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Tag: XRP Coin

  • XRP coin – Bullish momentum in sights & lawsuit update

    XRP coin – Bullish momentum in sights & lawsuit update

    XRP coin is at crossroads between bullish and bearish pressures. XRP coin has been falling in tandem with the crypto market; however, in the daily timeframe, minor bullish momentum can be seen. At the time of press, XRP coin stands at a price level of $0.54. The price has increased by 3% in the past twenty-four hours while the daily trading volume has dropped by nearly 9%. In the past seven days, XRP has declined by 9%.

    XRP Coin Technical Analysis

    The market sentiment for the cryptocurrency is bearish. Out of the total twenty-six technical indicators, fifteen are standing at a position of sell with nine indicators are standing at a neutral position and only three indications are at a bullish position of buy. The oscillators are neutral while the moving averages suggest a strong downtrend.

    XRP Coin Technical Analysis
    XRP Coin Technical Analysis

    A trader has identified a crucial support level for the cryptocurrency in his analysis. Per the trader, the support level at $0.51 will help XRP coin regain bullish momentum. The cryptocurrency can be observed to be on a pull back to the upside from the support level. If the bulls begin to gain footing in the market, the price target at $0.70 will be activated for XRP coin. If the price target is achieved the next target will lie at $0.82. The upcoming price action of the cryptocurrency will prove to be crucial for its future trajectory.

    XRP lawsuit update

    Ripple Labs has been tangled in a lawsuit with the SEC as the SEC accuses Ripple Labs of being involved in the illegal securities trade of XRP. Both parties have been going back and forth – delivering blows – but no decisive judgment seems to be insights. Ripple Labs did bag a small victory as the presiding judge granted the counsel its motion to dispose an SEC executive. The deposition, originally to be held on 19 July, was delayed by the court till 27 July so that both parties can reach an agreement regarding the scope of the deposition.

  • Ripple’s plans to go public still intact

    Ripple’s plans to go public still intact

    CEO of SBI Group – the largest outside shareholder of Ripple – believes that Ripple Labs is set to go ahead with its plans of going public once the legal battle with SEC is over. The CEO Yoshitaka Kitao claimed that CEO Brad Garlinghouse and Chairman Chris Larsen revealed their plans to take the company public in Wednesday earnings presentation call.

    The CEO of Ripple Labs, Brad Garlinghouse, had hinted towards the company initial public offering while speaking at the World Economic Forum last year but before any developments could be made in this direction, the SEC derailed all plans of Ripple Labs. And according to the CEO of the Japanese financial behemoth, the plans are still intact once Ripple Labs settles the SEC lawsuit.

    Ripple Labs found itself entangled with the Securities and Exchange Commission in December 2020. The legal battle has dragged on ever since with no indication of an end anytime soon. The firm’s cryptocurrency, XRP, took a hard hit because of the lawsuit; however, things appear to have changed as XRP picked up the pace again.

    Ripple Labs is confident they will merge victorious as the prosecution’s argument lies in the fundamental differences between Ripple and Bitcoin or Ethereum. The legal counsel of Ripple Labs has been adamant that no such fundamental differences exist between the cryptocurrencies which make the whole case of SEC baseless.

    Ripple Labs has also bagged minor victories throughout the legal battle like the approval of a motion to grant Ripple Lab’s SEC’s discovery documents of Bitcoin and Ethereum. However, how useful the documents will prove to be is yet to be seen. Nonetheless, the firm remains steadfast in its plans of going public as it optimistically hopes to defeat the SEC in the legal battle.

  • Ripple (XRP) increasingly bullish as Ripple Labs lands a victory in SEC lawsuit

    Ripple (XRP) increasingly bullish as Ripple Labs lands a victory in SEC lawsuit

    Ever since Ripple Labs has found itself tangled in controversy over the US Securities & Exchange Commission, Ripple (XRP) has suffered badly. The debate over whether or not XRP is a security and had been traded while unregistered continues. However, XRP– after staying stagnant at a price level below $0.30 – started showing bullish momentum as the news of the lawsuit settled.

    As Ripple Labs bags a small victory in the lawsuit, the cryptocurrency surged upwards and broke the strong resistance level of $1, however, the level could not be established as support by XRP. At the time of press, XRP is trading hands $0.97 apiece while the $1 mark is acting as resistance again. However, it has now become evident that the bullish momentum of the cryptocurrency is going strong – making traders hopeful that Ripple will establish itself stably above $1.

    The primary argument of SEC is that XRP – in its working – is dissimilar to Bitcoin and Ethereum while Ripple Lab’s counterargument is the similarity between XRP and the two major cryptocurrencies. To support their argument, the counsel of Ripple Labs had filed a discovery motion aimed at revealing SEC’s documents of Bitcoin and Ethereum to prove their similarity with XRP.

    Magistrate Sarah Netburn has granted Ripple Labs the motion in the $1.3 billion lawsuit. The documents can either be Ripple Labs way out or a dead end – time will tell.

  • Ripple (XRP) crossing major resistance: Is a delayed bull run to begin?

    Ripple (XRP) crossing major resistance: Is a delayed bull run to begin?

    Amidst growing tensions between the SEC and Ripple Labs, Ripple (XRP) is surging. The Ripple cryptocurrency crossed the dreaded $0.50 resistance level and is as of this writing trading at $0.5120. Earlier in November last year, Ripple coin fell from a high of $0.70 to $0.20 as the SEC announced a lawsuit against the firm. Subsequently, the cryptocurrency was delisted from many major exchanges on the allegations that XRP has been trading as a security rather than a cryptocurrency. Ripple (XRP) tried to move back up but with growing tensions it was unsuccessful in doing so. However, as the proceedings of the lawsuit started the strong defense of Ripple labs became clear and bullish momentum picked up once again.

    Major developments

    1.What’s happening on Twitter

    The Twitter community has not been inactive for the past few days. With the court hearing of the Securities and Exchange Commission vs. Ripple Labs, XRP holders believe Ripple Labs has a much stronger case than the SEC.

    Twitter community has started a campaign of asking major exchange likes Coinbase and Binance to relist the cryptocurrency. The hastag started trending on Twitter. In the end, exchanges might have to succumb to the high demand and bring back Ripple cryptocurrency. The Twitter community is extremely bullish on the cryptocurrency and XRP holders believe it is only a matter of time before Ripple XRP explodes.

    2. SEC lawyer gives the green light to exchanges

    During the recent court hearing in the SEC v. Ripple Labs lawsuit, Magistrate Judge Sarah Netburn pointed out that all those involved in the trading of Ripple (XRP) are involved in the illegal sale of securities. To which, the SEC lawyer replied that only Ripple and affiliates are involved in the illegal sale of XRP. This remark has been one of the reasons behind the Twitter campaign of asking exchanges to re-list the cryptocurrency. Given the green light by none other than the SEC’s own lawyer, this major development can lead to exchanges relisting the cryptocurrency.

    3. The future of CBDCs

    The SEC lawsuit has not been hindering the activity of Ripple Labs. The firm published a white paper on the future of central bank digital currencies and proposed Ripple (XRP) as a viable bridge between CBDCs. CBDCs can contribute towards innovation and financial inclusion – a long aim of the Ripple Labs. Using XRP as a bridge will prove to be highly efficient and cost effective.

    Having crossed the Fibonacci pivot point of $0.5034, the next Fibonacci resistance level lies at $0.6620. The market for Ripple (XRP) is under the hold of the bulls, with the technical indicators giving out a signal of buy. As the lawsuit unfolds, major shifts can be observed in the cryptocurrency’s market.