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Market News XRP Needs Return to $0.50 to Give SEC v Ripple Optimists Voice

XRP Needs Return to $0.50 to Give SEC v Ripple Optimists Voice

The week began with mixed results for XRP. Despite the SEC v. Ripple case's uncertainties, the bull will go for $0.50 following a positive weekend.

TOP1Markets Analyst

2023-06-19

9763

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Sunday saw a 1.45% increase in XRP. After rising by 0.91% on Saturday, XRP fell by 6.56% to $0.48678 by the conclusion of the week. XRP missed the $0.50 handle for the fourth straight session despite the bullish session.

XRP saw a gloomy first hour, dropping to $0.47448. The price of XRP increased to a high of $0.49750 in the early evening while avoiding the First Major Support Level (S1) at $0.4710. Before easing back to conclude the day at $0.48678, XRP broke through the First Major Resistance Level (R1) at $0.4875 and the Second Major Resistance Level (R2) at $0.4952.

SEC v. Ripple Chatter Provides Critical Support

Sunday was a peaceful day. There were no new developments in the ongoing SEC v. Ripple case that could be used as guidance. By the end of the week, case-related gossip had captured attention due to the absence of Court updates.

Asked about the SEC v. Ripple case over the weekend, BitGo CEO Mike Belshe said, "My desire for Ripple to win is not for a love of XRP, but to enable regulatory change would have accommodated innovation like Bitcoin."

The conclusion of the SEC v. Ripple case remains uncertain, despite the continued support for Ripple from the cryptocurrency community for the sake of the larger market.

In response to queries from the public on the SEC v. Ripple case and the likelihood of a settlement, the former director of the SEC's San Francisco regional office Marc Fagel stated, "A settlement wouldn't be legal precedent. However, it appears that a settlement would have already been reached if one were possible (although settlements on the eve of a trial are not rare). A major issue is probably how an injunction may affect XRP sales in the future.

In his prior comments on the court's decision-making process, Fagel said, "I try to avoid speculating, but my estimate is a verdict is coming within days. Even if I'm mistaken, there is no reason to believe that the delay is due to something other than the difficulty of the issue. I don't get the 'more confusion' argument; ripple is really different.

With chances of a settlement having vanished following the disclosure of the documents relating to the William Hinman speech, the heightened talk will test investor mood.