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

The ongoing legal saga between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has continued to cast a shadow over XRP. 

As the courtroom drama unfolds, XRP’s price has been embroiled in a fierce battle between bullish and bearish forces, with $0.50 serving as a critical battleground.

On June 21, XRP was trading at $0.49, but the cryptocurrency 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.

Notably, the climb back above $0.50 coincided with a broader market rally, driven by Bitcoin’s (BTC) resurgence beyond the $30,000 mark. Bitcoin’s performance often sets the tone for the cryptocurrency market, and XRP’s movement reflects the influence of the flagship digital asset.

XRP key support and resistance levels

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 said XRP currently “has one of the cleanest setups so far,” and its “next stop would be $0.68 & 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.