XRP Ripple (XRP) has experienced a decline amid a 1.56 percent downtrend in the cryptocurrency market and concerns about next fall data affecting the United States economy, which could put additional strain on major banks.
The digital investment, which fuels the decentralized XRP Ripple (XRP) Ledger with a focus on payments and liquidity, has decreased by approximately 1.67 percent in the last 24 hours.
Regardless of the negative price movement, positive advancements in the ongoing United States Securities and Exchange Commission (SEC) vs. Ripple lawsuit and the present technical configuration of the digital currency suggest optimistic price predictions.
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$ XRP Ripple (XRP) Struggles to Find a Foothold
During the whole lot of bull market in 2017 and early 2018, $ XRP Ripple (XRP) surpassed the $3 mark as interest in the coin’s potential grew.
Nonetheless, the optimistic outlook sooner or thereafter dissipated, and the crypto token has struggled to hit its peak price again.
At the time of publication, the $ XRP Ripple (XRP) crypto token is currently worth $0.44, indicating a downtrend of 1.67 percent in the last 24 hours.
Before this, the digital asset’s value experienced a 1.1 percent price boost in the previous week and a 5.7 percent boost in the last two weeks.
$ XRP Ripple (XRP) as of now has a 24-hour volume of trading of $954 Million and a further decrease of 0.29 percent points to an incoming bearish sentiment.
Regardless of the past week’s gain, XRP’s technical charts as of now show a neutral form.
The digital investment is on par with its 50-day simple moving average (SMA) value of $0.44 for the short term. Nonetheless, it trails below its 200-day simple moving average (SMA) value of $0.47 for the long term.
Investors should remain prepared for price fluctuations betwixt the token’s short-term and longstanding moving average indicators according to market volatility.
In terms of technical analysis, the $ XRP Ripple (XRP) coin met resistance at the 50 percent Fibonacci retracement level of $0.46 and is as of now dropping toward the 38.2 percent Fibonacci retracement level of $0.42.
This Fibonacci retracement level could support the asset’s rebound if the market rallies. Nonetheless, if the broader market decline continues, $ XRP Ripple (XRP) may fall further.
The relative strength index (RSI) reading of 47.01 signifies that the Ripple investment still resides in the underbought region.
Similarly, the moving average intersection divergence (MACD) indicator is positioned over the orange trendline, displaying a weak buy signal.
A Game Changer in Ripple vs. SEC Case
An optimistic XRP Ripple (XRP) advocate and lawyer, John Deaton, recently pointed out an overlooked footnote in a Ripple opposition brief from 2022 that could significantly impact the outcome of the ongoing dispute.
Deaton highlighted the discovery of this small but potentially whole lot of footnote in a Ripple legal document in a recent Twitter notice on May 22.
Read this short 🧵 please. And once you look at all the other SEC-LIT-EMAILS quoted in Ripple’s opposition, they are redacted. The one about there being reasonable grounds to not believe XRP Ripple (XRP) satisfies all the Howey factors is not redacted. pic.twitter.com/Nc6kfNMJ4c
— John E Deaton (@JohnEDeaton1) May 21, 2023
The footnote believed to originate from a third party source, confirmed that discussions about XRP Ripple (XRP) had took place between SEC staff before the notable Hinman speech.
Reports by the highlighted footnote, there are reasonable grounds to argue that XRP Ripple (XRP) does not meet all the requirements of the Howey test. This, this is why, implies that it should not be categorized as a ‘security’ under federal securities laws.
This revelation carries whole lot of implications, as any internal differences of opinion between SEC officials regarding XRP’s security classification could potentially influence the ongoing litigation betwixt the United States regulating authority and Ripple.
In December 2020, the Securities and Exchange Commission (SEC) initiated legal action against Ripple, alleging that the sale of its $ XRP Ripple (XRP) crypto token violated securities regulations by not being properly registered.
If the outcome favors Ripple, we may see a whole lot of boost in the price of the $ XRP Ripple (XRP) asset.
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