XRP nears $0.45 as investors watch Ripple v. SEC

Investors are closely watching the crypto market as they await the verdict in the legal dispute between Ripple and the Securities and Exchange Commission (SEC). The fate of XRP, one of the top cryptocurrencies, rests on the outcome of this case.

Since the start of 2023, XRP has been on a upward trend, but there is still a possibility that it could return to levels lower than those seen in the past. The bearish trend would be reinstated if XRP prices fall below the $0.40 support level, which could lead to a drop in price to $0.36.

However, there is a barrier that is preventing the price from continuing to rise, located at $0.42. If buyers are able to break through this resistance level, XRP could see a surge to $0.45. The relative strength index (RSI) also continues to show positive divergence with the trend line, as XRP tries to create its fourth consecutive weekly green candle.

At present, XRP is trading at $0.4072, experiencing a 6.07% drop in the last 24 hours and a further 10.17% drop in the previous seven days.

The verdict in SEC v. Ripple could determine the future of XRP, as well as the digital asset industry as a whole. If the decision favors the defendants, the SEC may be forced to negotiate a settlement or risk the disclosure of speech-related materials.

It is important to note that, according to former SEC Director William Hinman, Bitcoin (BTC) and Ethereum (ETH) are not considered securities. This has caused controversy, as Hinman’s connection to Simpson Thacher, a firm that promotes Enterprise Ethereum, has raised questions.

The outcome of this case could have a major impact on the crypto market, and investors are advised to stay informed on any updates. Other factors that could influence the market include updates to FTX and Genesis, as well as economic statistics from the United States such as inflation, personal spending, and personal income. If both consumer expenditure and inflation increase, it could negatively impact the NASDAQ Index and the crypto market.