BTC and ETH both reversed direction as they looked for fundamental support, implying that bears are trying to catch over-leveraged bulls. Despite Ripple’s legal battle with US securities regulators, XRP is looking solid. XRP is likely to convert a historic level of resistance into support, paving the stage for a significant surge.
XRP Price Action
On Friday, Ripple’s XRP fell 0.03 percent. Ripple’s XRP concluded the day at $1.08883 after falling 5.04 percent on Thursday. After a rocky start to the day, Ripple’s XRP plummeted to an intraday low of $1.08 in the early afternoon before making a move.
Ripple’s XRP soared to a mid-afternoon intraday high of $1.12, breaking above the 38.2 percent FIB of $1.0659 and the first major support level at $1.0609. Ripple’s XRP dropped to $1.07 levels after failing to break through the first significant resistance level at $1.1400. Ripple’s XRP briefly rose to $1.09 levels late in the day before plunging back into the negative. At the time of writing XRP is trading in red at $1.09.
Ripple vs SEC !! What’s Lies Ahead?
Ripple responded to the SEC’s letter with an explanation for its privilege allegations as well as a redacted version of the three additional documents requested by the defendants for in-camera review in the XRP litigation. Ripple has asked the court to make these records available to the defence, and he has continued to argue against the plaintiff’s “privileged” position.
David Gokhshtein is the founder of the Pac Protocol network and a crypto influencer who often tweets about the crypto world. In the most recent, he discussed the Ripple vs SEC case and how the resolution of the legal struggle between Ripple and the SEC will benefit XRP.
David cited a previous interview with Ripple CEO Brad Garlinghouse, in which he stated that the business will resolve the issue with the US Securities and Exchange Commission (SEC) if the asset class of the Ripple token is clarified.
According to David, if the SEC clarifies whether Ripple’s asset class is a security or not, it will also clarify the status of other crypto assets. And the SEC’s clarity will function as a stimulus for the XRP and cryptocurrency markets to take off.
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