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Why XRP Holders Could Be Key In Lawsuit Against Ripple Labs

Former federal prosecutor James K. Filan has been involved with the lawsuit filed by the Securities and Exchanges Commission (SEC) versus Ripple Labs and two of its executives. Accused of the alleged illegal sale of an unregistered security, the token XRP, Filan has shared his opinion on the case, presented crucial documents, and discussing with the community an important subject.

According to Filan, the XRP community, with their active role and participation, is making “a huge impact” on the case. As evidence, the lawyer said the court from the Southern District of New York handling the case has increase accommodation for the public from 500 to 4,000 people.

The court has also opened an international call-in number for any person interested in listening to the discovery conference. This session will take place on April 30th and will regard the SEC contacting foreign regulatory entities to build its case against Ripple Labs. The defendants consider this to be a violation of Federal Procedure and the Hague Convention.

A petition To “End The War” On XRP

Another community effort has been led by lawyer John E. Deaton. In March, Deaton introduced a formal pre-filing pleading. Later, judge Analisa Torres granted him permission to represent over 10,000 XRP investors.

In addition, Deaton recently asked the community to sign a petition to ask SEC Chairman Gary Gensler to “End the War on XRP”. The regulator filed this lawsuit under Jay Clayton’s administration at the SEC, Gensler is believed to have a more pro-crypto approach. Deaton said the petition will serve as a way to “apply pressure from every possible angle”.

The lawyer is also trying to create a “searchable list” for all XRP holders that have signed his previously introduced petition for a Class Action Lawsuit. Deaton stated the following:

I hope to produce a searchable list of everyone who has signed up  – all 12,700 plus. That way you can see your name and know you have been included. If you’re name is not on the list for some reason then we will make sure it gets included. Thanks.

Deaton has highlighted the importance the case SEC versus Ripple Labs could have for the entire crypto industry. If victorious, some experts have claimed the regulator could try to pursue similar action against other crypto projects.

In that sense, Commodities and Futures Trading Commission (CFTC) Dawn Stump said to be “watching the outcome of this lawsuit”. Regarding it as a key point for other entities within the U.S. to obtain regulatory clarity, Commissioner Stump said:

The question of whether XRP is a security will be crucial. XRP is similar to bitcoin and other digital assets but also different in key respects, which prompted the SEC’s investigation (…). I am watching the outcome of this case closely because it will help to establish the scope of the SEC’s authority in the digital assets space.

XRP is trading at $1,34 with 3.9% losses in the daily chart and 24.8% in the weekly chart. Over the past 30 days, XRP has seen a 159% rally.

Ripple XRP XRPUSDT
XRP with small losses in the daily chart. Sources: XRPUSDT Tradingview
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Charted: Ripple (XRP) Could Rally Significantly If It Clears This Key Resistance

Ripple formed a support base above $1.16 and it is now rising against the US Dollar. XRP price could start a strong increase if it clears the main $1.50 resistance zone.

  • Ripple is showing positive signs above the $1.20 and $1.30 resistance levels against the US dollar.
  • The price is now trading well above $1.3500 and the 100 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $1.50 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to start a fresh rally if it clears the $1.500 resistance zone.

Ripple’s XRP Price Eyes Fresh Rally

This past week, ripple’s XRP started a downside correction from well above $1.65. XRP extended its decline below the key $1.50 support, similar to bitcoin and ethereum.

It opened the doors for a nasty spike below the $1.20 support. However, the bulls were active above the $1.15 level. A low is formed near $1.162 and the price is now rising. It broke the $1.25 and $1.30 resistance levels.

There was a break above the 23.6% Fib retracement level of the downward move from the $1.97 high to $1.162 swing low. It is now trading well above $1.3500 and the 100 simple moving average (4-hours). There is also a major contracting triangle forming with resistance near $1.50 on the 4-hours chart of the XRP/USD pair.

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

The triangle resistance near $1.50 holds the key. The next hurdle could be $1.56. It is near the 50% Fib retracement level of the downward move from the $1.97 high to $1.162 swing low.

A successful break above the triangle resistance and then $1.56 could set the pace for a fresh surge. In this case, the price could even rally above the $1.65 and $1.70 levels.

Dips Limited in XRP?

If ripple fails to clear the $1.5000 resistance or $1.560, it could correct further lower. An initial support on the downside is near the $1.3200 level and the 100 SMA.

The next major support is near the $1.28 level and the triangle lower trend line. Any more losses might call for a drop towards the $1.15 support zone in the coming sessions.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.32, $1.28 and $1.15.

Major Resistance Levels – $1.50, $1.56 and $1.65.

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How The XRP Community Reply To The SEC’s “Shady” Move

The Securities and Exchange Commission (SEC) lawsuit against Ripple Labs, and executives Brad Garlinghouse and Chris Larsen seem to have taken a weird turn. According to the former federal prosecutor and defense lawyer James Filan, the Commission could have allegedly bypass certain rules to its benefit.

The SEC apparently is “pursuing discovery” from the United Kingdom Financial Conduct Authority (FCA) on Ripple. This method is called Memoranda of Understanding (“MOU”) and, according to a document file with the Southern District of New York and Magistrate Judge Sarah Netburn, violates the Hague Convention.

The document was introduced by Ripple Labs legal representation and claims the SEC has at least 11 MOU demanding documents from “overseas entities”. The document claims “many” of these entities are the payments company business partners” and about 10 international regulators.

The defense qualifies the process as “improper” and part of an “intimidation tactic” to allegedly reduce Ripple’s capacity to conduct business outside of the U.S. The document said:

Not  only  is  the  use  of  pre-litigation  investigative  tools  prejudicial  to Defendants  and  the  recipients  of  such  requests,  as described below, it also prevents this Court from  exercising  its  lawful  discretion  regarding  the  scope of permissible foreign discover.

SEC “unjust” advantage in XRP case?

Commenting on the discovery, lawyer Jeremy Hogan said the SEC is placing indirect “regulatory pressure” on Ripple and its partners. Since the Commission is the only party capable of employing said tactic Hogan said:

This is NOT something a “typical” Plaintiff could do and it’s not fair, so Ripple is calling dirty-poker (…). (former prosecutor), this is typical government prosecutorial pressure-litigation, applying pressure not only to you but your business friends as well.

General Counsel for Gala Games Jesse Hynes also gave his opinion and claim it was an “insane” move by the regulator. Hynes highlighted the importance and implication this lawsuit could have for the crypto industry and said:

Shame on the SEC!  On the bright side, the SEC is basically admitting that this is a matter of great political and worldwide significance.  Can’t wait for that Summary Judgment motion with a major questions doctrine argument.

XRP is trading at $1,64 with an 8.9% correction after an impressive rally in the past days. On the weekly and monthly chart, XRP sits at 55.9% and 255.2% profits.

Ripple XRP XRPUSDT
XRP with moderate losses in the 24-hour chart. Source: XRPUSDT Tradingview
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XRP Above $2? Why DeFi Integration Could Be Game Changer

With the biggest gains in the crypto top 10 by market cap, XRP trades at $1.88 recording a 35.9% rally over the past day. In the weekly and monthly chart, XRP is up 107% and 307% respectively.

XRP XRPUSDT Ripple
XRP on a bullish trajectory in the 24-hour chart. Source: XRPUSDT Tradingview

Operator Altstreet Bets has shared the chart below to indicate XRP’s price could go to $3 “without resistance”. The trader has set support at $1.10 and $1.72 and believes XRP could target $8.49 in the long term.

Ripple XRP XRPUSDT
Source: Altstreet Bets

Many factors are contributing to XRP’s recent performance. The high interest of investors in South Korea, buying the token for a premium, and new uses case for XRP.

In the legal corner, operator King Solomon has been bullish over the recent developments in the Securities and Exchange Commission versus Ripple Labs, and executives Brad Garlinghouse and Chris Larsen lawsuit.

Filed for the alleged sale of an unregistered security, things seem to be going in favor of the payment company.

Researcher Leonidas Hadjiloizou has shown the position of international institutions on XRP. The Bank of International Settlements, in a report, said XRP is “definitely not a security”. Hadjiloizou said:

Would Jay Clayton push for a lawsuit against Ripple as he was walking out the door if he believed the SEC would take action anyway after he left? I believe he wouldn’t. This is one of the reasons I believe this lawsuit is unwanted by the SEC and will settle it if it can save face

Although the legal dispute could be far from over, the sentiment over the result is bullish on the crypto market. King Solomon said:

Moreover, the case seems to reveal that former SEC leaders put their personal gain above the well-being of the nation. When the agency repeatedly claims in filings and hearings that “the SEC is not on trial here”, it is almost certain that the opposite is true.

XRP uses cases expand to DeFi

Interoperable solution Wanchain has announced XRP will be integrated into its platform alongside Ethereum, Bitcoin, EOS, and others. Leveraging “Wanchain’s Universal Multichain Bridges”, users will be able to trade cross-chain enable XRP Tokens.

As of now, XRP holders can start earning with Wanchain DeFi protocols like WanSwap, the platform’s native decentralized exchange. Wanchain’s team said in an official post:

XRP holders can now securely use their XRP to farm, mine and provide liquidity rather than simply leaving their tokens, inactive, in wallets and exchanges. XRP tokens can now, finally, engage with DeFi applications and reach their full potential.

Wanchain users will have at their disposal a native wallet and a Wanbridge website where they can send and receive XRP cross-chain.

In order to achieve this, the platform “converts” the token on the XRP Ledger and, in the case of Ethereum, mints an ERC-20 token called wanXRP.  All transactions using Wanchain are free.

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Key XRP Technical Indicator Disagrees With Parabolic Price Rally

XRP, the Ripple blockchain’s native token, is up more than 600 percent in 2021 even though it remains in a tense court battle with the US Securities and Exchange Commission over its legal status.

The world’s fourth-largest cryptocurrency by market cap now, XRP has continued its climb, entering the second quarter. According to data provided by Messari, the token has surged around 194 percent in April alone. In comparison, its top rivals, Bitcoin and Ethereum, are up almost 6.5 percent and 12.5 percent, respectively.

If XRP’s upside acceleration continues, it can replace Binance exchange’s BNB token to become the third-largest cryptocurrency by market cap. BNB is up 65 percent quarter-to-date.

Bearish Divergence

But the rally in the Ripple token market comes on the heels of bearish alerts. One of the primary reasons XRP/USD could undergo a strong downside correction is a bearish divergence between its rising bids and decreasing momentum.

In retrospect, the Relative Strength Indicator (RSI) on XRP’s four-hour chart has formed a sequence of lower highs after topping out on April 5. On the other hand, its price has logged higher highs. Together, they indicate weakness in XRP’s uptrend, a phenomenon otherwise known as bearish divergence.

XRP is breaking of a Bullish Wedge pattern. Source: XRPUSD on TradingView.com
XRP is breaking of a Bullish Wedge pattern. Source: XRPUSD on TradingView.com

Bulls remain enthusiastic, nonetheless, partially because Ripple Labs, the San Francisco blockchain company behind XRP, has walked unharmed so far in an ongoing lawsuit filed against it by the SEC. That includes a recent court ruling that stopped the US agency from looking into the personal accounts of Ripple Labs’ chief executive Brad Garlinghouse and co-founder Chris Larsen.

Meanwhile, Ripple Labs recently won another court battle against one of its early-stage investors, Tetragon Financial Group. According to James K. Filan, a defense lawyer in the US, the ruling could serve as the basis to fight the SEC’s allegation against Ripple Labs. The agency alleges that the Ripple management sold illegal securities in the form of XRP tokens.

Technical Outlook

But technically, it is time for bullish traders to be proactive about risk assessment. That means using tighter stops, protecting options, or just reviewing their portfolio with assets that offset XRP’s overvaluation risks. It also looks ideal to short the XRP market by buying put options as a form of hedging exercise.

Ripple Labs has walked closer to beating the SEC, but the legal battle could go on for a while. Any uncertainty over XRP’s legal status — whether or not it’s a security token — would increase downside risks in the token’s market.

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Charted: Ripple (XRP) Consolidates Gains, Why Rally Isn’t Over Yet

Ripple extended its rally above the $1.200 resistance zone before correcting lower against the US Dollar. XRP price is now consolidating gains and it is likely to rally again above $1.400.

  • Ripple rallied towards $1.50 before correcting lower against the US dollar.
  • The price is now trading well above $1.1500 and the 100 simple moving average (4-hours).
  • There is a key contracting triangle forming with support near $1.3100 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to start a fresh rally if it clears the $1.400 resistance zone.

Ripple’s XRP Price Remains Well Supported

In the past few days, ripple’s XRP saw a strong surge above $1.0000, unlike bitcoin and ethereum. XRP broke many hurdles near $1.200 to move further into a positive zone.

The price even rallied above $1.400 before the bears appeared near $1.485. A high was formed near $1.481 and recently there was a downside correction. The bears were able to push the price below the $1.420 and $1.400 support levels.

There was a break below the 23.6% Fib retracement level of the upward move from the $0.8598 swing low to $1.481 high. However, the price is still trading well above $1.250 and the 100 simple moving average (4-hours).

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

There is also a key contracting triangle forming with support near $1.310 on the 4-hours chart of the XRP/USD pair. The pair is placed nicely above the 50% Fib retracement level of the upward move from the $0.8598 swing low to $1.481 high.

On the upside, the $1.3800 level is an immediate resistance. The next major resistance is near the $1.400 level. A successful close above the $1.400 level is likely to start a fresh rally towards $1.500 and $1.650.

Dips Limited in XRP?

If ripple fails to clear the $1.4000 resistance or $1.450, it could correct further lower. An initial support on the downside is near the $1.3100 level and the trend line.

The next major support is near the $1.2500 level. Any more losses might call for a drop towards the $1.120 support zone in the coming sessions.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is still well above the 50 level.

Major Support Levels – $1.3100, $1.2500 and $1.1200.

Major Resistance Levels – $1.400, $1.450 and $1.500.

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How Ripple’s big win in court correlates with XRP’s 113% rally

The bulls ride again on XRP’s side, as the token breaks about $1. On the legal subject, things seem to be going well for Ripple’s corner as rumors of an SEC settlement grow louder.

Back in December, the Commission hit Ripple Labs, executive Brad Garlinghouse, and Chris Larsen with a lawsuit for the alleged illegal sales of an unregistered security. In the coming month’s XRP’s price plummeted, exchanges delisted it, some investors lose faith.

As reported by lawyer Stephen Palley, Garlinghouse and Larsen scored a victory yesterday when Magistrate Judge Sarah Netburn rule that “discovery seeking 8 years of financial records along w/ subpoenas to 3d parties seeking same were too broad”.

Palley classified the decision as a “nice early win” by the defendants but is still skeptical about it being an indication for a resolution on the case. Palley added the following:

Winning a motion for a protective order on discovery doesn’t usually portend victory on the merits of the case itself. It depends. And the Court left open the possibility some of this could revisit later, if there are reasons to check veracity.

On the other hand, Galaxy Digital CEO Mike Novogratz said Ripple’s “equity is trading” at up to $3 billion in valuations on a secondary market. Novogratz speculated on the possibility XRP is rallying due to rumors of a possible settlement in the lawsuit.

Last February, the parties ruled out a settlement in a joint letter. However, the negotiations took place under the Commission’s previous directive. Gary Gensler is expected to be confirmed by the Senate and his more pro-crypto stance to have a positive influence on the legal process. Novogratz said:

Ripple equity is ‘trading’ in secondary market at $2-3bn valuation.  The $XRP on their balance sheet is worth approx $70bn. One price seems wrong. If XRP price is saying settlement coming, the equity is crazy cheap.   If not, the token seems expensive.   Thoughts?

Commenting on Novogratz’s statements Palley said there is no “public” indication a resolution is coming soon. The lawyer classified this subject as “inside” information and claimed a settlement will come after summary judgment practice. Palley added:

I don’t know how one can correlate price itself to settlement unless someone has inside information about potential SEC settlement/resolution and ability for exchanges to re-list for trading. Ripple has done better than I expected so far in preliminary motion practice and discovery fights, but there’s a long way from that to case resolution.

XRP in moon mode

Those who hold on to their tokens have been rewarded. XRP is trading at $1,32 with 29% profits in the past 24 hours and the biggest weekly rally in the crypto top ten with 113%.

Ripple XRP XRPUSDT
XRP on a bullish run in the 24-hour chart. Source: XRPUSDT Tradingview

Trader Kaleo said XRP is yet to reach its top and seems bullish on current price action. Comparing it to the 2017 bull-fun, the trader said XRP’s price quickly reach $2.45 when it broke the $1 mark. In the current rally, there is “way more capital” and fuel for the price to extend the bullish momentum.

In the last 24 hours, investors in South Korea are increasing XRP buying pressure as shown by the high trading volume in Upbit and Bithumb, two major exchanges in that country.

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Ripple CTO Hints at XRP Ledger Upgrades to Enable an NFT Strategy

Ripple CTO David Schwartz said the firm is currently working on a non-fungible token (NFT) strategy. He added that based on observations, people care little about the underlying technology, only the NFT itself and the user experience.

“Ripple is currently working on an NFT strategy. I think the key element here is the user experience, it has to be flawless and I don’t think people care all that much what technology is under the hood. The people who use NBA Top Shot just want to own the shots.”

Ripple Keeps Cards Close to its Chest

Schwartz gave a rundown of the NFT ecosystem, including accounts of his personal experience using them. But he stopped short at detailing exact specifics on how Ripple will get involved with the NFT space.

Nonetheless, based on his points of discussion, it’s possible to speculate the general area the firm could be working on. A dominant theme was the idea of developing federated sidechains.

Schwartz said the priority for the XRP Ledger is to retain its advantages as a payment mechanism. With that in mind, additional functionality, whether that’s CBDCs, NFTs, DeFi, etc., should operate on sidechains separate from the mainchain. That way, XRP’s payment capabilities remain intact and unaffected.

“NFTs shouldn’t be cluttering up the mainchain they should live on federated sidechains so they don’t bloat the XRP ledger… because you don’t make XRP worse for payments.”

Sidechains allow tokens and other digital assets to move securely and freely from one blockchain to a separate blockchain. A federation is an entity acting as an intermediate point between a mainchain and one of its sidechains. This group determines the rules for transfer between chains.

Are NFTs a Fad?

NFTs encompass various use cases, including digital art, collectibles, tokenization, authentification, ticketing, certification, etc.

In recent times, the hype surrounding them has caught mainstream attention, particularly in digital art. As with anything that’s overly hyped, the real danger is that the hype will fade away.

On that, Schwartz cautioned that NFTs could be a fad, but it’s too early to say at this time. However, he also believes there’s something to them that isn’t going away.

He referenced the insane prices some NFTs are fetching, added that the “current crop” takes advantage of people’s desire to brag.

“I think it’s early to say. But I do think that there’s something here that’s not going away. The current crop of NFTs at least seem to be exploiting people’s desire to own something that other people don’t or can’t own.”

Some have already sounded the alarm on an NFT downturn. Peter Wood, CEO of CoinBurp, said all financial markets, including NFTs, operate in cycles. While it’s inevitable the bubble bursts, he said the market would come back stronger, just like Bitcoin did after the 2017 peak.

Data from Nonfungible.com shows the average price for an NFT has plummeted 70% from $4k in mid-February to $1.4k this week.

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Powerful Bottom Signal Spotted In XRP, But There’s A Catch

XRP price is back trading at right around a dollar per token, but according to a rare bottoming pattern spotted by a legendary technical trader on the Bitcoin trading pair, the surge is only just getting started.

However, there’s a catch. When it comes to this particular chart pattern and crypto – the same trader has gotten it very wrong before. Is this time different, or will this “powerful” bottom signal confirm?

XRP Begins Long Painful Road To Recovery After SEC Storm

Ripple and company executives are still locked in a legal battle with the SEC, but just this week had a major victory in the court requiring the release of documents that offer insight into the entity’s findings on other cryptocurrencies: Bitcoin and Ethereum.

Related Reading | XRP Targets New All-Time Highs After Surviving SEC Slaughter

Before the news even broke, XRP pumped to more than $1 per token for the first time since 2018 on the USD trading pair. On the Bitcoin trading pair, however, things have only just started to turn around from extreme bear market lows.

xrp btc fulcrum bottom

According to the iconic trader, there's a compound fulcrum bottom forming against Bitcoin | Source: XRPBTC on TradingView.com

A bottoming pattern taking place across the entire first quartern of 2021, according to iconic career trader Peter Brandt, is “called a compound fulcrum and can be quite a powerful buy signal.”

If he’s right, XRP will soon outperform Bitcoin by a sizable margin. But he’s been wrong before about such a pattern.

Beware: Brandt Has Been Both Wrong And Right About Bitcoin

Brandt, who is a classical chartist with decades of real world market experience, has seen several rare patterns to both confirm and fail. He’s among the few traders to have discovered the rare pattern, and he’s also among the first to identify each Bitcoin parabola forming. In the past, he’s even accurately called the bottom range on Bitcoin’s bear market, a whole year in advance.

But for all his correct calls, Brandt is still human, and gets things wrong. The last time he made the call for a compound fulcrum was back in 2018.

bitcoin btc fulcrum bottom

But the last time he spotted such a signal, it was dead wrong | Source: BTCUSD on TradingView.com

Back then, Bitcoin was trying to hold onto support around $6,000, before taking the ultimate plunge to the bear market bottom – a zone which Brandt himself also ironically called for.

Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy

Whether Brandt was trolling the last time around, or simply incorrect, is not clear. He’s the first to admit that patterns do indeed fail, but when they don’t and behave as they’re expected to, “it’s a thing of beauty.”

Whether or not Brandt will be wrong again, and XRP drops even further against BTC on the ratio remains to be seen.

Featured image from Deposit Photos, Charts from TradingView.com
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XRP Re-Takes 4th Spot on CMC; Ripple Boss Says “Today Was a Good Day”

Ripple CEO Brad Garlinghouse tweeted, “Today was a good day.” And he’s right; there’s a lot for XRP investors to be pleased about right now. Chief among which is how yesterday’s court hearing did not go the way the SEC had anticipated.

SEC vs. Ripple Hearing – Key Points

Since December, Ripple Labs has been locked in a battle with the SEC, which accuses the firm of offering an unregistered security in its native XRP token.

During a discovery hearing yesterday, Ripple scored another point in this landmark case, as Judge Sarah Netburn ruled the SEC hand over internal documents about Bitcoin and Ethereum.

Specifically, she ordered the SEC must search for and provide all documents related to XRP, Ether, and Bitcoin discussions wherein any third parties were involved. But informal documents are not discoverable, this would include items such as emails on thought processes.

The SEC argues documents they hold on Bitcoin and Ether have no relevance to this case because they are different from XRP. However, a key component of Ripple’s defense is the lack of due process and fair notice.

This refers to the SEC’s previous announcements that Bitcoin and Ether are not securities. The defense argues it was reasonable for Ripple to assume this was also the case for XRP as well, especially as the firm had no notice otherwise.

Commenting on the ruling, Attorney Jeremy Hogan, listened in on the telephone hearing and offered his opinion on what went down. Based on the events of the hearing, he predicts that if a “smoking gun” document exists, the SEC would be looking to withdraw legal action within the next 30 days.

“If there is a smoking gun type document out there, in the next 30 days is when the SEC will look to get out of this litigation. This also conforms with Gensler getting on board, so if that is going to happen, look for that sometime in mid-May.”

XRP on a Tear

When news of litigation broke in December last year things looked grim for XRP. The uncertainty of the situation triggered an exodus of partners from the Ripple ecosystem.

At its lowest point, XRP was trading at $0.17, having lost 70% from its previous local high. Having bottomed at that point a slow grind upwards ensued as details of the legal case painted the SEC unfavorably.

In perhaps a sign of the strength of Ripple’s defense, things really took off this week as XRP printed two consecutive significant green candles. This was enough to leapfrog Cardano and Polkadot to resume the fourth spot on CoinMarketCap.

The XRP price peaked at $1.10, a level above pre-litigation price and one not seen since February 2018. Although profit-taking today has dipped the price back down to $0.96 at the time of writing, it’s clear that confidence is returning.

Ripple daily chart

Source: XRPUSD on TradingView.com
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XRP Targets New All-Time Highs After Surviving SEC Slaughter

XRP is now trading at $1 or more, even despite the parent company Ripple still being locked in a legal battle with the United States Securities and Exchange Commission.

Not only does the recent pump prove the power of borderless cryptocurrencies, but it takes the token to a key technical level that if broken, should target a new all-time high well above the former peak at more than $3 each.

XRP Pumps Beyond $1, But Could Climb To New All-Time Highs

Investors in the United States are likely livid right now with the Securities and Exchange Commission’s decision to pursue legal action against XRP parent company Ripple and its executives.

The SEC deemed the token an unregistered security, and exchanges in the country were forced to delist XRP immediately. An expected selloff resulted from a large share of investors stuck cashing out their bags – otherwise strong hands forced by the government that is supposed to be protecting them.

Related Reading | Charted: Ripple Skyrockets, Why Break Above $1 Seems Likely

Regardless of the legal implications for Ripple, the borderless design of cryptocurrency technology and lack of alignment with any single country, has allowed XRP to live on – now thriving as it makes a sharp recovery to more than $1 per XRP.

Ripple Rocket Is Ready For Liftoff, With Or Without An SEC Decision

The last time that XRP rocketed to $1, it didn’t stop there. The coin kept pumping to a high of more than $3.50 per token at the height of altcoin season in early 2018.

There are now infamous guides posted by major media outlets educating users on how to buy the top, and investors have been waiting ever since for a recovery.

Related Reading | XRP Leads Top Ten, Is The SEC Lawsuit Against Ripple Dead?

The recovery could be here now that the coin is back at $1. After the initial selloff, the Stochastic indicator on monthly timeframes has turned sharply up, and the Bollinger Bands have fallen literally off the chart with volatility. The expansion comes after a lengthy and exceptionally tight “squeeze” of the bands, which should result in an even more powerful move to the upside.

xrp ripple bollinger bands stochastic

Based on the measure rule and bullish technical, Ripple could rip to $7 | Source: XRPUSD on TradingView.com

In the past, XRP has beaten all expectations. A modest target based on the measure rule alone, could project the coin to explode to nearly $7 apiece in the somewhat near term.

If for some reason US investors are allowed to buy XRP again, runaway FOMO could push prices far beyond that for a more dramatic peak that the altcoin is historically known for. Even if it doesn’t, the SEC has done serious damage to US investors by forcing them to miss out on what could be life-changing wealth.

Featured image from Pixabay, Charts from TradingView.com
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Charted: Ripple (XRP) Skyrockets, Why Break Above $1 Seems Likely

Ripple extended its rally above the $0.8000 resistance zone against the US Dollar. XRP price even tested $0.9500 and it is now consolidating gains.

  • Ripple started a strong surge above the $0.8000 and $0.9000 levels against the US dollar.
  • The price is now trading nicely above $0.8000 and the 100 simple moving average (4-hours).
  • There was a break above a couple of bullish continuation patterns at $0.6000 and $0.7180 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is now consolidating gains and it might continue to rise towards $1.00 in the near term.

Ripple’s XRP Price Extends Rally

In the past three sessions, ripple’s XRP gained strength above $0.6000, unlike bitcoin and ethereum. XRP broke many hurdles near $0.6500 to move further into a positive zone.

During the increase, there was a break above a couple of bullish continuation patterns at $0.6000 and $0.7180 on the 4-hours chart of the XRP/USD pair. The pair even cleared the $0.8000 and $0.9000 resistance levels. A new multiweek high is formed near $0.9443.

The price is now trading nicely above $0.8000 and the 100 simple moving average (4-hours). XRP is now consolidating gains above the $0.8500 level.

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

An initial support is near the $0.8550 level. It is near the 23.6% Fib retracement level of the recent surge from the $0.5688 swing low to $0.9443 high. On the upside, the $0.9000 level is an immediate resistance. The next major resistance is near the $0.9500 level. A successful close above the $0.9500 level is likely to set the pace for more gains above the main $1.00 barrier in the coming sessions.

Dips Supported in XRP?

If ripple fails to clear the $0.9000 resistance or $0.79500, it could start a fresh downside. An initial support on the downside is near the $0.8550 level.

The first major support is near the $0.7550 level. It is near the 50% Fib retracement level of the recent surge from the $0.5688 swing low to $0.9443 high. Any more losses might call for a drop towards the $0.5500 support zone. Moreover, the 100 simple moving average (4-hours) is also near $0.5500.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now in the overbought zone.

Major Support Levels – $0.8550, $0.8000 and $0.7500.

Major Resistance Levels – $0.7250, $0.7500 and $0.8000.

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XRP Leads Top Ten, Is The SEC Lawsuit Against Ripple Dead?

In an unexpected turn of events, XRP is the top-performing large-cap today. Over the last 24-hours, XRP has soared 16%, even spiking as high as $0.74 in the early hours of the European session.

Analysis of the chart shows a definite uptrend suggesting that, despite the difficulties endured due to the U.S Securities and Exchange Commission (SEC) lawsuit, bulls continue to grow in confidence.

XRP daily chart

Source: XRPUSD on TradingView.com

The Latest Twist in SEC Lawsuit

The price of XRP tanked following the SEC’s lawsuit against Ripple just before Christmas. Later on, key partners, including MoneyGram, jumped ship, and several exchanges also delisted the token.

According to the SEC, Ripple and two key executives had sold $1.3bn of unregistered securities. Ripple CEO Brad Garlinghouse responded by calling the lawsuit an attack on the whole crypto industry. Despite his attempt to uplift the situation, the overriding sentiment at the time was one of fear.

“What I DON’T want is for you to worry. We will get through this, and we will prove our case in court. We have a phenomenal legal team and like I said, we are on the right side of the law to begin with. Know, however, that the legal system is slow, and this is just the beginning of a long, civil process.”

As the legal process has unfolded, Ripple’s defense arguments have become all the more compelling. At the same time, the SEC’s position seems increasingly weak.

The end of last month saw another partial win for Ripple. The judge presiding over the case granted the firm’s motion to temporarily seal four documents while ordering the two parties to agree on redactions. Ripple’s legal team convinced the judge to grant redactions on two emails.

The first is an email between Garlinghouse and an unknown person at Rippleworks – its social ventures project. The second relates to anonymous persons discussing the perception of XRP and Ripple’s influence on it.

XRP Almost Back to Pre-Lawsuit Price

The timing of the SEC lawsuit and the resignation of SEC Chair Jay Clayton soon after is a key talking point for observers. XRP was riding high at the time, having broken a near three-year slumber, peaking at $0.82.

All of that came crashing down following the announcement of legal action. What’s more, the uncertainty during a bull run has undoubtedly contributed to XRP’s slide down the market cap rankings.

After bottoming at $0.17 at the end of December, XRP has maintained an upwards momentum ever since. XRP is now at a point close to pre-lawsuit levels.

Nonetheless, the lawsuit is far from over. When asked if Ripple could operate without XRP, Garlinghouse said:

“We could do that. We’ve always thought about our product as ‘How do we solve a customer’s problem first and foremost?’ And I think that has served our growth. It’s a reason why we have seen so much activity now, billions and billions of dollars of transactions across Ripplenet, our network for payments.”

The firm still holds hope of reaching an agreement with the incoming SEC administration.

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Charted: Ripple (XRP) Surges Above $0.70, Bulls Aim $0.80 or Higher

Ripple started a fresh rally above the $0.6000 resistance zone against the US Dollar. XRP price even broke $0.7000 and it seems like there are high chances of more upsides.

  • Ripple gained strength after it broke the $0.5500 and $0.6000 resistance levels against the US dollar.
  • The price is now trading nicely above $0.6500 and the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.6100 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could dip in the short-term, but the bulls are likely to remain active above $0.6000.

Ripple’s XRP Price Rallies To New Multi-Week High

This week, ripple’s XRP started a strong increase above $0.6000, while bitcoin and ethereum remained in a range. Earlier, XRP formed a support base above $0.5000 before surging above the $0.6000 resistance.

It broke many hurdles near $0.5500 and $0.6000. The bulls even pumped the price above the $0.7000 level. A new multi-week high was formed near $0.7254. The price is now trading nicely above $0.6500 and the 100 simple moving average (4-hours).

An initial support is near the $0.6880 level. It is near the 23.6% Fib retracement level of the upward move from the $0.5687 low to $0.7254 high. The next key support is near the $0.6400 level.

The 50% Fib retracement level of the upward move from the $0.5687 low to $0.7254 high is also near $0.6400. There is also a major bullish trend line forming with support near $0.6100 on the 4-hours chart of the XRP/USD pair.

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

On the upside, the $0.7250 level is an immediate resistance. The next major resistance is near the $0.7500 level. A successful close above the $0.7500 level is likely to set the pace for more gains in the coming sessions. In the stated case, the bulls might aim a test of $0.8000.

Dips Limited Drop in XRP?

If ripple fails to clear the $0.7250 resistance or $0.7500, it could start a fresh downside. An initial support on the downside is near the $0.6400 level.

The first major support is near the $0.6100 level and the trend line. The main support is near the $0.6000 level, below which the price is likely to test the 100 simple moving average (4-hours).

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 60 level.

Major Support Levels – $0.6880, $0.6400 and $0.6100.

Major Resistance Levels – $0.7250, $0.7500 and $0.8000.

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The SEC got it wrong? Like Ripple, accuses LBRY for token sales

The U.S. Securities and Exchange Commission’s (SEC) new target is LBRY, Inc. Like it did with Ripple, the regulator accuses the company of “failing to register a security offering,” according to a document filed in the court district of New Hampshire.

According to the complaint filed by the SEC, LBRY has sold “millions” in securities called LBRY Credits (LBC) to fund its business and product development. The company allegedly received Bitcoin, U.S. dollars, and “non-cash compensation” in exchange for the tokens. Investors in LBC expected returns on the capital they put into LBRY.

The SEC estimates that over 13 million LBCs have been sold from 2016 through 2020 for $5 million received in BTC. The SEC aims the “disgorgement” of the funds received by the company for “unlawful conduct” and to prevent LBRY from participating in “any unregistered digital asset securities offering”.

How LBRY wants to save crypto

At the end of 2020, the Commission introduced a similar complaint against Ripple Labs, as mentioned above, and some of its executives for the alleged unregistered sale of XRP. Ripple is in legal proceedings with the regulator.

LBRY will be represented by law firm Perkins Coie and attorneys Keith Miller and Adam Schuman. In addition, the company has launched a website called “Help LBRY save crypto”. There, they offer their side of the story and claim that the SEC’s allegations are “a tremendous threat to the entire crypto industry.”

Making a distinction between LBRY Inc and the LBRY network they assure users that their platform is decentralized and separate from the company’s future. They add that the LBRY protocol will remain active and that holders’ funds will remain safe. The company said:

This case is about overregulation. The SEC is not alleging fraud and is not charging any individuals.

The company then makes a counterargument against the charges brought by the Commission. They deny that the token LBC is a security and that its use case is speculation, based on “the facts and experience” they have had on the platform.

Users of the LBRY network utilize the token for multiple applications, according to the company’s argument, including creating an identity, tipping creators, publishing, purchasing, or boosting content “in a decentralized way.” They add that these use cases have been active long before the sale of LBC.

Just like Ripple, LBRY claims that its attempts to reach a settlement with the SEC were unsuccessful, the regulator’s terms involved putting LBC out of circulation. LBRY claims:

We were willing to give them a pound of flesh, but they were only interested in our head.

Furthermore, the company claims to have asked the SEC for instructions to “operate legally”. The regulator was unable to provide a response, according to LBRY.

The company believes that the regulator’s actions may be a risk for the entire blockchain technology and companies operating in this sector if their development has been funded by a token directly or indirectly. Legal expert Gabriel Shapiro commented the following on this case:

Offering no viable path, and continuing to sue creators, was understandable at first while the SEC worked to figure out the space, but it is now inexcusable, unethical and violates core American jurisprudential principles of predictability and economic freedom.

XRP is trading at $0.56 with gains of 4.1% in the last week and slight returns on the 24-hour chart. In the past month, XRP registers 28.4% gains.

LBRY XRP XRPUSDT
XRP with minor gains in the 24-hour chart. Source: XRPUSDT Tradingview

The community has been calling for the re-listing of the token over the past few days. In response, the Japanese exchange OKCoin recently announced that they will allow XRP trading on their platform after April this year.

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Charted: Ripple (XRP) Consolidates Gains, Why It Could Revisit $0.60

Ripple gained bullish momentum above $0.5000 and $0.5500 against the US Dollar. XRP price remains attractive on dips and it is likely to climb further above $0.5750.

  • Ripple gained strength and it even spiked above $0.5500 against the US dollar.
  • The price is now trading nicely above $0.5000 and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.5120 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could dips in the short-term, but the bulls are likely to remain active above $0.5000.

Ripple’s XRP Price Turns Green

This week, ripple’s XRP remained stable above $0.5000, while bitcoin and ethereum extended their increase. Earlier, XRP formed a support base above $0.4550 before surging above the $0.5000 resistance.

It broke many hurdles near $0.5200 and $0.5500. It traded as high as $0.5764 before starting a consolidation phase. There was a minor drop towards the $0.5500 support. The price also tested the 23.6% Fib retracement level of the upward move from the $0.4536 low to $0.5764 high.

It is still trading nicely above $0.5000 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.5120 on the 4-hours chart of the XRP/USD pair.

Ripple (XRP)

Source: XRPUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the upward move from the $0.4536 low to $0.5764 high. On the upside, the $0.5750 level is an immediate resistance. The next major resistance is near the $0.6000 level. A successful close above the $0.6000 level is likely to set the pace for more gains in the coming sessions. In the stated case, the bulls might aim a test of $0.6380.

Fresh Drop in XRP?

If ripple fails to clear the $0.5750 resistance or $0.6000, it could start a fresh decline. An initial support on the downside is near the $0.5450 level.

The first major support is near the $0.5150 level. The main support is near the trend line, $0.5100, and the 100 simple moving average (4-hours). Any more losses might lead the price towards the $0.4500 support zone in the near term.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5450, $0.5120 and $0.5000.

Major Resistance Levels – $0.5750, $0.6000 and $0.6380.

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SEC Scores Own Goal by Objecting to XRP Holders Intervening in The Lawsuit

The U.S. Securities and Exchange Commission (SEC) attempts to stop XRP holders from joining the on-going lawsuit as third parties.

In a letter to Judge Analisa Torres, the SEC’s Senior Trial Attorney Jorge Tenreiro argued that XRP holders had not clarified their actions. What’s more, Tenreiro states consolidation/coordination of claims is statute-barred without the SEC’s say-so.

“Movants do not explain what claims they would assert against whom in this action if the Court were to permit them to intervene. But Congress has barred by statute the consolidation or coordination of claims without the SEC’s consent, and sovereign immunity bars Movants’ claims against the SEC. That alone precludes Movants’ proposed intervention.”

XRP Holders Want Representation

The ongoing legal action against Ripple has become a complex case involving multiple motions that each requires judgment. In this latest example, the SEC was responding to a pre-motion letter filed by Attorney John Deaton.

Deaton called on Judge Torres to allow intervention by over ten thousand XRP holders. This would ensure the case considers the interests of all stakeholders, making certain those interests are “fully and vigorously defended.” He argues this is necessary as neither the SEC nor Ripple represents the holders of XRP.

“Allowing us to intervene is appropriate because neither party in the case currently represents the holders and users of XRP. A key aspect of Ripple’s defense will be to demonstrate that they have no duty or obligation to XRP holders, and given the SEC’s actions thus far, we can’t expect it to even consider the interests of XRP holders.”

While the SEC rejects this argument, by contrast, Ripple’s attorneys have expressed no objection to the intervention by XRP holders.

SEC Running Out of Room to Maneuver

Attorney Jeremy Hogan, who is not a party to the case, assessed the intervention saying this spells trouble for the SEC.

A significant component of the SEC’s case against Ripple is the allegation that XRP sold by Ripple, in the present day, are unregistered securities. This implies all XRP constitutes unregistered securities, including those held by XRP holders.

Hogan makes the point that the SEC’s purpose is to protect investors. But ten thousand XRP holders came forward to say they have been harmed, not protected, by the SEC’s actions. This plays into Ripple’s strategy of demolishing the SEC’s case on the grounds they failed to consider the secondary market.

“The SEC just wants some vague ruling that sales constitute sales of unregulated securities, and give the Judge some vague promise, ‘don’t worry Judge, we won’t be going after the secondary market of course not, we’re the good guys, we’re sticking up for the small people.’”

By objecting to the intervention, the SEC is somewhat corned because it shows their allegations are ill-defined. Is XRP inherently a security? Or, is the lawsuit about sales by Ripple and Garlinghouse only?

XRP daily chart

Source: XRPUSD on TradingView.com
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Charted: Ripple (XRP) Holds Key Support, What Are Chances of a Fresh Increase

Ripple trimmed most gains from the $0.6000 resistance against the US Dollar. XRP price is now trading above $0.4500 and it could attempt a fresh increase above $0.5500.

  • Ripple broke the $0.5500 support zone, but it stayed above $0.4500 against the US dollar.
  • The price is now back above $0.5000 and the 100 simple moving average (4-hours).
  • Earlier, there was a break below a major bullish trend line with support near $0.5380 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could rise one more time as long as there is no close below the $0.5000 support.

Ripple’s XRP Price is Holding Support

This week, ripple’s XRP outperformed bitcoin and ethereum, with a strong move above $0.5000. The price even surged above the $0.5500 resistance level and the 100 simple moving average (4-hours).

However, the bears were active near the $0.6000 zone. A high was formed near $0.5998 and the price recently started a fresh decline. There was a break below the $0.5800 and $0.5500 support levels. It even dived below the $0.5000 support level.

There was also a break below a major bullish trend line with support near $0.5380 on the 4-hours chart of the XRP/USD pair. A low is formed near $0.4544 and the price is currently correcting higher. The pair is now trading above $0.5000 and the 100 simple moving average (4-hours).

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

It cleared the 50% Fib retracement level of the recent decline from the $0.5997 high to $0.4544 low. An initial resistance is near the $0.5380 level.

The first major resistance is near the $0.5200 level. The main resistance is near the $0.5445 level. It is close to the 61.8% Fib retracement level of the recent decline from the $0.5997 high to $0.4544 low. A clear break above $0.5450 and $0.5500 could open the doors for a fresh increase to $0.6000.

Fresh Drop in XRP?

If ripple fails to clear the $0.5445 resistance or $0.5200, it could start a fresh decline. An initial support on the downside is near the $0.5100 level.

The first major support is near the $0.5000 level and the 100 simple moving average (4-hours). Any more losses might lead the price towards the $0.4500 support zone in the near term.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5200, $0.5100 and $0.5000.

Major Resistance Levels – $0.5450, $0.5500 and $0.6000.

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Charted: Ripple (XRP) Rallies 10%, Why It Could Outperform BTC and ETH

Ripple started a strong increase from the $0.4400 support zone against the US Dollar. XRP price is now trading well above $0.5500 and it is likely to continue higher above $0.6000.

  • Ripple is up over 10% and it cleared the main $0.5000 resistance zone against the US dollar.
  • The price is now above $0.5500 and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.5200 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could is likely to continue higher above the $0.5950 and $0.6000 resistance levels.

Ripple’s XRP Price is Gaining Momentum

In the past few days, ripple’s XRP formed a strong support base above $0.4500. The price started a fresh increase and broke many important hurdles near the $0.5000 level.

The bulls gained strength above the $0.5000 zone. The price even cleared the $0.5500 resistance and it settled nicely above the 100 simple moving average (4-hours). Finally, the price tested the $0.6000 resistance and a high is formed near $0.6005.

XPR is clearing outperforming bitcoin and ethereum, with strong moves above $0.5500. Recently, there was a downside correction below the 23.6% Fib retracement level of the upward move from the $0.4963 low to $0.6005 high.

Ripple (XRP)

Source: XRPUSD on TradingView.com

However, the bulls were active near the $0.5500 zone. The price also found support near the 50% Fib retracement level of the upward move from the $0.4963 low to $0.6005 high.

It is currently rising and it is likely to revisit the $0.6000 resistance. If there is a clear break above the $0.6000 zone, there are high chances of a move towards the $0.6200 and $0.6320 levels.

Fresh Drop in XRP?

If ripple fails to clear the $0.5950 resistance or $0.6000, it could start a downside correction. An initial support on the downside is near the $0.5600 level.

The first major support is near the $0.5500 level. Any more losses might lead the price towards the $0.5000 support zone. The main support is now forming near the $0.4750 level and the 100 simple moving average (4-hours).

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5600, $0.5500 and $0.5000.

Major Resistance Levels – $0.5950, $0.6000 and $0.6200.

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Ripple’s XRP Hits One-Month High on Exchange Re-Listing Prospect

Ripple’s native blockchain asset XRP surged to its one-month high on Monday as traders grappled with the prospects of its re-listing on cryptocurrency exchanges.

The seventh-largest cryptocurrency experienced a dramatic decline in recent months after the US Securities and Exchange filed a lawsuit against its parent company, Ripple Labs, for its alleged role in selling illegal securities.

The legal action raised fears that XRP, which acts as a settlement token atop the Ripple blockchain, could actually be security, prompting many US exchanges, including OKCoin and Coinbase, to delist the token from their trading platforms until further notice. The XRP/USD exchange rate fell by more than 33 percent in response.

Nevertheless…

…a hearing last Friday raised hopes that the cryptocurrency exchanges might safely resume XRP trading. Ripple’s attorney Jeremy Hogan revealed that Magistrate Judge Sarah Netburn asked the SEC attorney whether the people who sold XRP consequently engaged in the sale of illegal securities. Nevertheless, the attorney responded that only Ripple and its top-level affiliates could face the scrutiny.

“Now, why is that super important? That means that the exchanges that delisted XRP two months ago were not and would not be violating securities laws if they relisted XRP for sale and began to sell it again,” Mr. Hogan stated.

XRP surged by up to 10 percent on Monday, logging an intraday high at $0.568 before correcting lower during the European trading hours on short-term profit-taking sentiment. Nonetheless, the token managed to jump above a crucial medium-term descending trendline resistance, raising hopes that it would undergo a bullish breakout move.

Ripple, XRP, XRPUSD, XRPUSDT, XRPBTC
Ripple shows signs of breaking out of its triangle consolidation range. Source: XRPUSD on TradingView.com

Technically, the XRP/USD exchange rate fluctuated inside a Symmetrical Triangle range before rising upward on its four-hour chart. The overstretched consolidation period saw traders defend the pair’s bullish bias repeatedly while facing an equally intensive bearish pressure as it attempted to break above the Triangle range.

The SEC news favored the bullish bias this Monday. Therefore, it raised the prospect of XRP rising by as much as the uptrend that appeared before the Triangle pattern. That puts the cryptocurrency en route to $1 based on the classic Triangle breakout definitions.

“It’s almost time for XRP,” noted a pseudonymous analyst. “Target: $1.4.”

XRP Downside Risks Remain

Ripple’s lawyer’s bullish signal does not bode well unless the cryptocurrency exchanges confirm re-listing XRP themselves. So far, the court proceedings have not said anything concrete about the cryptocurrency’s legal status. XRP is rising on hopes that there will be re-listings, not the actual listings.

Therefore, it is still likely for XRP to face short-term bearish pressure amid uncertainty. Traders might decide to secure their profits while waiting for further clues from the ongoing SEC vs. Ripple court battle.