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Market News XRP and a Breakout from $0.50 in the Hands of the SEC v Ripple Case

XRP and a Breakout from $0.50 in the Hands of the SEC v Ripple Case

This morning, XRP was actively trading. Investor confidence in the SEC v. Ripple lawsuit has to go up after a down week in order to prevent another reversal.

TOP1Markets Analyst

2023-05-08

10783

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Sunday saw a 2.15% decline in XRP. After falling 1.83% on Saturday, XRP fell 4.75% to $0.44925 at the conclusion of the week. A noteworthy event was that XRP finished the session below $0.45 for the first time since March 26.

Despite a rough day's start, XRP rose to a morning high of $0.46067. XRP declined to a low of $0.44684 in the last hour after failing to pass through the First Major Resistance Level (R1) at $0.4684. In order to finish the session at $0.4925, XRP breached the First Major Support Level (S1) at $0.4509.

Ripple Silence v. SEC On the back foot with XRP Again

On Sunday, there were no developments in the SEC v. Ripple lawsuit. Investors were wary due to the paucity of information. As investors become more concerned about the result of the SEC v. Ripple lawsuit, XRP may come under greater selling pressure after last week's significant decline.

The XRP cryptocurrency has declined from its March 29 high of $0.58479. This is due to waning optimism.

Investors may have been alarmed by what Ripple CEO Brad Garlinghouse said on Saturday.

"It was great to meet so many XRP community members at XRP Las Vegas 2023 - the camaraderie is incredible (and an awesome sensation in person vs. Twitter!). Team Ripple has received unwavering support from our community as we have spoken up for what is right. I can't convey my appreciation enough.

It is unknown whether the Ripple CEO was informed that a decision was about to be made. No cryptocurrency-related event occurred to provide the week's sixth gloomy session.

The Coming Day

This week may be crucial for Ripple and the larger cryptocurrency market. The SEC v. Ripple case's court decisions are awaited by the XRP community in anticipation of a significant change in the US regulatory environment.

However, a dearth of SEC v. Ripple lawsuit updates will probably keep buyers' appetites in check.

News about Binance and Coinbase (COIN) and the SEC will also have an impact, with XRP demonstrating heightened sensitivity to legislative and regulatory activities.

There are no US economic statistics to affect this afternoon. Fed buzz will provide as guidance in the absence of statistics.