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Market News XRP Finds Relief on Binance News to Bring $0.40 into View

XRP Finds Relief on Binance News to Bring $0.40 into View

The market's response to the Binance recovery fund's debut and perception of the SEC v. Ripple lawsuit provides XRP price support.

Skylar Shaw

2022-11-15

362

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Monday saw an increase in XRP of 10.76%. XRP finished the day at $0.37691, reversing a loss of 6.07% from the previous day. Notably, XRP avoided the red for the second time in 10 sessions and finished the day below $0.40 for the sixth straight session.

XRP fell to an early low of $0.3210 due to a bearish start to the day. At $0.3259, XRP breached the First Major Support Level (S1). The market's response to the news that Binance had started a recovery fund, however, caused XRP to reach a late high of $0.37899. At $0.3616, the First Major Resistance Level (R1) was reached by XRP, which it overcame to end the day at $0.37691.

FTX was still the dominant topic heading into the Monday session. The market was still gripped by contagion anxiety, which caused XRP to drop below $0.33 for the first time in five sessions. The Binance news, however, encouraged an XRP and broader-based cryptocurrency rebound.

Investors anticipate that the recovery fund will lessen the market's overall impact of the FTX crash. Updates from the SEC v. Ripple case continued to strengthen the price of XRP.

The court grants requests to file amicus briefs by November 18

On Monday, a court decision disfavored the SEC. Judge Torres allowed requests for the Association, six XRP holders, Coinbase, the CCI, Valhil, Cryptillian, Veri DAO, Reaper Financial, InvestReady, NSEI, and Paradigm to submit formal briefs by November 18 in their court cases.

The SEC had moved for a November 11 deadline for all Amicus Brief submissions prior to the Court's ruling. The most recent Court decision implies that the Amicus Briefs might have an impact on the Court.

The rally on Monday was sparked by the news of the Binance recovery fund, but the court's ruling on Monday confirmed those who had predicted Ripple would prevail in its legal battle with the SEC.