Introduction:

Ripple, represented by XRP, finds itself in a precarious position as regulatory heat intensifies on Capitol Hill. The SEC’s recent actions and regulatory uncertainties have put XRP on edge. The looming potential for a Congressional subpoena adds to the uncertainty surrounding the cryptocurrency, while a possible U.S. government shutdown could further delay crucial crypto rulings. In this environment, XRP’s value saw a slight decline on Wednesday, reflecting the ongoing turbulence in the crypto space amid regulatory scrutiny.

Ripple:

Ripple on edge as SEC faces Capitol Hill heat.

XRP’s precarious position is emphasized by McHenry’s stringent rebuke of the SEC, reflecting a landscape riddled with regulatory ambiguities and impending rulings.

Potential Congressional Subpoena looms over the SEC.

US government shutdown might delay crypto rulings.

XRP decreased by 0.56% on Wednesday. XRP fell by 0.63% on Tuesday and finished the day at $0.4993.

On Wednesday, Gary Gensler, the SEC’s chair, was under scrutiny. After recent court decisions, the cryptocurrency community anticipated that the Financial Services Committee would pose challenging questions.

Technical Overview:

Moving Averages:

Exponential:

• MA 5: 0.4899 | Negative Crossover | Bearish
• MA 20: 0.4923| Negative Crossover | Bearish
• MA 50: 0.4933 | Negative Crossover | Bearish

Simple:

• MA 5: 0.4904 | Positive Crossover | Bullish
• MA 20: 0.4944| Negative Crossover | Bearish
• MA 50: 0.4895 | Negative Crossover | Bearish

RSI (Relative Strength Index): 47.18| Buy Zone |Bullish

Stochastic Oscillator: 38.44 | Sell Zone | Negative

Resistance And Support Levels: 

• R1: 0.53| R2: 0.60
• S1: 0.47 | S2: 0.40

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 0.45 | Take Profit: 0.40 | Stop Loss: 0.48.

Elsewhere In the Crypto Market

In the previous day, there hasn’t been much movement in the prices of bitcoin (BTC) and ether (ETH) due to weak price drivers and declining volumes in both the spot and futures markets.

Bitcoin up (0.42%) at 26,469.10, Ethereum up (1.70%) at 1,624.78, Litecoin up (0.71%) at 63.95, Solana up (0.09%) at 19.21, Doge coin up at (0.61%) at 0.61 as of writing time.

Key Economic Events & Data Release Today:

(USD) GDP (QoQ) (Q2) Forecast 2.1%, Previous 4.1% at 18:00