XRP falls below $0.5250 ahead of key date in Ripple v. SEC case! On Saturday, May 19, XRP retreated after a small gain the day before.
The embattled altcoin fell 0.46%, partially reversing gains from Friday, when the top altcoin rebounded to $0.52932 before settling at $0.52358, according to TradingView.
Saturday’s pullback came amid bullish comments from Ripple CEO Brad Garlinghouse, who noted that he was excited about the company’s accomplishments in the previous quarter.
Despite Garlinghouse’s observation, XRP fell, suggesting that investors are taking a broader view of events surrounding Ripple and XRP.
The new quarter has given XRPL even more traction — notably, the native AMM went live in Q1, arguably one of the biggest updates to the XRP Ledger.
Brad Garlinghouse May 18, 2024
Following the XRP crash in mid-April, the altcoin has been fluctuating around $0.5250, regularly moving up and down the price level. Most of the time, developments in the ongoing litigation between the United States Securities and Exchange Commission (SEC) have influenced XRP’s price action around the swing point.
As of Saturday, XRP fell below the important level of $0.5250 as the final stages of the Ripple Vs SEC case came into play. Sentiments affected by the litigation led to more caution among investors as they took profits ahead of the Monday deadline for both parties to file their opposition briefs. This could be an important date in the ongoing case as it approaches the final stages and has the potential for appeal.
The growing awareness and potential adoption in the Middle East is also playing a role in XRP’s price trend.
Recently, Reece Merrick, Managing Director of Ripple Middle East and Africa, said that the company plans to expand services in the region. Merrick said that the clear and friendly regulatory framework in the Middle East is a driving force behind his company’s plans.
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