Ripple’s XRP All Set to Breakout Past The Key $1 Level?
The bullish momentum in Ripple's XRP continues to take its price higher, with the psychological level of $1 now in sight, powered by rising
Early on Wednesday, the bullish momentum in Ripple’s XRP continues to take its price higher, with the psychological level of $1 now in sight, powered by rising optimism that the lawsuit will go against the SEC and in favor of the company and its cryptocurrency. At the time of writing, XRP/USD is trading around $0.96.
One of the most notable developments that has powered this sentiment, even as there are no new developments to report directly from the court just yet, is the lawsuit filed by Empower Oversight against the SEC for its biased approach towards Ripple. The non-profit organization believes that their case could win in the court, which in turn could result in a compromise between the agency and Ripple, resolving the issue of the XRP being termed as a security. Crypto experts have also called out the SEC in the past for going after Ripple for the sale of XRP as unregistered securities even as it gave a free hand to other peers such as BTC and ETH.
One Year Since SEC Filed The Lawsuit Against Ripple And Crashed XRP Price
Meanwhile, on the anniversary of the lawsuit being filed by the SEC against the company, Ripple’s CEO Brad Garlinghouse shared a post on Twitter in which he went after former SEC Chairman Jay Clayton. He expressed confidence that his company will emerge victorious in this legal battle, expressing confidence in the superior product Ripple has developed and has already seen considerable adoption within the mainstream financial sector worldwide.
According to Garlinghouse, “Today, the SEC voted to attack crypto. Chairman Jay Clayton – in his final act – is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH. We know crypto and blockchain technologies aren’t going anywhere. Ripple has and will continue to use XRP because it is the best digital asset for payments – speed, cost, scalability and energy efficiency. It’s traded on 200+ exchanges globally and will continue to thrive. The SEC – out of step with other G20 countries & the rest of the US govt – should not be able to cherry-pick what innovation looks like (especially when their decision directly benefits China). Make no mistake, we are ready to fight and win – this battle is just beginning”.
Meanwhile, former US Treasurer and present board member at Ripple and a visiting scholar at Harvard University, Rosie Rios, praised Ripple’s technology that leverage blockchain to enable faster and cheaper cross-border payments. In a recent interview with CNBC, Rios discussed how blockchain is already here, and Ripple’s technology is already in use by financial institutions all over the world. She went on to express hope that there would be more regulatory clarity on cryptocurrencies and their technology next year, which could foster more adoption by the mainstream financial sector.
XRP/USD Technical Analysis
Taking a look at the H4 price chart of XRP/USD, we see a bullish bias among moving averages as well as leading technical indicators MACD and momentum. However, the RSI is flashing sell signals as well.
Ripple’s XRP has shot past the pivot point at $0.81 and overcome two resistance levels at $0.86 and $0.90 respectively. We need to see buyers take out the resistance at $0.99 for the crypto to reclaim the key $1 mark again.
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