Ripple is Struggling above $0.50 Before Court Ruling
Ripple (XRP) is up 1.4% this week to $0.5080, bouncing off the $0.5000 support level for the third time this month. Previous bounces have resulted in a 15.0% rise to $0.5700. The magnitude of this bounce will largely depend on the upcoming ruling by New York Judge Analisa Torres, expected on May 20.
The U.S. Securities and Exchange Commission (SEC) has demanded that Ripple pay close to $2 billion in fines for selling XRP to institutional investors. Ripple, however, has agreed to pay $10 million, arguing that it has altered its method of selling XRP following the New York ruling in 2023. Many believe Judge Torres may rule more favorably towards Ripple, given her past rulings. This could potentially drive XRP prices up by 35-40%, reaching $0.7000. Despite this, few are willing to take the risk ahead of the ruling.
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