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Market News XRP and $0.55 in the Hands of US Stats and SEC v Ripple Chatter

XRP and $0.55 in the Hands of US Stats and SEC v Ripple Chatter

Last week, XRP defied the general market trend and has had a positive start to this week. The main motivator continues to be perceptions of the SEC v. Ripple case.

TOP1Markets Analyst

2023-06-05

10422

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XRP saw a gain of 3.06% on Sunday. After falling 1.19% on Saturday, XRP gained 10.82% to $0.53481 by the conclusion of the week. Significantly, XRP made its first trip back to the $0.54 handle since April 14 when it did so.

XRP experienced a mixed day's start, dropping to an early morning low of $0.51558. XRP surged to a late-session high of $0.54647 while avoiding the First Major Support Level (S1) at $0.5113. Before easing back to conclude the day at $0.53481, XRP temporarily broke over the Second Major Resistance Level (R2) at $0.5407 and the First Major Resistance Level (R1) at $0.5298.

Ripple IPO talk and expectations of a win brought in support

The Sunday session was unassuming. There was no relevant news regarding the SEC v. Ripple case to offer guidance. XRP was in the hands of the cryptocurrency news wires due to the lack of updates.

However, talk about the Ripple IPO fueled the positive session. Late last week, talk of an IPO started, and it persisted into the weekend. Linda P. Jones, a wealth advisor and author, stated this in regards to an IPO: "I've thought about it and came to the conclusion that it makes sense to launch an IPO when XRP is low-priced. The sooner after the litigation is ended, the better, as when XRP is worth more, it will make the market cap too high.

The belief that a Ripple IPO would be good for XRP and give the company more backing in the ongoing SEC v. Ripple litigation. On June 13, the infamous documents relating to the William Hinman speech will be made available to the public. According to the broad consensus, the documents' contents will harm the reputation of the SEC and SEC Chair Gary Gensler.

The SEC's dogma of regulation by enforcement and the US Administration's anti-crypto rhetoric may come to an end as lawmakers fight for regulatory change.