XRP Targets Below $0.34 As Investors Nervous Over SEC v Ripple Case

There have been no updates from the ongoing SEC v Ripple case to impress, leaving investors in a wary mood.

The bearish sentiment is weighing on XRP

The lack of updates from the SEC v Ripple case has left XRP in the hands of the broader crypto market. Fed concerns, recession and Covid-19 news updates from China weighed on investor sentiment throughout Wednesday’s session.

XRP holders surged to gains from the start of the week, which led to a return below $0.35. Uncertainty over the outcome of the SEC v Ripple case is another headwind for XRP.

XRP’s volatility reflects the constant mood swings, leaving a return below $0.30 in play.

In the near term, investors are waiting for two court decisions that could determine the outcome of the SEC v Ripple case. The decision on the SEC’s application to protect documents related to William Hinman’s letter and the court’s decision on the summary judgment are key.

A victory for Ripple would have major ramifications for the SEC and could thaw the extended cryptocurrency winter.

As a matter of background, former SEC Director of Corporate Finance William Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities. The controversial issue in the letter concerns Hinman’s relationship with Simpson Thacher, who is part of a group promoting Enterprise Ethereum. After leaving the SEC, Hinman returned to Simpson Thacher.

Today, investors should continue to monitor updates from the SEC v Ripple case. However, the lack of updates would leave the broader crypto market and the Nasdaq index affected.

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