Yesterday was not a good day for the altcoin Ripple (XRP), and it is unclear whether the crypto would suffer the same fate today. The price of XRP declined by 0.08% on Wednesday, closing the day's trading at $0.50495.
Most people feel this is mostly related to recent developments in the ongoing SEC vs. Ripple Labs court action. The SEC recently submitted a letter of Supermental Authority in support of its Motion for Summary Judgment, citing the SEC vs. Commonwealth Equity Servs., LLC case, which resulted in a favorable outcome for the SEC.
The US economic figures fueled the gloomy mood, with the CPI Report and FOMC meeting minutes revealing a 5.6% increase in core annual inflation. Both of these causes contributed to yesterday's XRP price drop below $0.50.
XRP is presently trading at $0.5079 following a 0.47% price increase in the last 24 hours. The altcoin was able to break over the pivot at $0.5070 and is currently targeting the First Major Resistance at $0.5159. In the event of a prolonged rally, XRP may soon set its sights on the Second Major Resistance Level at $0.5268.
XRP's EMAs, on the other hand, are delivering mixed signals to traders. The 50-day EMA of XRP is approaching the 100-day EMA, while the 100-day EMA has broadened away from the 200-day EMA.
Despite these contradictory signals, traders should monitor social media for any fresh developments in the SEC investigation. Judge Torres is yet to rule on many filings and motions that might tip the scales in favor of XRP at any time.