The ongoing SEC vs. Ripple case has significantly affected XRP’s price. The investor is eagerly waiting for the Hinman ruling. A decision in Ripple’s favor will shoot the XRP prices and relieve the investors. Fxempire reports that XRP decreased 0.61% on Saturday before a 3.21% decline on Friday, the fourth downfall in eight sessions. The XRP market remains bearish, and the investors worry as the court holds back on the ruling. XRP rose to $0.34498 on Saturday before a reversal; it remained below the First Major Resistance Level (R1) at $0.3608. XRP ended the day at $0.33567 before hitting a low of $0.32766. The price remains above the First Major Support Level at $0.3238. The lack of updates from the ongoing SEC vs. Ripple case has worried investors and has increased XRP’s price pressure.
The court ruling holds the key
The former SEC Director of the Division of Corporation Finance, William Hinman, said in his 2018 speech that Bitcoin (BTC) and Ethereum (ETH) are not securities. Investors closely follow the case’s progress, and any decision will affect the market’s future. XRP price slightly tumbled due to Jereme Powell’s speech addressing the inflation rate and Fed’s policies to curb it.
XRP was trading at $0.33405 at the time of writing, a 0.48% decrease from yesterday’s figures. XRP rose to $0.33602 before sliding to $0.33281. Moving through the $0.3361 will propel XRP’s price towards the First Major Resistance Level (R1) at $0.3445. An extended price rally will the Second Major Resistance Level (R2) at $0.3534. The Third Major Resistance Level (R3) sits at $0.3707. A failure to move through the pivot will engage the First Major Support Level (S1) at $0.3272. The Second Major Support Level (S2) and the Third Major Support Level are at $0.3188 and $0.3015, respectively.