XRP’s Price Continues to be Affected by SEC Case and Crypto Movement
TEL AVIV, Israel – XRP’s movement continues to be affected by two main factors: the overall performance of the crypto market and the case between them and the Securities and Exchange Commission. May 13th marks the first day of the newly drafted dates for the proceedings. Ripple is to send a brief reply to the SEC’s request that William Hinman’s emails and documents be kept confidential under the “attorney-client” privilege, which Judge Sarah Netburn granted. On the other hand, the SEC will reply on May 18th to whatever the Ripple team says on the 13th.
To give you a little background on the recent development of the SEC vs. XRP case, William Hinman becomes an important figure in how the case will turn out. One of the documents includes his 2018 speech, wherein he mentioned that Ethereum and Bitcoin are not securities, which contradicts the SEC’s complaint against Ripple in December 2020.
Going over to its price action, you may see a bearish trend as it goes lower than the 50-day moving average, at $0.50. The altcoin’s price went down by 7.4% on Thursday, which followed its 19.10% fall on Wednesday. At the end of Thursday, Ripple’s price ended at $0.38.
It quickly bounced back again, though, as Friday morning showed a gain of 14.29% at $0.43. There was also a bullish run early in the morning as it peaked at $0.46 before laying low. With this move, it was able to break the first resistance level at $0.42. The second resistance level sits at $0.47, which Ripple would possibly break if it can avoid the $0.38 pivotal level. Moreover, it needs more support from the entire market to surpass its Friday morning high of $0.46. On the other hand, its price might decrease if it falls under the first support level at $0.33. Ultimately, if XRP can break above the 50-day moving average, it could rally to the $0.55 level.