XRP Price Declines; Sec vs. Ripple Fuels Uncertainty Among Investors

XRP’s price declined 9.61% on Friday after a 2.37% plunge from the day before. The XRP market is uncertain due to the ongoing SEC vs. Ripple case. The Fed monetary policy has also significantly impacted the crypto market. Friday’s price slump strengthened the bears, and the investors are doubtful regarding the coin’s fate. Fxempire reports that XRP started the day on a bearish note and fell through the day’s Major Support Levels; it ended at $0.33478, falling just short of the third Major Support Level (S3) at $0.3502. The investors are relevant because the monetary policy has nullified the SEC vs. Ripple case’s outcomes. 

SEC vs. Ripple outcomes are irrelevant at present

XRP investors eagerly await the Hinman ruling; the small advances in the legal battle fail to incline investors. Fxempire cited defense attorney James Filan’s tweet; he wrote, “The SEC has filed a letter requesting to seal portions of the parties’ oppositions to the Exclusive Motions that contain information identifying the SEC’s expert witnesses and the personal financial information of one of the SEC experts.”

#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed a letter requesting to seal portions of the parties’ oppositions to the Exclusion Motions that contain information identifying the SEC’s expert witnesses and the personal financial information of one of the SEC Experts. pic.twitter.com/T8zSbNUOmu

— James K. Filan 🇺🇸🇮🇪 109k (beware of imposters) (@FilanLaw) August 19, 2022

In another tweet, Filan Mentioned, “The Ripple Defendants have filed a letter proposing narrowly-tailored redactions to a limited number of exhibits to the briefs filed by parties in opposition to the motions to exclude expert testimony.” 

#XRPCommunity #SECGov v. #Ripple #XRP The Ripple Defendants have filed a letter proposing narrowly-tailored redactions to a limited number of exhibits to the briefs filed by the parties in opposition to the motions to exclude expert testimony. pic.twitter.com/cSqFU7ZF0n

— James K. Filan 🇺🇸🇮🇪 109k (beware of imposters) (@FilanLaw) August 19, 2022

XRP market scenario and technical indicators

XRP was trading at $0.3410, a 1.59% increase from the previous day’s figures. XRP success from breaking through the $0.3451 pivot will ensure a run at the First Major Resistance Level (R1) at $0.3601. An extended price rally will test Friday’s peak of $0.37038. However, data suggests that XRP cannot overcome the Second Major Resistance Level (R2) at $0.3854. The Third Major Resistance Level (R3) sits at $0.4256. The SEC vs. Ripple outcomes will play a significant role ahead.