XRP Faces a Sixth Consecutive Daily Loss as SEC v Ripple Angst Grips

Wednesday saw a 0.32% decrease in XRP. Tuesday saw XRP lose 0.01% and finish the day at $0.46322. Significantly, XRP's losing streak now stands at five sessions.

XRP saw a bearish morning and dropped to a low of $0.45047 around lunchtime. At $0.4596 and $0.4545, respectively, the First Major Support Level (S1) and Second Major Support Level (S2) were breached by XRP. XRP, on the other hand, climbed to a late session high of $0.46552 after finding midday support. The First Major Resistance Level (R1) at $0.4681 was not reached, as XRP slipped back to close the day at $0.46322.

Silence in SEC v. Ripple Leaves XRP in the Dark

On Wednesday, there was no activity. There were no changes to the SEC v. Ripple case of interest. Investors are anticipating Judge Torres' decisions on the Summary Judgment Reply Briefs, which are expected to have an impact on whether or not a settlement will be pursued.

With court verdicts perhaps coming at any time, investor apprehension has dragged on XRP, which extended its losing skid to five sessions.

When asked regarding the timeliness of the Court's rulings, Amicus Curiae lawyer John Deaton said, "Show me where I said I promise anything. I remarked that you would have 60 days, or May 6, if you averaged Judge Torres' earlier summary judgment judgments after her Daubert opinions. If a decision is not made by then, I stated I would be surprised but not astonished.

Deaton reacted to a tweet by noting that his forecast won't come true in three days.

While the SEC v. Ripple conversation continues to dominate, the afternoon was affected by US economic data and the Federal Reserve. Indicators of the US economy came in hotter than anticipated before the Fed.

Compared to the 148k prediction, the ADP recorded a 296k rise in nonfarm jobs in April. In March, employment increased by 142k. The crucial ISM Non-Manufacturing PMI in April allayed initial concerns of a US recession. In April, the ISM Non-Manufacturing PMI increased from 51.2 to 51.9 compared to a predicted 51.8.

The Fed announced a less aggressive interest rate decision overnight. After the tenth straight increase in interest rates, members expressed a willingness to consider pressing the pause button.

It was too early to declare the tightening cycle of monetary policy to be over, Fed Chair Powell said at the post-statement news conference. The more pessimistic tone was probably influenced by US economic statistics.

The likelihood of a 25-basis point interest rate increase in June increased from 0% to 17.7% on Wednesday, according to the CME FedWatch Tool.

The Day Ahead Investors should follow discussion around the SEC v. Ripple lawsuit and watch for court decisions. On the other hand, a dearth of updates would allow SEC action and news about Binance and Coinbase (COIN) to influence the market.

This afternoon's corporate results and US economic data will have an impact on XRP and the whole crypto market.

The emphasis will be on US unemployment claims, unit labor costs, and nonfarm production. Weak labor market data would increase wagers on the Fed's cycle of tightening monetary policy.

News on the US Government's debt limit, the financial industry, and US business results will also affect the dial. The US earnings schedule include well-known companies including Apple (AAPL), ConocoPhillips (COP), Shopify Inc. (SHOP), and Moderna (MRNA).