP declined to a low of $0.36092 in the early afternoon. XRP went back to the $0.367 mark, but after finding support at the First Significant Support Line (S1) at $0.3608, it eased back.

Quiet in SEC v. Ripple Puts Silicon Valley Bank and USD Cryptocurrency in the Spotlight

On Saturday, there was no activity. Investors weren't diverted from the new US financial problem and the USD Currency (USDC) de-peg by SEC v. Ripple case developments.

Investor expectations of a Ripple win in the continuing legal dispute between Ripple and the SEC had led to an optimistic first half of the week for XRP. Recent court decisions favored the Accused, and the Hinman Papers caused the SEC additional trouble.

Due to problems in the US financial sector and possible spillover effects to the cryptocurrency market, investors probably decided to secure in profits from the previous week while they awaited decisions regarding the Hinman Papers and Summary Judgment Reply Briefs.

Investor mood is still being put to the test by updates on SVB Financial Group (SIVB), and another crypto-negative development is the Dollar de-peg.

Price support was not offered by reports that Reaper Finance had converted its Dollar Currency assets into XRP. To guarantee security, it was important to choose XRP over other digital currencies when converting, though.

Investors' attention is still focused on the USD Coin de-peg and the Day Ahead Silicon Valley Bank advance of the Monday session. Considerations include contagion risks, the effect of a subsequent stablecoin decline on investor trust, and governmental monitoring.

Investors should nevertheless keep an eye on Binance and FTX news, legislative action and chitchat, and SEC v. Ripple case developments.

XRP Market Movement

The price of XRP was up 0.14% to $0.36705 at the time of writing. Early on in the day, XRP rose to a high of $0.36800 before dropping to a low of $0.36534, marking an uneven start to the day.