Ripple Vs. SEC: XRP Showing Strength In The Legal Fight As New Evidence Arises

Altcoins

The returns on Ripple were promising in the past decade, but it largely missed out on significant crypto gains. However, it did succeed during the early parts of last year until April, when its value grew significantly higher than before, only to be replaced by other cryptocurrencies later in autumn, which had much better performances throughout that period.

XRP has been making lower highs since 2017, and the price is bearish. Other cryptocurrencies continued to make record highs until November 2021, but XRP’s price had grown slowly. During last month’s dip, XRP had slipped below $1, falling to $0.55. It met SMA200 (purple) on weekly charts, which provided support for a second time; then started bouncing higher again in January this year.

Related Reading | Representing Lawyer of XRP Holders Predict SEC’s Next Move As Ripple Price Hikes

XRP/USD is climbing higher, but buyers haven’t been able to push the price above 50 weeks SMA (yellow), which stands at $1.9 and acts as resistance in the top level for now; however, a jump from 055 did show some bullish signs since they gained around 60%. A week later, markets turned bearish again overall, but XRP holding onto its gains indicates that there could be more upsides left within rangebound periods.

XRP Fight Against SEC

The main reason XRP is falling behind the rest of the crypto market has been a legal battle that started more than one year ago, when SEC opened their case against Ripple, claiming it’s an investment contract. Everyone following this lawsuit will determine how blockchain technology should develop in America for future generations.

Ripple has faced many challenges in its lawsuit against the SEC. One recent twist was that judge Analisa Torres granted them permission to respond, which they did with fair notice of defense earlier this month.

Analysts Reviews On Ripple Fate

The end may be near for this case, which would mean greater appreciation in XRP’s price.

Related Reading | Bitcoin Plunges Below $40 As Russia Has Reportedly Given Its Forces Order To Attack Ukraine

James Wo, founder, and CEO of  DFG said in an email to CoinDesk;

We’ve seen in tech history that no matter the result of the trial, verdict or closed-door agreement, supporters regularly see the ending of a legal battle as a bullish sign. This increase could be the beginning of a bullish period for XRP if indeed the long-lasting trial comes to an end in the upcoming months.

Some people predict that XRP will lose favor among investors because there is now a newer, more popular payment token in the market.

Another statement by Vladimir Gorbunov, CEO of Crypterium, explains;

Ripple’s outlook remains questionable because market conditions have changed dramatically over the past few years. A large number of companies making similar solutions to Ripple. However, Ripple is the most popular service in the segment of interbank transactions.

                 Featured image from Pixabay, chart from TradingView.com

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