The XRP market declined approximately 10 percent in April, halfway obliterating gains made in March. Nevertheless, the Ripple-backed XRP is counting gains of about 36 percent YTD to trade around $0.46 on Tuesday, after experiencing a significant resistance level of around $0.53.
From a fundamental standpoint, the XRP market could soon get regulatory clarity after the US Supreme Court accepted an appeal to consider overturning Chevron v. Natural Resources Defense Council doctrine that has given federal regulators, including the SEC and the CFTC, broad powers to define their authority.
“Any agency across the federal government could potentially find itself limited in the kind of flexibility it has to respond to new problems and new needs for agency action,” Cary Coglianese, director of the Penn Program on Regulation at the University of Pennsylvania’s law school said. “If you look at the financial regulatory agencies, a lot of them are still exercising authority from statutes that were adopted decades ago. Even the Dodd-Frank Act is now nearly a decade and a half old.”
XRP Price Analysis Ahead of Court Ruling
The XRP community gained more confidence in a bullish outlook after lawyers closely monitoring the SEC vs Ripple case forecasted an end to the lawsuit in May based on historical similar rulings. Additionally, the XRP community was significantly encouraged by the Congressional members who grilled SEC chair Gary Gensler last month. Furthermore, Gensler was not able to answer if ETH, XRP, and Bitcoin are either security or commodity.
According to a Twitter crypto veteran trader, Tara alias (@precisiontrade3), XRP is at the mercy of Bitcoin. Thereby cautioning XRP traders for a possible sideways consolidation before a breakout signals.
Similar sentiments were shared by XRP influencer Hary alias @HaraldoXRP on Twitter, who noted that $0.47 is a crucial resistance to break for the bulls to continue.
