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Market News XRP Risks Sub-$0.49 with no End to the SEC v Ripple Case in Sight

XRP Risks Sub-$0.49 with no End to the SEC v Ripple Case in Sight

On Saturday, the crypto market as a whole and XRP both saw losses. Investors' euphoria on the SEC v. Ripple case was overshadowed by the Fed's potential for action.

Skylar Shaw

2023-04-10

8694

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Saturday saw a 1.50% decline in XRP. XRP finished the day at $0.50537, somewhat erasing a gain of 1.98% on Thursday. XRP avoided sub-$0.50 for the first time in six sessions despite the negative day.

XRP saw a downward trend the whole day, dropping from a high of $0.51294 at the start to a low of $0.50300 in the late afternoon. However, XRP returned to the $0.5070 handle before easing down, avoiding the First Major Support Level (S1) at $0.5018.

Ripple Chatter v. SEC Investors in XRP should remain uninvolved

There were no new developments in the SEC v. Ripple lawsuit, so it was another calm day. XRP is now in the hands of the larger crypto market due to the lack of updates.

Following up on Friday's US Jobs Report, investors increased their wagers that a 25-basis point Fed rate rise would have a negative impact.

Interest was generated by the SEC v. Ripple discussion, in which pro-crypto attorney Bill Morgan expressed his opinions. "It was surprising to me that the SEC's own expert conceded that since mod-2018 that bitcoin and ethereum price movement can explain as much as 90% of XRP's price movement," Bill Morgan wrote on Friday.

Morgan was responding to the following claim: "Here, the SEC's own expert finds that, starting in mid-2018, returns on bitcoin and ether may account for as much as roughly 90% of returns on XRP. The SEC merely refutes that the decisions say what they do in establishing this legal norm and makes no significant response.

John Deaton, an Amicus Curiae defense lawyer, was also active on Twitter when Morgan expressed his opinions. He said, "When people speak about the detrimental effect of the SEC's litigation against Ripple and XRP, here's an example. Numerous merchants, like Tapjets, accept XRP. However, several large corporations will not work on it because of the litigation.

Deaton made gloomy remarks about how the pending litigation will affect rising XRP use.

The Day Ahead Investors should monitor Twitter conversation and cryptocurrency news wires. The SEC v. Ripple case rumor will point the way. The SEC v. Ripple quiet, however, will keep regulatory activities in the public eye. Commentary from Binance and Coinbase (COIN) will also influence the dial.