XRP, Dogecoin (DOGE) Prices Jump, Here's What Led Significantly to Market Recovery

XRP, Dogecoin and several other cryptocurrencies are posting a rebound after the market witnessed selling pressure yesterday and the day before as a result of the SEC lawsuits against the two biggest exchanges, Coinbase and Binance.

Timeline of Dogecoin, Xrp

Current Date/Time Stamp and Price: June 7, 2023, 10:00 AM PST $0.525 24-Hour Trading Volume: $1.2 billion Price Change in the Past 24 Hours: +1% Technical Analysis: Moving Averages: The 20-day simple moving average (SMA) is currently at $0.52, while the 50-day SMA is at $0.53.

Meme coins inspired by the Securities Exchange Commission (SEC) and its chair Gary Gensler have gained significant momentum, beating Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Pepe coin (CRYPTO: PEPE) in gains over the last 24 hours. What Happened: Following the SEC's recent lawsuits against crypto exchanges Coinbase Inc (NASDAQ:COIN) and Binance, a number of meme coins saw a sharp increase in price.

Crypto Market News: John Deaton, the lawyer representing over 70,000 XRP token holders in the SEC lawsuit, said the Binance lawsuit is just like the Ripple case, in terms of fraud charges. He said the Coinbase lawsuit did not make sense since the company's direct listing on NASDAQ was approved by the SEC itself in

In a scathing critique of the Securities and Exchange Commission's (SEC) recent actions against the cryptocurrency industry, Ripple Chair Executive Officer (CEO) Brad Garlinghouse has accused the SEC Chair Gary Gensler of “hypocrisy” and “desperation”. In a statement released on Twitter, Garlinghouse called Gensler's claims to be “pro-innovation” laughable, arguing that the agency's recent lawsuits against Ripple and other companies are simply a distraction from their internal struggles.

Crypto Market News: Brad Garlinghouse, the Ripple chief executive officer, doubted the motive behind the U.S. Securities and Exchange Commission (SEC) suing two of the world's top cryptocurrency exchanges. It may be recalled that the US Supreme Court had earlier accepted the motion to consider arguments about cutting down discretionary powers of the federal regulatory

Ripple Labs CEO Brad Garlinghouse expects the court case with the SEC to conclude soon. Recent rulings against the SEC's redaction efforts have promoted transparency in the Ripple case.

Dogecoin Price Analysis: For nearly a month, the Dogecoin price witnessed a sideways trend between the $0.075 and $0.069 levels responding to broader market uncertainty. However, with the recent sell-off in the crypto market, the range formation resulted in the sellers' favor as the price plunged below $0.069.

Dogecoin was one of the biggest losers in crypto markets on Tuesday, as markets continued to react to the United States Securities and Exchange Commission (SEC) suing Binance and Coinbase. The global cryptocurrency market lost nearly 4% of its value in today's session. Solana was another notable mover, falling by 9% today.

In the midst of the SEC's lawsuit against Coinbase, industry experts and prominent figures have shared their opinions on the matter. Pierre Rochard, vice president of research at Riot Platforms, suggested that Coinbase refocus its attention on Bitcoin.

Twitter CEO Elon Musk has just shilled his favorite digital currency Dogecoin (DOGE) to his more than 142.3 million followers on the social media platform. Elon Musk who is known as the biggest advocate of the industry's first memecoin joined a conversation that was brought to the fore by Pierre Rochard, the VP of Research