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XRP’s Price Relies on Crypto Market Support and the SEC’s Reply

Gaurav Roy by Gaurav Roy
May 19, 2022
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TEL AVIV, Israel – XRP and the Securities and Exchange Commission continue the proceedings of the case filed by the SEC against the former. In recent developments, William Hinman remains an important subject in the turnout of events. On May 13th, the Ripple defence team gave their reply to the SEC’s request for William Hinman’s documents to be protected under the attorney-client privilege. In summary, the Ripple Labs team believes that the court should not protect the documents from 2018 under the said privilege, and if ever that was the case, then only Hinman himself can request for it, not the SEC.

The SEC is set to send its reply on May 18th. Meanwhile, Ripple’s price rallied up after this defence. Over the weekend, it gained 5.07%, with its price reaching $0.44. The weekend looked good for the altcoin; however, it lost momentum during the weekday as it flopped down to $0.41 before finally reaching the nearest support at $0.40. It lost 7.22% right after it appeared to have bullish moves.

XRP’s Price Relies on Crypto Market Support and the SEC’s Reply
Several charts are printed on a white paper, and a person pointing at one

Based on the charts, several technical indicators would tell you that the XRP needs to surpass a certain level to gain equilibrium. It needs to go over the first support level at $0.42 and the pivotal point of $0.43 to target the first resistance level at $0.45. Ripple needs to have broader market support from the industry to achieve it.

If everything goes well and the coin reaches the first resistance level, the second level would be $0.47, and the third would be $0.50. If otherwise happens, Ripple needs to avoid the sub-$0.40 levels, with the third support level sitting at $0.36.

XRP’s Price Relies on Crypto Market Support and the SEC’s Reply
A person scrolling through a phone showing the chart of a certain market asset

Ultimately, XRP needs to go above the 50-day Exponential Moving Average to rally to $0.50. While the support from the crypto market is crucial, this price will also be affected by how the May 18th submission will turn out for both Ripple and the SEC.

gaurav roy xrp news | XRP & Ripple News
Gaurav Roy
Tags: Ripple newsripple news todayXRP bull trendxrp newsxrp news today
Gaurav Roy

Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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