Yerevan (CoinChapter.com) – XRP, the native token of Ripple Labs, adopted a bullish sentiment, trading at $1.62 in the London afternoon session Tuesday, despite the crypto market mayhem, with prices of Bitcoin and altcoins consolidating. One of the reasons behind the growth is the much-anticipated resolution in the Ripple vs. SEC lawsuit.
Lawsuit Developments
In hindsight, the Securities and Exchange Commission (SEC) filed the lawsuit against Ripple back in Dec 2020. The law enforcement agency accused the blockchain startup of selling $1.3 billion worth of XRP illegally. The SEC deemed XRP securities, thus weakening its case, as Ripple took no time to fire back. The latter accused the agency of extreme bias, as neither Bitcoin (BTC) nor Ether (ETH) got the same treatment.
Investors of the token have tried to intervene in the proceedings as a third-party defendant led by attorney John Deaton. They met firm resistance from the SEC. The agency has blocked XRP holders from joining the case.
Attorney Jeremy Hogan, a lawyer who has been covering the SEC vs. Ripple lawsuit from the beginning, made a prediction, favoring the investors’ cause. He stated that if SEC “[…]chooses to settle with Ripple, that should happen in the next two weeks”.
Moreover, an online conference between the agency and the startup representatives is scheduled for May 21st. Federal Judge Sarah Netburn will oversee the meeting. The regulatory status of XRP will be the focal point of the meeting. Many investors hope this debate will give Ripple more edge and bring the lawsuit near to the close.
…was trading with a confident bullish bias in the London session Tuesday, using its 20-day Exponential Moving Average as additional support. The token broke out of the former technical formation Symmetrical Triangle. The latter is a bullish setup, considering the bullish sentiment preceding the indicator.
XRP goes bullish amid the crypto crisis. Source: XRPUSD on TradingView.com
Giving the turbulent state of the crypto market as a whole, substantial predictions are hard to make. However, Jean-Pierre Buntinx, a contributor for CoinChapter.com considers the $1.39 value to be the critical margin (horizontal black line on the chart).
In his view, if the token manages to stay above the line in the upcoming sessions, it is likely to continue the bullish trend. If the value drops below the said margin, however, XRP might go as far as to seek support from its 200-day Moving average (light blue wave), which would bring the token down to approximately $0.60.
XRP was one of the tokens still resisting the urge to drop, following Bitcoin. The alpha cryptocurrency lost 23 percent in a week and was trading at 44,988 against the USD, after briefly crashing to $42,100 on Monday. The crash was partially caused by the controversy including the EV mogul Tesla, which will no longer be accepting BTC payments for their cars as of May 13.
Bitcoin collapse caused a chain reaction on the crypto market, with Ether, Dogecoin, and others having a tough time logging gains. But many experts are hopeful this crash is an opportunity for traders to make a move, and support the market while making a profit.
As many XRP traders and Ripple supporters routed for closure in the lawsuit against SEC in the foreseeable future, the token price was going bullish. It is possible the trend will continue. However, investors will have to wait until the results of the May 21 hearing are disclosed, to have more certainty. Considering the overall climate on the market, a bearish outcome for XRP is also a possibility.
Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.
UNUS SED LEO, a cryptocurrency that describes itself as "the utility token at the heart of the iFinex ecosystem,"...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.