Early Wednesday, the bullish momentum in Ripple‘s XRP continues to drive its price up, with the psychological level of $ 1 now in sight, fueled by rising optimism that the lawsuit is against the SEC and in favor of the company and itself Cryptocurrency will go. At the time of writing, XRP / USD trading at around $ 0.96.
One of the most notable developments that fueled this sentiment is Empower Oversight’s lawsuit filed against the SEC for its biased approach to Ripple. The nonprofit believes their case could win in court, which in turn leads to a compromise between the agency and Ripple, resolving the issue of XRP being referred to as a security. Crypto experts have also called the SEC in the past to go after Ripple for selling XRP as unregistered securities, despite other competitors like it BTC and ETH left a free hand.
A year since the SEC filed the lawsuit Ripple and downed XRP-Price
Meanwhile, on the anniversary of the SEC’s lawsuit against the company, Ripple’s CEO Brad Garlinghouse shared a post on Twitter following former SEC chairman Jay Clayton. Confident that his company will emerge victorious from this litigation, he expressed his confidence in the superior product Ripple has developed in the mainstream financial sector around the world and has already enjoyed considerable adoption.
According to Garlinghouse, “the SEC voted today to attack crypto. Chairman Jay Clayton picks – in his final act – winners and seeks to limit US innovation in the crypto industry to BTC and ETH. We know that crypto and Blockchain-Technologies are going nowhere. Ripple has and will continue to use XRP because it’s the best digital asset for payments – speed, cost, scalability, and energy efficiency. It is traded on over 200 exchanges worldwide and will continue to be successful. The SEC – out of lock step with other G20 countries and the rest of the US government – shouldn’t be able to pick the cherry on the cake of what innovation looks like (especially if its decision directly benefits China). Make no mistake, we are ready to fight and win – this fight is only just beginning. “
Now former US treasurer and current board member at Ripple and a visiting scholar at Harvard University, Rosie Rios, has praised Ripple’s technology that uses blockchain to enable faster, cheaper cross-border payments. In a recent interview with CNBC, Rios discussed how blockchain is already there, and Ripple’s technology is already being used by financial institutions around the world. She continued to express hope that there would be more regulatory clarity on cryptocurrencies and their technology over the next year, which could encourage greater adoption by the mainstream financial sector.
XRP / USD technical analysis
If we look at the H4 price chart from XRP/ USD, we see a bullish bias in the moving averages as well as in the leading technical indicators MACD and momentum. However, the RSI is also showing sell signals.
XRP / USD
Ripple’s XRP has shot past the pivot point at $ 0.81 and passed two levels of resistance at $ 0.86 and $ 0.90, respectively. We have to see how buyers get the resistance at USD 0.99 so that the cryptocurrency can regain the key mark of USD 1.
Source: Crypto News Deutsch