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Market News XRP Needs SEC v Ripple Optimism to Target $0.5350

XRP Needs SEC v Ripple Optimism to Target $0.5350

It is a quiet day ahead for XRP. A lack of SEC v Ripple Court rulings and filings would leave regulatory and US lawmaker chatter to influence.

TOP1Markets Analyst

2023-06-09

10632

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Thursday saw a 1.12% increase in XRP. XRP finished the day at $0.51413, partially reversing a loss of 2.18% on Wednesday. Significantly, for the first time in four sessions, XRP avoided trading below $0.51.

XRP experienced a rough day's start, dropping to an early low of $0.51612. In order to avoid the First Major Support Level (S1) around $0.5046, XRP increased to a high of $0.52770 in the early evening. But XRP slipped back to close the day at $0.52413, missing the First Major Resistance Level (R1) at $0.5349.

The SEC, Binance, and US Economic Indicators All Influenced

There were no SEC v. Ripple Court decisions or filings for investors to examine on Thursday. US economic statistics and the cryptocurrency news wires were left to provide guidance in the absence of case-related news.

A greater-than-expected increase in US unemployment claims reduced wagers on the Fed raising interest rates in June, which benefited XRP and the larger crypto market.

Bullish news included reports that Binance had modified its answer to the SEC filings. At first, Binance intended to stop OTC Trading and delist about 100 trading pairs. The platform, on the other hand, said on Thursday that it will delist ten pairs and halt OTC trading.

After the complaints against Binance and Coinbase, SEC Chair Gary Gensler also made headlines in the cryptocurrency press. The SEC Chair called cryptocurrency participants "hucksters, fraudsters, and scam artists" in a sweeping statement.

Gensler talked before the June 13 release of the materials associated with the William Hinman speech in their original form. Notably, the information contained in the speech-related records can come under US legislators' attention. Given that the fallout from FTX's collapse has not yet subsided, it might be a challenging period for the SEC Chair.