Key Insights:

• XRP rose by 2.15% on Wednesday, with the appetite for riskier assets delivering support.

• Updates from the SEC v Ripple case had a muted impact on XRP as investors await the court ruling on Hinman’s 2018 speech-related documents.

• Technical indicators are bearish, with XRP sitting at the 100-day EMA.

On Wednesday, XRP rose by 2.15%. Reversing a 0.98% decline from Tuesday, XRP ended the day at $0.3319.

A bearish morning saw XRP fall to a low of $0.3194. Steering clear of the First Major Support Level at $0.3149, XRP rallied to a high of $0.3335.

XRP broke through the First Major Resistance Level at $0.3326 before falling back to end the day at sub-$0.3320.

US economic indicators delivered NASDAQ 100 support, which provided XRP and the broader market the upside on the day.

Fears of US economic recession eased this week, with the all-important ISM Manufacturing PMI falling modestly from 55.9 to 55.3. Economists had forecast a decline to 54.3.

However, crude oil prices reflected investor jitters over the economic outlook and demand, with WTI Crude sliding by 3%. The market movements reinforced the current inverse correlation between cryptos and crude.

While XRP remained in the hands of broader market risk sentiment on Wednesday, the ongoing SEC v Ripple case remains the key driver.

XRP Brushed Aside News Updates from the SEC v Ripple Case

This week, the SEC was back in action, filing motions to pressure the Ripple defense team.

Overnight, defense attorney James Filan shared the latest SEC motion to the courts, saying,

“The SEC has sought permission to file one omnibus (big) motion to exclude or limit expert testimony, up to 120 pages long. Ripple Defendants do not object provided that they will be allowed the same page limit for their response in opposition.”

The latest SEC may be an attempt to water down expert testimony submissions by the Ripple Defense team.

According to the SEC filing,

“The SEC intends to file motions to exclude or limit the testimony of 10 expert witnesses who were retained by Defendant, Ripple Labs, Inc, and/or Individual Defendants, Christian A. Larsen and Bradley Garlinghouse.”

The latest filing had a muted impact. Investors await a court ruling on whether Hinman’s 2018 speech-related documents fall under the attorney-client privilege.

In 2018, the former SEC Director of the Division of Corporation Finance said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

XRP Price Action

At the time of writing, XRP was up 0.30% to $0.3329.

A mixed start to the day saw XRP fall to a low of $0.3308 before rising to a high of $0.3345.