XRP Holds Strong at $0.52 Amid Ongoing SEC Battle and Market Uncertainty

May 30, 2024 at 02:30 AM GST 2 mins read News

XRP holds firm at $0.52 despite recent minor fluctuations, facing crucial resistance at $0.54.
John Deaton criticizes SEC Chair Gary Gensler for regulatory actions against companies like Ripple and Coinbase.
The SEC’s recent $1.75 million fine for misleading conduct in the Debt Box case intensifies claims of the agency’s overly aggressive approach.

XRP maintains a strong support level at $0.52 amidst a consolidating market. Despite a slight dip of 0.2% to $0.529 within the last 24 hours, the cross-border remittance token’s price has remained relatively stable over the past week, indicating a lack of clear market direction.

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On the technical front, XRP is currently trading below its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs) on the four-hour chart. The token faces mounting overhead pressure after encountering resistance at $0.54 last week. The outcome of XRP’s price movement hinges on two critical levels: the ascending channel’s lower support boundary and the buyer congestion at $0.52.

A breach of these levels could lead to a downward correction to $0.50 or lower. Conversely, overcoming resistance at $0.54 would indicate increased bullish momentum. If XRP can surpass the $0.70 resistance, it could pave the way for a potential rally toward $1.

Meanwhile, renowned crypto lawyer John Deaton has ramped up his criticism of Gary Gensler, the current chair of the Securities and Exchange Commission (SEC). Deaton, who has been actively involved in numerous crypto-related lawsuits, has criticized the SEC’s approach toward companies like Coinbase, LBRY, and Ripple. He argues that the agency’s actions against these firms reveal a flawed regulatory framework that hampers industry progress.

Deaton’s criticism intensified following a recent ruling in which the SEC was fined $1.75 million for misleading conduct in the Debt Box case. This incident has fueled claims within the crypto community that the SEC’s actions are excessively aggressive and financially burdensome.