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- XRP, the native token of Ripple, has attained a hike of 44% in the last seven days.
Ripple and SEC lawsuit Summary
Almost two years have passed since Ripple has faced lawsuit filings by the United States Securities and Exchange Commission (SEC). The SEC sued Ripple Labs Inc at the end of 2020 for marketing XRP tokens on its platform. The SEC stated that it comes under unregistered securities.
By October 2018, more than a hundred banks were registered, and most of them started using Ripples X’s current messaging innovation. Due to security issues, they avoided the utilisation of XRP cryptocurrency.
From 2013 to 2020, Ripple Labs Inc raised its capital to $1.3 billion (USD) by selling XRP tokens on the platform. In December 2020, the SEC filed a case against Ripple for selling XRP tokens.
The SEC additionally named Ripple’s chief executive Chris Larsen and President Brad Garlinghouse as co-respondents for supposedly supporting and abetting Wave’s infringement.
In isolated movements recorded on Saturday by Ripple and the SEC, both have required a rundown judgement in the U.S. Region Court Southern Area of New York.
Rundown decisions are submitted to the courts when a party included trusts there’s sufficient proof within reach to decide without the need to continue to preliminary.
Ripple(XRP) Price Analysis
The Lawsuit filed by SEC on Ripple’s native token XRP has impacted its prices in the crypto market, and for the last few months, the trading prices of XRP have been struggling hard to sustain in the market. But in the last few days, the trading prices of XRP have constantly been increasing.
The XRP token is trading at $0.4947 with a 24 trading volume of $5,849,383,653. The token has boosted its trading price in the last seven days from $0.3583 to $0.4851, and as of September 22, the price of the token has touched $0.4912.
Although, at the time of writing this article, Bitcoin, the biggest of all cryptocurrencies, is trading at $19,068.19, and the second biggest crypto, Ethereum, is trading at $1,328.32.
Before the Ethereum Merge, the native token of Ethereum also gained around 20-25% in its trading prices and had the highest trade price of $ 1,981.71, but post-Merge, the prices decreased slightly.
XRP, on a daily time frame, broked out the 3 months consolidation range (from June to September). After crossing the range-bound market, the rally starts by the bulls pushing up the price and showing an uptrend. XRP attempted several times to cross out of this cage, but at this time, it happened.
Despite that, XRP also sustains over its 200 days EMA, indicating that demand is continuing in that range and the rally in the price is extending further.
However, this week, the volume has changed around 24% with huge buying, and now the market cap is at $24,632,568,781. In the last 24 hours, some profit booking is shown in the XRP coin.
As the price struggles to break that range over a long period, the support does not come from the buyers. But now, the buyers started accumulating the XRP and are pushing the price from the caged region to the upward zone.
Now, XRP is at that range where the next hurdle is far from that range at $0.9300, and the price can move up without hesitation, which is a good indication. Now the buyers drive the price with smoothness as the price sustains above all the EMA. The altcoin is now in the uptrend with a signal of buyers to show more activity in the upcoming sessions. As the breakout in the price makes the bullish rally to push further momentum in the XRP coin.
The RSI is now at 70, which shows that the altcoin is in the overbought region. From the overbought range, a small decrement has seen, which is usual at that point, but there is no need to worry because the altcoin is ready to do more in the volatile market.
The MACD indicates the bullish crossover in the recent session, and the XRP is ready to travel with the bulls to test the next resistance in the upcoming market.
Conclusion:
The buying order has activated and stayed above the key EMAs, and now the price action is showing in the altcoin as the breakout of the consolidation range keeps easy for bulls to start the uptrend rally.
Technical Levels
Support Level:0.3990 and 0.3120
Resistance Levels: 0.9300 and 1.9669
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
