XRP, the cryptocurrency associated with Ripple, experienced a slight decline of 0.26% to $0.6609 on Sunday, remaining in a holding pattern as investors await further developments in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). This minor dip follows a modest 0.50% increase on Saturday, reflecting the market's anticipation for the court's forthcoming decisions.
Investors are particularly focused on the expected court order regarding remedy-related discoveries, which is due within a 90-day timeline. This period of suspense comes after Ripple scored three significant legal victories, one of which was the Programmatic Sales ruling. The ruling declared that XRP is not considered a security when sold programmatically. Although this decision could be subject to an appeal by the SEC, Ripple CEO Brad Garlinghouse has expressed confidence, citing recent Supreme Court decisions that have not favored regulators.
The potential for the Programmatic Sales ruling to be upheld is seen as a positive development for XRP and could have broader implications for the cryptocurrency market as a whole. In the meantime, XRP has maintained its position above both the 50-day and 200-day Exponential Moving Averages (EMAs), signaling a bullish sentiment among traders.
Technical analysis suggests that if XRP were to surge past $0.68, it might challenge the resistance level at $0.7047. Conversely, a drop below $0.65 could see the digital currency testing support at $0.6354. As the legal proceedings continue to unfold, market participants remain watchful for any changes that could impact XRP's trajectory and the wider crypto landscape.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.