[XRP falls below $0.5250 ahead of key date in Ripple vs. SEC case]
XRP edged down 0.46% on Saturday, May 19, paring some of the previous day’s gains. XRP rose as high as $0.52932 on Friday and closed at $0.52358, according to TradingView data.
XRP fell on Saturday despite Ripple CEO Brad Garlinghouse expressing optimism about the company's achievements last quarter, showing investors are taking a more cautious approach to Ripple and XRP overall.
Since XRP crashed in mid-April, the coin has been trading around $0.5250. The progress of the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple has a significant impact on the price of XRP.
As of Saturday, XRP fell below the key $0.525 level. As the litigation enters its final stages, investors are cautious ahead of the deadline for both sides to file opposing briefs, which could be a critical moment in the case with the possibility of appeals.
Additionally, increased awareness and potential adoption of XRP in the Middle East is also a factor influencing the price. Reece Merrick, Ripple’s managing director for the Middle East and Africa, mentioned that the company plans to expand services in the region, emphasizing the clear and friendly regulatory structure in the Middle East.
Ripple’s CEO said that this regulatory environment makes it easier for companies to expand their business and plans to “expand massively” in the region.
