Ripple (XRP) Steady at $0.8200 – Why 50 SMA is the Key for a Fresh Surge

The XRP/USD closed at $0.81110 after placing a high of $0.82148 and a low of $0.77355. XRP/USD changed its course and rose on Tuesday following the prevailing market trend.

Recently, the Securities and Exchange Commission has denied that it ever made an official statement on the nature of ETH or BTC. At the same time, Ripple and its co-defendants have gathered several statements from SEC officials in audio, text, and video that suggest otherwise. However, SEC has insisted that those were only personal opinions and not official statements from the agency itself in response to this evidence.An attorney, John Deaton, has issued a theory suggesting that if Ripple wins the SEC lawsuit, it means BTC and XRP will be safe from the securities regulator. In response to this theory, the SEC has said that it has not officially declared BTC or ETH as non-securities. Therefore, the agency is likely to pursue an investigation into Ethereum once the litigation with Ripple ends.

Meanwhile, a US watchdog organization by the name of EMPOWER has sued the SEC because of the regulators handling the Ripple lawsuit. EMPOWER is a non-profit educational organization focused on an independent oversight of government regulatory agencies. According to EMPOWER, the former SEC chairs and executives of regional offices, Jay Clayton, Marc Berger and Bill Hinman, have a massive conflict of interest in the SEC vs. Ripple case. The watchdog complains that the three SEC officials have left the regulator to join companies associated with BTC and ETH. The organization has filed a lawsuit against the SEC, accusing the organization of being biased against the Ripple payments giant.

The case filed by EMPOWER (Empower Oversight Whistleblower & Research) against the SEC added some strength to the Ripple token, XRP, pushing the value higher on Tuesday.

 

Support                 Resistance
0.78260                 0.83053
0.75411                   0.84997
0.73467                  0.87846
Pivot Point:            0.80204

The XRP/USD coin is facing strong resistance at 0.8230, which is being extended by a 50 SMA line. On the 3-hour timeframe, the SMA is likely to push Ripple prices lower, towards the support level of 0.7800 and 0.7648.

A spike in demand could trigger a bullish breakout above 0.8230 and lead the XRP/USD price towards 0.8606 and 0.8915 level. Let’s keep an eye on 0.8230 for a sell trade and vice versa. Good luck!