Coin Edition -
- XRP pulled back on Saturday after Friday’s 1.61% gain.
- The embattled altcoin fell below $0.5250 amid profit-taking by investors.
- Ripple has revealed plans to “expand heavily” in the Middle East.
XRP pulled back on Saturday, May 19, after recording slight gains a day before. A 0.46% decline by the embattled altcoin chopped off part of its Friday gains when the top altcoin rallied to $0.52932 before closing the session at $0.52358, according to data from TradingView.
Saturday’s pullback came amid Brad Garlinghouse, the Ripple CEO’s bullish comments, noting his excitement about his firm’s achievement in the last quarter. Despite Garlinghouse’s observations, XRP declined, suggesting a broader investor outlook on the events surrounding Ripple and XRP.
New quarter, more XRPL traction – I’m particularly excited that the native AMM, arguably one of the largest updates to the XRP Ledger, went live in Q1. https://t.co/MN8cZJI26i— Brad Garlinghouse (@bgarlinghouse) May 18, 2024
Following XRP’s slump in the middle of April, the altcoin has oscillated around $0.5250, swinging above and below the price level at regular intervals. Most of the time, developments in the ongoing litigation between the U.S. Securities and Exchange Commission (SEC) have influenced XRP’s price movement around the oscillating point.
As of Saturday, XRP slumped below the $0.5250 significant level as the final stages of the Ripple Vs SEC case came into play. The litigation-influenced sentiment caused increased caution among investors taking profit ahead of Monday’s deadline for the parties to file their opposition briefs. That could be a significant date for the ongoing case as it nears its final stages, with the possibility of an appeal.
Also playing a role in the XRP price trend is the growing awareness and potential adoption increase in the Middle East. Recently, Reece Merrick, Ripple’s Managing Director for the Middle East and Africa noted his company’s plans to expand their services in the region. Merrick cited the Middle East’s clear and friendly regulatory framework as motivation for his company’s plans.
The Ripple chief noted that such a regulatory atmosphere allows businesses to build out their operations. According to him, Ripple will capitalize on the opportunity and “expand heavily” in the region.
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