Ripple Price Rises Over 30% - SEC Might Loose To XRP.

Ripple Price Rises Over 30% - SEC Might Loose To XRP.

2022-02-08 | Big Bob

Ripple Price Rises Over 30% - SEC Might Loose To XRP.

The price of Ripple (XRP) has risen about 30% in under a week due to favorable emotion surrounding the lawsuit in which the US Securities and Exchange Commission (SEC) alleges Ripple traded XRP as unlawful securities.

Ripple vs. SEC

As per legal filings, Judge Analisa Torres has allowed Ripple authority to answer to the SEC's Memorandum of Law in favor of the Motion to Strike fair notice argument. Judge Torres further demanded the release of three papers related to the SEC vs. Ripple lawsuit, namely Ripple CEO Brad Garlinghouse's email thread as well as deposition notification, as well as creator Chris Larsen's email thread. The orders of Judge Torres were well greeted by the markets. Shortly once they were published, the price of XRP increased by about 30%, increasing from its lowest level of $0.058 on February 3 to as high as $0.8459 on February 8th. The upward movement gained traction when Jeremy Hogan, partner at legal firm Hogan & Hogan, stated that the SEC vs. Ripple case may be nearing a conclusion.

XRP "death cross" on the horizon?

The current round of XRP purchasing came when the coin reevaluated its multi-month resistance trendline. The 20-week (green) as well as 50-week (red) exponential moving averages of XRP currently constitute a resistance confluence ahead (EMAs). Furthermore, both the moving averages appear to be forming a "death cross" if the 20-week EMA falls under the 50-week EMA, indicating a typical sell signal. Nevertheless, a strong, high-volume closure over the aforementioned EMAs might lessen the selloff dangers connected with the death cross. Furthermore, if the price of XRP continues to rise, this might retest its declining trendline resistance at $1.26, representing a 50% price gain from present levels. The co-creator of cryptocurrency wallet provider MinePlex, Alexander Mamasidikov, dismissed the bearish warnings, claiming that the resolution of a long-running court dispute between the SEC as well as Ripple would've been bullish for XRP.

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