XRP/USD Price Analysis – June 06, 2023

Daily Price Outlook

Ripple (XRP) coin failed to stop its downward rally and dropped more than 4% in the last 24 hours. However, the declines can be attributed to recent events that have negatively impacted the cryptocurrency markets.

The United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance, the world’s largest cryptocurrency exchange.

It is worth noting that SEC has leveled several charges against Binance, including allegations of facilitating the trading of unregistered securities. This development has significantly deteriorated investor confidence and played a significant role in the decline of Ripple’s value.

The current XRP price is $0.510379, and the 24-hour trading volume is $1,992,288,694. XRP has dropped 4.01% in a few hours. XRP is now ranked #6 in the market, with a live market cap of $26,533,062,579. It has a total quantity of 100,000,000,000 XRP coins and a circulating supply of 51,987,017,573 XRP coins.

Ripple-SEC Lawsuit Nearing Resolution: Positive Outlook for XRP Enthusiasts

Crypto lawyer Bill Morgan, an XRP enthusiast, suggests that the Ripple-SEC lawsuit may be coming to a close, which could be positive news for XRP. The recent lawsuit filed by the SEC against Binance has further fueled speculations that the Ripple case might resolve soon.

The XRP community views the SEC’s actions against Binance as an attack on the entire crypto industry. With these developments, some community members believe it is unlikely that the SEC will simultaneously continue its battle with Ripple.

The upcoming release of redacted versions of key documents, including those related to former SEC official William Hinman, adds to the anticipation of potential progress in the Ripple lawsuit.

Therefore, it is not guaranteed that this news alone will have a direct and immediate impact on the price of XRP.

XPPL Labs Achieves Positive Security Audit Results for XRP Ledger’s Hooks Amendment

XPPL Labs has achieved a significant milestone in its efforts to enhance the XRP Ledger’s capabilities and position it as a strong competitor to Ethereum. The company recently completed a thorough security audit on the Hooks amendment in collaboration with cybersecurity firm FYEO.

The audit aimed to assess the overall security of the framework and identify any potential risks or vulnerabilities. Fortunately, the results were highly positive, with no major security issues discovered.

Although a few moderate and minor issues were identified, the development team swiftly addressed and resolved them. This successful security audit reinforces the reliability and robustness of the XRP Ledger.

Ripple Price Chart – Source: Tradingview

XRP/USD – Technical Outlook

Ripple’s (XRP) price is displaying a mild bullish trend as it rebounds from the support level at $0.4900 and breaks above $0.5008, forming a double bottom pattern.

The appearance of a doji candle followed by a bullish engulfing candle indicates a reduction in selling pressure and the potential for buyers to assume control.

Technical indicators like RSI and MACD suggest a weakening of selling pressure, with RSI nearing the 50 level, suggesting the possibility of sustained upward movement.

The 50-day exponential moving average, located around $0.5280, indicates oversold conditions and the potential for bullish price action.

Immediate resistance is anticipated at $0.5304, while support levels at $0.4805 and $0.4612 may come into play if the price falls below $0.5008. Monitoring the price around the critical level of $0.5008 is crucial for evaluating future market trends.