- Ripple’s XRP fell 0.03 percent
- XRP is looking solid
- XRP is now trading in the red at $1.09 just at the time of writing.
Because sellers are attempting to catch over-leveraged bulls in the short term, both Bitcoin and Ethereum have reversed course in search of underlying support. It appears that XRP will hold up well despite Ripple’s ongoing legal struggle with US regulatory agencies. An unprecedented level of resistance in XRP is expected to be converted into support, laying the groundwork for a significant price increase.
A 0.03 % decline in the value of Ripple’s XRP occurred on Friday. Following a 5.04 percent decline on Thursday, Ripple’s XRP closed the day at $1.08883. Before making an upward rise, Ripple’s XRP fell to an intraday low of $1.08 in the middle of the afternoon, following a difficult start to the day.
Ripple’s XRP rocketed to an intraday high of $1.12 in the middle of the afternoon, breaking above the 38.2 percent Fibonacci retracement level of $1.0659 and the first significant support level of $1.0609. After failing to break past the first critical resistance level at $1.1400, Ripple’s XRP fell as low as $1.07 per dollar. After briefly rising to the $1.09 level later in a day, Ripple’s XRP fell back into the negative territory again. Right now, XRP is trading inside the red, at $1.09, as of writing.
After receiving the SEC’s letter, Ripple reacted by explaining its privilege assertions, along with a partial transcript of the three specific documentation sought by the defendants for in-camera inspection in the XRP dispute. He has requested the court to make these materials public to the defence, and he has maintained to contend that the plaintiff’s “privileged” stance is unwarranted.
In addition to being the creator of the Pac Protocols network, David Gokhshtein is a crypto influencer who frequently tweets about the cryptocurrency industry. Most recently, he spoke about the Ripple vs SEC lawsuit and how the outcome of the legal battle between Ripple and the SEC will be beneficial to the XRP cryptocurrency.
David mentioned an initial interview with Ripple CEO Brad Garlinghouse as evidence that the company will work with the Securities and Exchange Commission (SEC) to resolve the issue if the investment strategy of the Ripple token is defined clearly.
According to David, if the SEC determines that Ripple’s asset class is a security or not, it will also determine whether or not cryptocurrencies are securities under federal securities laws. In addition, the SEC’s clarification will catalyze for the XRP & cryptocurrency markets to take off.
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