- On Sunday, XRP slid by 4.13% to record the fifth loss of the week.
- Bearish sentiment from the broader crypto market weighed, with the NASDAQ 100 adding downside pressure in the final hour.
- The technical indicators remain bearish. With XRP sitting below the 50-day EMA, an XRP return to sub-$0.30 remains in play.
On Sunday, XRP slid by 4.13%. Following a 0.61% loss on Saturday, XRP ended the week down by 6.74% to $0.32181.
Range-bound through most of the Sunday session, XRP rose to a late afternoon high of $0.33719. Falling short of the First Major Resistance Level (R1) at $0.3445, XRP eased back to sub-$0.335 before a final hour sell-off.
In the final hour, XRP slid through the First Major Support Level (S1) at $0.3272 to a low of $0.32181.
The ongoing SEC v Ripple case failed to provide direction, with the Courts yet to deliver a decision on the SEC objection. The lack of updates left XRP in the hands of the broader crypto market and the NASDAQ 100 Mini, which sent XRP to the final hour low.
This morning, the NASDAQ 100 Mini was down 180 points.
XRP Joins Broader Market in the Red as the SEC v Ripple Case Drags On
Fed Chair Powell’s speech on Friday continued to weigh on investor appetite through the weekend. After sliding by 3.21% on Friday, a lack of cues from the US markets left XRP with a modest 0.61% loss on Saturday. However, selling pressure intensified in the final hour of the Sunday session, with the NASDAQ 100 Mini suggesting that the Powell-fueled sell-off has yet to run its course.
This week, investors will look for updates from the SEC v Ripple case, which could heighten XRP volatility. In particular, investors await a Court decision on the SEC objection vis-à-vis the Court denying the SEC motion to shield the Hinman speech-related documents under the attorney-client privilege remains the key driver.
The SEC filed the objection over a month ago, meaning a decision could come at any time.
The former SEC Director of the Division of Corporation Finance, William Hinman, is a central figure in the SEC v Ripple case. In a famous 2018 speech, Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities.
Last month, XRP was unresponsive to the Court denying the SEC motion to shield the Hinman docs under the attorney-client privilege. However, a decision that the SEC cannot contest will likely have a material XRP price impact.
XRP Price Action
At the time of writing, XRP was up 0.48% to $0.32335.
XRPUSD 290822 Daily Chart