The ongoing legal saga between <a href="https://finbold.com/topic/ripple/" rel="noopener noreferrer nofollow">Ripple</a> Labs and the U.S. Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>) has continued to cast a shadow over <a href="https://finbold.com/cryptocurrency/xrp/" rel="noopener noreferrer nofollow">XRP</a>.As the courtroom drama unfolds, XRP’s price has been embroiled in a fierce battle between <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> and <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bearish</a> forces, with $0.50 serving as a critical battleground.On June 21, <a href="https://finbold.com/guide/how-to-buy-ripple-xrp/" rel="noopener noreferrer nofollow">XRP</a> was trading at $0.49, but the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency</a> quickly gained momentum, briefly soaring to $0.523 on June 22, only to retreat below the crucial $0.50 level. This price volatility exemplifies the uncertainty surrounding XRP as investors grapple with the regulatory uncertainty surrounding the token.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/3669dea78fd649fbb22104a76572b171.jpg" />XRP 1-day price chart. Source: FinboldNotably, the climb back above $0.50 coincided with a broader market rally, driven by Bitcoin’s (<a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) resurgence beyond the $30,000 mark. Bitcoin’s performance often sets the tone for the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency market</a>, and XRP’s movement reflects the influence of the flagship digital asset.<h2 id="header-0">XRP key support and resistance levels</h2>In the wider price ranges, XRP faces notable support and resistance levels. The token finds support at $0.45783, a level that investors view as a potential floor for XRP’s valuation. On the other hand, the cryptocurrency encounters a significant hurdle at $0.55198, posing a formidable resistance level that could impede further upward momentum.On June 18, pseudonymous crypto expert Mags <a href="https://finbold.com/xrp-has-one-of-the-cleanest-setups-and-could-rally-to-0-68/" rel="noopener noreferrer nofollow">said</a> XRP currently “has one of the cleanest setups so far,” and its “next stop would be $0.68 &amp; higher” if the crypto asset manages to pierce through the $0.55 resistance. Interestingly, XRP reached a high of $0.56 on June 13, but the token has been on a downward slope ever since then.As Ripple’s legal battle with the SEC continues, XRP remains caught in a tug-of-war between bullish and bearish sentiments. The cryptocurrency’s struggle to maintain a foothold above $0.50 reflects the prevailing uncertainty and regulatory overhang.Investors and market participants will closely monitor the lawsuit’s outcome for potential clarity on XRP’s future trajectory. Until then, XRP’s price will likely continue to be influenced by broader market trends and the progress of the Ripple v. SEC case.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>

XRP bulls and bears battle at $0.50 as Ripple v. SEC lawsuit drags on

Table of Contents

Finbold

Other articles published on Jun 22, 2023

OPTI surges 38.6% after Elon Musk’s mention of ‘Optimus’ in tweet

Atriv and Flare: Partnership to Expand NFT Ecosystem

Crypto Community Bets on Elon Musk Against Meta Boss Mark Zuckerberg

Binance Takes Steps Towards Enhanced Bitcoin Transactions with Lightning Network Integration

Shiba Inu Unveils Groundbreaking Concept of ‘Shibacals, SHIB Price Rises by 13%

Kaspa занимает лидирующие позиции в GPU-майнинге, планируя изменить рынок PoW

Join our free newsletter for daily crypto updates!