- While writing these lines, XRP consolidated beyond $0.375 & $0.380 against the USD.
- The cross-border transactions coin trades near $0.388 and the 4-hr 100 SMA.
- XRP/USD 4hr chart shows a contracting triangle developing with support at $0.382.
- Clearing the resistance region at $0.400 might welcome a massive increase.
Ripple consolidates beyond the support zone of $0.375 against the USD. The remittance token might gain momentum if it overpowers the roadblocks at $0.40 and $0.415. Time to buy the dip, as bears seem to struggle? Let us find out more.
XP Price Still Supported
XRP kick-started a decent surge against the USD after printing a base beyond $0.345. Upward actions saw the price surpassing the resistance zones at $0.375 and $0.380. Moreover, the remittance coin spiked beyond the $0.40 mark to settle above the 4-hr 100 SMA (Simple Moving Average).
Nevertheless, bears stayed active at $0.423. XRP created a high at around $0.423 before a downward correction – like Bitcoin. XRP price surrendered the foothold of $0.40 and the 100 4hr Simple Moving Average.
That triggered a clear move beneath the 50% Fibonacci retracement of the upsurge from $0.3458 to $0.423. meantime, bulls confirm their presence near $0.375. Also, the 4hr chart shows a crucial contracting triangle emerging with support at $0.382. While publishing this article, XRP consolidated beyond $0.375 & $0.380.
The closest hurdle stands near $0.400. A successful move beyond this roadblock might see XRP price soaring toward the resistance at $0.425. Another crucial hurdle stands at $0.450. More gains can send the token toward $0.50 in the upcoming days.
Possible Downside Break?
Failure to clear the resistance of $0.400 might trigger a downward wave for XRP. An initial footing to the downside stands at $0.382 and the contracting trend-line. Another foothold would showcase at $0.375. Breaching this mark can attract extended losses. Such a case might see the price plummeting to levels beneath the $0.345 foothold.
Ripple Lawsuit Update
The lawsuit between the United States Securities & Exchange Commission and Ripple may end soon. Meanwhile, the parties have sent their briefs, seeking a court decision in their respective favor. Brad Garlinghouse of Ripple stated that Stuart Alderoty gives the securities watchdog the most brutal battle against cryptocurrency regulation.
Nevertheless, he termed it as the market’s most crucial test. Ripple’s General Counsel, Stuart Alderoty, appreciated Garlinghouse’s efforts. Meanwhile, he confidently revealed that they had approached the end of the SEC’s legal fight.
Nevertheless, the final briefs that the parties submitted bring the case near a decision that could transform the crypto definition under the United States Securities law.
Ripple to Transform Cryptos Stance?
The crucial legal battle between Ripple and SEC will likely end the discussion over regulating the cryptocurrency industry. Meantime, a federal judge is handling several motions from the two parties. Reports indicate that Ripple has spent near $100 million to defend its business.
Nevertheless, they term it as shielding the cryptocurrency market from overregulation by SEC. Earlier Coingape reports suggested that Ripple called out the Securities & Exchange Commission over BlockFi’s insolvency. BlockFi filed for bankruptcy protection because of its massive exposure to the fallen FTX exchange.
Meanwhile, Alderoty blamed the securities regulator for these circumstances, calling BlockFi’s insolvency filing the SEC’s ‘Regulation by enforcement’ success tale.
Stay tuned for upcoming crypto news.