Analysis

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

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.

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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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