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SEC Ongoing Case: Could Still Suppress XRP Potential Or Fly Soon?

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Ripple’s legal fight with the SEC and the ambiguous status of XRP have significantly affected the cryptocurrency’s market performance. Even with these obstacles, XRP has been able to uphold its status as one of the leading cryptocurrencies based on market capitalization. Nevertheless, the price has seen substantial fluctuations due to changes in the situation.

As per JackTheRippler on X, the XRP lawyer has shared on Twitter that the Ripple vs. SEC documents are complete, and the ultimate decision appears imminent.

The lawsuit between Ripple and the SEC has broader implications for the cryptocurrency industry. The case result may establish a precedent for regulating digital assets in the US and globally. If the court rules in favor of the SEC and finds XRP guilty, it could significantly impact Ripple, XRP holders, and other cryptocurrency ventures.

What Does the Whale Activity Signify in the XRP Crypto?

A whale recently transferred 100 Million XRP coins worth $51.892 Million from the coincheck exchange to an unknown wallet ending with -2Eh. It means that the XRP whale plans to hold it, which is quite a bullish signal for XRP.

Moreover, in the last 24 hours, two other transfers happened from wallet to exchange worth $25.6 Million. This signifies uncertainty in the future price. Crypto traders and investors must wait for future whale transactions to come for a clearer trend.

Can XRP Breakout Amidst Various Uncertainties?

The XRP Daily Chart highlights that price control was in bears’ favor, as it failed to reach last swing highs and deteriorated at a constant pace. Also, it has been struggling below the 20-day and 50-day EMAs.

However, the price structure was near the demand zone, where new buyers could join. Moreover, the positive optimism shared by the lawyer of XRP for the acceleration in the final judgment after all briefs could possibly catalyze the breakout this year in XRP.

The XRP crypto has been trading at $0.51754 at press time. The technical indicators are bearish, but minor bullish signs have appeared in MACD as it has converged for a bullish cross. The RSI has reached 48 and is approaching to cut median line. Therefore, despite the bearish indicators, the scenario could flip to the upside.

If the demand for the XRP rises, it could bounce back from its current level. The next goal for the price could be reaching $0.62000 and $0.72000 levels. However, if the XRP crypto price fails to stay above the $0.50000 level, it could decline and reach lower levels.

Summary

The whale alerts recent mentions on X stated that recent whale activity happened in XRP and the potential for a breakout amidst uncertainties. The analysis of XRP‘s daily chart and technical indicators are bearish but could also flip towards the positive side.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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