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Market News XRP Hit by FUD News of SEC v Ripple Judge Being a Deep State Member

XRP Hit by FUD News of SEC v Ripple Judge Being a Deep State Member

For XRP, which defied the positive cryptocurrency market pattern, it was a negative Sunday. FUD news probably counted, since there were no changes to the SEC v. Ripple case.

Jimmy Khan

2023-03-06

7108

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Sunday saw a 1.79% decline in XRP. After losing 1.01% on Saturday, XRP lost 2.93% of its value for the week to finish at $0.36686. Notably, XRP finished the period below $0.38 for the fourth day in a row.

XRP experienced a positive start to the day, climbing to an early high of $0.37706 before going backward. XRP dropped to a final-hour low of $0.36577 after failing to surpass the First Significant Resistance Line (R1) at $0.3795. For the first time since January 10, XRP breached the First Significant Support Line (S1) at $0.3680 to finish the day below $0.37

Investor Enthusiasm to Reach New Heights in the SEC v. Ripple Lawsuit

Another lackluster afternoon, with no new developments in the current SEC v. Ripple case to sway market opinion.

Despite the lack of any details, Fear probably played a role in the Sunday retreat. John Deaton, an advocate for the SEC as an amicus curiae, posted a story that claimed Judge Torres, who is overseeing, is a member of the deep state and will decide in the SEC's favor. Folks are interpreting this completely incorrect, John Deaton said in a post about the story. People will read that Judge Torres dropped the case against two guards who allegedly fabricated Epstein-related records and then jump to the absurd conclusion that Judge Torres is a member of the deep state and will thus decide in the SEC's favor. Definitely untrue.

"The court didn't simply reject this case, as folks are thinking," Deaton continued. After prosecutors stated in a document last week that the officers had finished deferred prosecution, she dropped it in accordance with her plea agreement.

Uncertainty continues to be a challenge for the bitcoin market. Santiment, a company that provides market information, stated on Sunday that "some eerily elevated amounts of unfavorable crypto opinion have surfaced this weekend, especially here on Twitter. One of the greatest amounts of Disinformation that Santimentfeed has ever detected is difficult to pin down.

Santiment expanded on its results, observing that even though the Bitcoin decline happened on Friday, the term "cryptocrash" has been rising on Twitter.