XRP Bullish Flag Points to Further Gains

Please fol­low and like us:
Pin Share

Rip­ple price pulled back this week as last week’s ral­ly took a breather. The XRP token was trad­ing at $0.4735 on Tues­day, which was about 15% below the high­est lev­el last week. This price is about 52% above the low­est lev­el this month, giv­ing it a mar­ket cap of more than $23 billion.

SEC vs Ripple case updates

XRP price has been in a strong bull­ish trend in the past few days as investors focus on the ongo­ing SEC vs Rip­ple case. The case, which was filed in Decem­ber 2020, cen­ters on whether Rip­ple Labs raised mon­ey with­out fol­low­ing due process. Rip­ple and its exec­u­tives have defend­ed the process that they used to raise funds in 2013. 

In a state­ment last week, Rip­ple Labs urged the judge over­see­ing the case to rule on the mat­ter as soon as pos­si­ble. The SEC also filed motion for sum­ma­ry judg­ment to the judge seek­ing for the mat­ter to conclude. 

At the same time, the court accept­ed a request by the Cham­ber of Dig­i­tal Com­merce to file an ami­cus curi­ae brief in the case. In a state­ment, the advo­ca­cy group said that the court had assert­ed that a dig­i­tal asset was not a secu­ri­ty sole­ly by virtue of being rep­re­sent­ed in a dig­i­tal form. 

There­fore, the XRP price ral­lied as investors pre­dict that the case will con­clude soon. While its too ear­ly to pre­dict, we believe that any judg­ment will be pos­i­tive for Rip­ple. For one, the worst case sce­nario is where Rip­ple gets a big fine. 

Rip­ple price also rose after the com­pa­ny made some part­ner­ships. The firm expand­ed its part­ner­ship with I‑Remit, Trav­elex Bank, and Bit­so. These com­pa­nies will use the platform’s On-Demand Liq­uid­i­ty to boost their services.

Ripple price prediction

The four-hour chart shows that the XRP price has been in a strong bull­ish trend in the past few weeks. As it rose, the coin man­aged to move above the impor­tant resis­tance lev­el at $0.3913, which was the high­est lev­el on August 17. The coin has also moved above the 25-day and 50-day mov­ing aver­ages. It has also formed a bull­ish flag pattern. 

There­fore, Rip­ple price will like­ly have a bull­ish break­out as buy­ers tar­get the impor­tant resis­tance lev­el at $0.5578. A drop below the sup­port at $0.40 will inval­i­date the bull­ish view.

Ripple Price



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *