XRP Price Prediction: Trading at $0.51 Amid SEC vs. Ripple Case Updates

XRP price (Ripple) is currently trading at $0.51675, up 0.16% on the day. On the technical front, there was no significant change to the SEC vs. Ripple case on Thursday, May 16. Investors are looking forward to filings from the SEC, Ripple, and third parties challenging the omnibus letter motions.

Key Points:

• Ripple, SEC, and third parties must file opposing briefs by May 20.
• Court rulings on the omnibus letter motions will follow, determining Ripple’s penalties for alleged securities law violations.

US Senate Passes Crypto-Friendly Vote; Regulatory Framework Still Needed

Key Points:

• Senate repeals SAB 121, easing crypto asset reporting requirements for companies.
• Two bills are presented in Congress: one supporting innovation, the other imposing stricter regulations.

Despite this positive vote, a comprehensive regulatory framework for digital assets is still needed. Senator Elizabeth Warren introduced the Digital Asset Anti-Money Laundering Act to enhance CFT and AML measures, while Senators Cynthia Lummis and Kirsten Gillibrand proposed the Responsible Financial Innovation Act to balance consumer protection and innovation.

Both bills are pending, with the upcoming US Presidential Election likely to influence their outcomes.

XRP Price Prediction

XRP is trading at $0.51675, up 0.16% for the day. The 4-hour chart shows a pivot point at $0.5122, which serves as a crucial support level. Immediate resistance is at $0.5233, followed by $0.5396 and $0.5676. On the downside, immediate support is at $0.4967, with further support at $0.4784 and $0.4544.