Find out the latest developments in the cryptocurrency market.
XRP fell 3.26% to close at $0.52723 on Wednesday amid a strengthening U. S. economy.
U. S. durable goods orders #rose 2.6% in March after increasing 0.7% in February.
Uncertainty over the possible outcome of Ripple's lawsuit against the SEC contributed to XRP's fall.
On Wednesday, #XRP fell 3.26% to end the day at $0.52723 on the back of a strengthening U. S. economy and increased uncertainty over Ripple's ongoing lawsuit. The drop in the price of XRP on Wednesday was a continuation of the price decline after the altcoin fell 2.21% last Tuesday.
According to a report on the U. S. economy released on Tuesday, orders for durable goods rose 2.6% in March after a 0.7% increase in February. Core durable goods also rose 0.2%, up from February's 0.1% increase. The improved data indicates a strengthening U. S. economy, which has impacted inventors' predictions of a Fed rate cut in September.
In addition to XRP, other cryptocurrencies also fell on Wednesday, with the overall #cryptocurrency market depreciating by 2.97%. Thus, the cryptocurrency market lost more than $2.3 billion in oversold value on Wednesday.
In addition to the impact of the Fed's monetary policy on investor sentiment, the cryptocurrency market felt the impact of new developments in the case between #Ripple and the US Securities and Exchange Commission (SEC). XRP's fall is partly attributed to increased uncertainty over the future of this court case.
Last Tuesday, the fintech company submitted a redacted version of its response to the legal defense. Ripple opposed the SEC's proposed $2 billion fine, objected to the inclusion of new expert testimony in the SEC's opening brief, and filed a motion to dismiss.
At the time of writing, XRP is trading at $0.52662, and according to TradingView, prices are near a number of supports set in the last week of March.
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