Xrp Is Under Pressure Amidst Rally In Crypto Market

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Xrp Is Under Pressure Amidst Rally In Crypto Market

XRP Is Under Pressure Amidst Rally In Crypto Market

In the last few weeks trading sessions, XRP declined by 0.13% and closed the day at the price of $0.3798. Overall, it was a mixed day for the XRP as it initially tried to make a high around the $0.380 level only to reverse its course. The first resistance level of XRP was around $0.3850, which pushed the coin down to $0.3724 (low).

By the end of the day, XRP finally broke its support and closed the day at the price of $0.3798.

Some of the things which provided support to XRP include the data from wholesale inflation, consumer inflation, and others. According to the data, the consumer sentiment index saw an increase from 51.5 value to around 55.1 during the month of August. Another important factor, called Michigan Inflation Expectations, went lower from 5.2% to only 5.0.

SEC vs. Ripple

Some of the factors, such as market expectations and economic indicators from the USA, were pretty much positive for the XRP. However, the SEC vs. Ripple case is causing pressure on the XRP.

Ahead of the court decision, uncertainty still remains, which is not doing anything good for the Ripple (XRP).

Although the crypto market remained overall bullish, XRP showed more of a muted response which is mainly due to the ongoing case. Otherwise, the economic indicators from the USA were positive for the crypto market.

Last month, the concerned court rejected the SEC claim that documents related to William Hinman's speech are a part of the attorney-client privilege.

In total, the SEC filed a total of 6 motions in an attempt to protect its documents of Hinman. If we get a definite court decision related to these documents, some big movement may be seen in the XRP.

This also tells us an interesting thing about the markets... A lot of people say that only the technical readings are more than enough. If we look at the case of XRP, it is the actual case that will decide the next trend in this token!

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