- The altcoin’s price is continually influenced by the SEC vs. Ripple Labs case.
- XRP is currently trading hands at $0.5079 after a 0.47% price increase.
Yesterday was not the best day for the altcoin Ripple (XRP), and it still remains to be seen if the crypto will suffer the same fate today. On Wednesday, the price of XRP fell by 0.08% and closed the day’s trading at $0.50495.
Most people believe this was mostly due to the most recent developments in the ongoing SEC versus Ripple Labs court case. The SEC recently submitted a letter of Supermental Authority, supporting its Motion for Summary Judgement, citing the SEC vs. Commonwealth Equity Servs., LLC case, which ended up favoring the SEC.
Adding fuel to the bearish mood was the US economic indicators, with the CPI Report and FOMC meeting minutes announcing a core annual inflation rate pickup of 5.6%. Both of these factors contributed to the XRP price falling below $0.50 yesterday.
Data from CoinMarketCap indicates that XRP is currently trading hands at $0.5079 after a 0.47% price increase over the last 24 hours. The altcoin was able to move 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.
On the other hand, XRP’s EMAs are sending traders some mixed messages. XRP’s 50-day EMA is narrowing in on the 100-day EMA, while the 100-day EMA widened away from the 200-day EMA.
Despite these mixed signals, traders should keep an eye on social platforms for any new developments with regard to the SEC case. Judge Torres has yet to rule on several filings and motions which could turn the tide for XRP at any moment.
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