The value of Ripple’s altcoin, XRP, took a hit yesterday as the price fell by 0.08%, closing at $0.50495. Experts attribute this drop to the recent developments in the ongoing SEC versus Ripple Labs court case. The SEC submitted a letter of Supermental Authority, which supports its Motion for Summary Judgement, citing the SEC vs. Commonwealth Equity Servs., LLC case, which ended up favoring the SEC. The bearish mood was further fueled by the US economic indicators, with the CPI Report and FOMC meeting minutes announcing a core annual inflation rate pickup of 5.6%. These factors contributed to XRP’s price falling below $0.50 yesterday.
However, data from CoinMarketCap shows that XRP is currently trading at $0.5079 after a 0.47% price increase over the last 24 hours. The altcoin moved through the pivot at $0.5070 and now has its eye on the First Major Resistance around $0.5159. In the case of an extended rally, XRP could set its sights on the Second Major Resistance Level at $0.5268 soon.
Despite the mixed signals from XRP’s EMAs, traders should keep an eye on social platforms for any new developments regarding the SEC case. Judge Torres has yet to rule on several filings and motions which could turn the tide for XRP at any moment.
It’s worth noting that the views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
In conclusion, while XRP’s recent dip in value may be attributed to the SEC case and US economic indicators, the altcoin has shown a slight increase in value over the last 24 hours. Traders should keep an eye on social platforms and wait for Judge Torres’ ruling on the SEC case before making any major decisions.
