In the ongoing saga of Ripple’s legal battle against the U.S. Securities and Exchange Commission (SEC), recent developments have sparked renewed interest in the cryptocurrency community. Crypto enthusiast and analyst Lord Crypto has shared key updates that paint a potentially bullish picture for XRP holders
According to Lord Crypto, a California judge has dismissed all class action claims in the suit against Ripple. This ruling does not negate the New York court’s decision from last year, which maintained that XRP is not a security. Furthermore, the California court dismissed all allegations that Ripple violated federal securities law by selling XRP.
The only remaining claim is a single state law issue from an individual who did not purchase XRP directly from Ripple and is unsure if statements made by Ripple’s CEO, Brad Garlinghouse, in a 2017 interview influenced their buying decision.
Lord Crypto expressed optimism about these developments, stating, “So as far as victories go, we are close to the finish line and I’m happy for the Ripple team.”
XRP Price Analysis: Cautious Optimism Amidst Bearish Trends
While the legal developments seem positive, the current market sentiment for XRP remains cautious. An analysis from AltFINS suggests that despite the favorable court rulings, XRP’s price action is still facing headwinds.
XRP is currently in a downtrend, having experienced a bearish breakout from an Ascending Triangle pattern and falling below the $0.50 support level. The next potential support lies at $0.42.
Source: altFINS – Start using it today
Key Resistance Levels
For a bullish reversal, XRP needs to break above two critical resistance points:
- The horizontal resistance at $0.57
- The 200-day moving average, also around $0.57
If XRP manages to surpass these levels, it could potentially reach $0.65.
Technical Indicators
- Short-term, medium-term, and long-term trends are all classified as “Strong Down.”
- Momentum is bullish, with the MACD Line having crossed above the MACD Signal Line.
- The RSI-14 indicates that XRP is neither overbought nor oversold, sitting between 30 and 70.
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Trading Strategy
AltFINS suggests that while most traders wait for a breakout, swing traders might consider trading between the trendlines of the Ascending Triangle pattern, buying at support and selling at resistance, as long as the trendlines remain relatively far apart.
While the legal landscape appears to be tilting in Ripple’s favor, the price action of XRP remains constrained by technical factors. Investors and traders should closely monitor the key resistance levels around $0.57 for potential bullish momentum.
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