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XRP Risks Sub-$0.40 on SEC v Ripple Silence and Sticky US Inflation
This morning, XRP was down. A sixth day in the red for the bulls is possible. Silence in SEC v. Ripple would put the US CPI Report in the spotlight.
On Tuesday, XRP lost 0.05% of its value. XRP lost 4.45% on Monday and finished the day at $0.42903. Significantly, XRP extended its losing run to four sessions by closing the session at less than $0.43 for the second time since March 24.
The morning was negative, as XRP dropped to a morning low of $0.42087. The price of XRP increased to a final-hour high of $0.43051 while avoiding the First Major Support Level (S1) around $0.4090. But after failing to reach the First Major Resistance Level (R1) at $0.4505, XRP lost ground and ended the day below $0.43.
Silence in SEC v. Ripple and US Inflation Fears Weighed
Tuesday's meeting was quiet once again. Updates in the SEC v. Ripple lawsuit were absent. Investors withdrew their money due to the pending SEC v. Ripple case's lack of development. The XRP Community anticipates a court decision that might change the way cryptocurrencies are regulated in the US.
However, with the possibility of a return to below $0.40 for XRP, optimism has given way to worry.
The Ripple CEO Brad Garlinghouse was back in the spotlight, but there were no developments from the Courts. When asked about Ripple and XRP on Tuesday, venture investor Jason Calacanis said, "It would have cost little for the Ripple team to have registered it as a security and played by the rules - like everyone else in the industry does all day long."
In response to the tweet, Brad Garlinghouse said, "Remind me when you learnt securities law?! Although this is humiliating for you (and hilariously incorrect given that the US has no structure for registering digital assets), we're all accustomed to you making divisive claims and trolling about subjects you have little knowledge of.
The reply highlighted how important the SEC v. Ripple case was for Ripple and the US cryptocurrency sector. Outside of the world of digital assets, Fed rhetoric fueled the session's bearishness.
Regarding monetary policy, FOMC Vice Chair John Williams said, "First of all, we haven't declared we're done increasing rates. We're going to make sure we accomplish our objectives, evaluate the state of our economy, and base our choice on that information.
Williams said that he might raise rates if necessary and did not include a rate drop in his baseline prediction.
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