Ripple Price Analysis: SEC is 'Totally Wrong', XRP / USD Adds 16%
The ripple price, even though it is falling against major currencies such as BNB and Cardano, which posted massive gains last week. Notably, traders are watching closely how the SEC's lawsuit will play out.
The Ripple case enters the discovery phase
The case is entering a discovery phase. The odds of reaching a settlement before trial, according to the SEC and Ripple representatives, remain low. Consequently, the case will go to trial and the two will face off.
Ripple's lawyers have already submitted a request for documents to determine what caused the agency to reclassify ETH tokens as public services. Unlike Ripple Labs, Ethereum raised funds through an ICO.
Ripple Labs, the official issuer of the XRP coin, did not collectively fund.
Instead, Ripple builds its business model around XRP, adding the solution to its product offerings. Through its On-Demand Liquidity (ODL) platform, users can send funds instantly across borders and without intermediaries.
Mary Jo White: The SEC is Completely Wrong
Meanwhile, there has been a positive development with former SEC chair Mary Jo White saying the regulator is completely wrong. She told Fortune that her decision was a mistake in alleging that the US Fintech company was distributing and selling unregistered securities.
There is no way to sweeten it. They are completely wrong legally and factually.
Furthermore, that the SEC decided to sue Ripple in December is revealing:
“As a former United States Attorney and Chairman of the SEC, you know that when a case takes so long to resolve, you probably shouldn't bring it. It's not something I would do when I walked out the door.
Ripple price analysis
Ripple price uptrend is firm, adding 16 percent on the last day against the dollar.
However, XRP / USD prices are in range mode, held within a $ 0.20 zone with limits at $ 0.65 and $ 0.45 at the lower end.
However, according to the chart, $ 0.65 is still resistance and the trigger for buy. At the lower end, the choppy price movement finds support in the middle BB, the 20-day moving average. The flexible support line has propped up bulls for the past three weeks.
For bears, a break below the 20-day moving average and $ 0.45 can cause XRP / USD prices to drop to $ 0.30 on a retest.
Consequently, that will confirm the bears of February 1 and the inverted hammer of February 1.
On the other hand, a high-volume breakout above $ 0.65 confirms the bulls from late January 2021. Immediate targets will be $ 0.75 and then $ 0.85. However, the ideal target for buyers will be $ 1 in a move that should have a high stake as XRP prices rise to new 2021 highs.
Chart courtesy of Trading View
Disclaimer of Liability: Opinions expressed are not investment advice. Do your research.
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