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XRP and a Return to $0.50 Remains in the Hands of the SEC v Ripple Case

Cory Russell

Nov 03, 2022 15:32

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Wednesday saw a 2.99% decline in XRP. XRP lost 0.18% on Tuesday and closed the day at $0.45025. Notably, XRP missed $0.47 for the third session in a row.


Despite a tumultuous day's start, XRP reached an early high of $0.46579. XRP fell to a late low of $0.44533, falling short of the First Major Resistance Level (R1) at $0.4690. At $0.4570, the First Major Support Level (S1) was breached by XRP, which finished the day at $0.45025.


The FOMC policy decision and press conference took center stage, pushing updates from the SEC v. Ripple lawsuit to the sidelines.


Counterparties take a break from filing amicus briefs while the Fed speaks.


On Wednesday, Amicus Brief filings were suspended. Investors must wait for SEC and Court responses on the filings after a series of requests and filings.


The Amicus filings show XRP uses that support the Defendants' position, and there has been substantial support for the Defendants; but, the Court would need to come to a same conclusion.


The SEC has chosen to hold off on making a statement until November 15 because it will not give up easily. The deadline for filing temporary under seal summary judgment reply papers is November 15.


The Fed now controls XRP since there have been no developments on the case. Prior to Fed Chair Powell sending riskier assets into the red, the first market response to the FOMC announcement drove XRP to an afternoon high. The markets had gambled on a December Fed Pivot before to the FOMC policy decision. Powell eliminated any doubt and emphasized the need to keep raising rates to combat inflation.


Later on today, attention will once again turn to US economic statistics, with the ISM Non-Manufacturing PMI and its sub-components expected to have the most impact.


Updates from the current SEC v. Ripple lawsuit will still provide XRP direction, however.


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