The altcoin Ripple (XRP) experienced a less-than-favorable day yesterday, leaving uncertainty as to whether it will continue to face challenges today. Wednesday saw a 0.08% decrease in XRP’s value, ultimately closing at $0.50495 by the end of the trading day.
The prevailing belief among the masses is that the latest updates in the SEC versus Ripple Labs legal battle have played a significant role in the current state of affairs. The SEC’s recent submission of a letter of Supermental Authority, bolstering its Motion for Summary Judgement, has cited the SEC vs. Commonwealth Equity Servs., LLC case, ultimately favoring the SEC. This development has been viewed as a crucial factor in the ongoing proceedings.
The bearish sentiment was further exacerbated by the release of US economic indicators, including the CPI Report and FOMC meeting minutes, which revealed a core annual inflation rate increase of 5.6%. These developments played a significant role in the decline of XRP’s value, which dipped below the $0.50 mark yesterday.
According to CoinMarketCap, XRP is presently exchanging at $0.5079, following a 0.47% surge in value over the past 24 hours. The altcoin successfully surpassed the pivot point at $0.5070 and is now targeting the First Major Resistance at $0.5159. Should the rally continue, XRP may soon aim for the Second Major Resistance Level at $0.5268.
However, the EMAs of XRP are conveying some conflicting signals to traders. The 50-day EMA of XRP is gradually approaching the 100-day EMA, whereas the 100-day EMA is diverging from the 200-day EMA.
Although the signals are ambiguous, traders must remain vigilant on social media platforms for any updates regarding the SEC case. Judge Torres has yet to decide on various filings and motions that could sway the outcome in favor of XRP at any given time. It’s crucial to stay informed and prepared for any sudden shifts in the market.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
