Find out the latest trends in the cryptocurrency market.
XRP retreated on Saturday after rising 1.61% on Friday.
The altcoin fell below 0 to 0.5250 amid profit taking by investors.
#Ripple unveiled plans for "positive expansion" in the Middle East.
On Saturday, September 19, #XRP retreated after rising slightly the day before. According to TradingView, a 0.46% decline against the altcoin partially amplified Friday's gains to 0.52932 before closing the session at 0.52358.
Saturday's decline came amid optimistic comments from Ripple CEO Brad Garlinghouse. He said he was pleased with the company's performance in the previous quarter. Despite Garlinghouse's comments, XRP fell, indicating a broader investor view on Ripple and the events surrounding XRP.
Since XRP fell into the mid-40s, #altcoins have regularly fluctuated around the 0.5250 mark and have regularly moved above and below that level. Most of XRP's price movements around the swing point have been influenced by events related to the ongoing litigation between the U. S. Securities and Exchange Commission (SEC).
On Saturday, XRP fell below the significant level of 0.5250 as the final stage of Ripple's lawsuit against the SEC came to a close. Sentiment surrounding the lawsuit is attracting the attention of investors looking to lock in profits ahead of Monday, when the parties were expected to file objections. This could be an important date for the current case as it nears its final stages and could be appealed.
The growing number of users and potential growth in the Middle East are also playing a role in the price performance of XRP. Reece Merrick, Ripple's managing director for the Middle East and Africa, recently announced plans to expand its services in the region. Merrick cited the clear and friendly regulatory environment in the Middle East as motivation for his plan.
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