Ripple has experienced strong resilience against the uptrend in recent weeks. This upward trend was further hampered by the recent collapse of the cryptographic market, which led to significant losses after Bitcoin fell below $ 30,000. However, the market has made small profits, and with these profits, XRP has recovered by a small margin.
XRP is trading at $ 0.548 at the time of writing after a 3.4% rise in 24 hours.
XRP price analysis
A 3% price increase in XRP prices could push the mark towards exceeding the $ 0.55 resistance. Since the beginning of June, the XRP has been on a downward price, leading to a withdrawal below the 2019 peaks.
Market support may fail again, with short-term traders selling, testing strong support at $ 0.50. This could be followed by stronger bears who could test more for lower $ 0.47.
On the other hand, current market support could continue, with XRP testing the first resistance at $ 0.55. A strong bull run could push the resistance further towards $ 0.62 and $ 0.70. A bullfight as recorded in April per dollar will only happen if the whole market chooses an uptrend.
The case against Ripple could soon be thrown out the window because of the recent statements by two Commissioners of the US Securities and Exchange Commission (SEC). Two commissioners, Hester Pierce and Elad Roisman, were dissatisfied with the recent Coinschedule solution.
Pierce and Roisman said they were disappointed with the settlement because the SEC did not figure out which digital assets advertised by Coinschedule were securities. writing reads, in part, that the omission is “a symptom of our reluctance to provide further guidance on how to determine whether a token is being sold as part of an offer of securities or which tokens are securities.”
Ripple wishes to use this sentence to bring an action for dismissal of the Ripple proceedings. On Monday, Ripplen’s executives, Garlinghouse and Larson, selected some of the commissioners ’statements to file a notice of dismissal. If the case is rejected, it will be a big win for Ripple and XRP.
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