It’s no longer news that the United States Securities and Exchange Commission (SEC) has filed class action lawsuits against two top exchanges Binance and Coinbase, which have caused widespread dip in the prices of cryptocurrencies in the market. But to the surprise of XRP, these lawsuits have had little impact on the value of XRP in the market as it maintains its stability above the $0.5 support.
Ali Martinez Says This May Not Be Good for XRP Price
In a recent tweet, Ali Martinez, a popular crypto analyst, expressed concern over the XRP price trend. He said although the surge in social media mentions in relation to Ripple may be seen as a sign of strength, it’s likely not a good sign for the price of XRP.
Captioning an illustrative chart, Ali Martinez tweeted, “XRP remains above $0.50 after the SEC sued Binance and Coinbase, while most altcoins dipped. Although this may seem like a sign of strength for Ripple, the crowd is well aware of it as mentions on social media surged. This isn’t good for the price of XRP.”
— Ali (@ali_charts) June 8, 2023
At the time of press, XRP is trading at $0.5281, with a relatively 2% price upsurge in the last 24 hours, according to CoinMarketCap.