đ XRP Drops Below $0.5250 Ahead Of Crucial Date in Ripple Vs SEC Case
XRP pulled back on Saturday, May 19, after recording slight gains a day before. A 0.46% decline by the embattled altcoin chopped off part of its Friday gains when the top altcoin rallied to $0.52932 before closing the session at $0.52358, according to data from TradingView.
Saturdayâs pullback came amid Brad Garlinghouse, the Ripple CEOâs bullish comments, noting his excitement about his firmâs achievement in the last quarter. Despite Garlinghouseâs observations, XRP declined, suggesting a broader investor outlook on the events surrounding Ripple and XRP.
đŹ New quarter, more XRPL traction â Iâm particularly excited that the native AMM, arguably one of the largest updates to the XRP Ledger, went live in Q1. â Brad Garlinghouse May 18, 2024
Following XRPâs slump in the middle of April, the altcoin has oscillated around $0.5250, swinging above and below the price level at regular intervals. Most of the time, developments in the ongoing litigation between the U.S. Securities and Exchange Commission (SEC) have influenced XRPâs price movement around the oscillating point.
As of Saturday, XRP slumped below the $0.5250 significant level as the final stages of the Ripple Vs SEC case came into play. The litigation-influenced sentiment caused increased caution among investors taking profit ahead of Mondayâs deadline for the parties to file their opposition briefs. That could be a significant date for the ongoing case as it nears its final stages, with the possibility of an appeal.
Also playing a role in the XRP price trend is the growing awareness and potential adoption increase in the Middle East. Recently, Reece Merrick, Rippleâs Managing Director for the Middle East and Africa noted his companyâs plans to expand their services in the region. Merrick cited the Middle Eastâs clear and friendly regulatory framework as motivation for his companyâs plans.
