Crypto lawyer Stephen Palley affirms Ripple is a security while XRP price struggles to recover

XRP price has been trading sideways for the past two weeks unable to recover.
According to a popular cryptocurrency lawyer and analyst, XRP is in fact a security.

Back on December 22, 2020, the SEC filed charges against Ripple and two of its executives for allegedly conducting a $1.3 billion unregistered securities offering. XRP price plummeted and lost more than 60% of its value within a week after the announcement.

XRP price can’t seem to recover from the SEC blow

Not only did the SEC charge Ripple, but most popular US-based exchanges have delisted XRP or halted trading. These announcements also caused XRP price to drop even lower reaching a local bottom of $0.173 on December 29, 2020.

XRP/USD 4-hour chart

From a technical perspective, XRP has established a descending triangle pattern on the 4-hour chart, which seems to be on the verge of a breakdown or breakout. The digital asset just got rejected from the upper boundary trendline and losing the $0.263 critical support level would send XRP price down to $0.188.

However, there is still a chance for XRP bulls to crash through the upper trendline of the triangle pattern on the 4-hour chart. This breakout can drive XRP price towards a high of $0.35 in the long-term.

Stephen Palley believes XRP is a security

Some Conclusions
1. XRP = a security
2. Craig Wright ≠ Satoshi
3. Bitcoin ≠ a Ponzi
4. Crypto prices are manipulated
5. Tether, prolly corrupt
6. Ayn Rand is tedious
7. Money Printer go brrrrrr is good
8. The Howey test makes sense
9. Herring = good
10. Hindsight isn't 20/20
— Palley (@stephendpalley) January 23, 2021

A price breakdown would be far more likely if other popular analysts like Stephen Palley come out against XRP. Palley is a Blockchain and virtual currency attorney that believes XRP is in fact a security. In his latest tweet, Palley also mentions that Tether (USDT) is most likely corrupt and that Craig Wright is not the creator of Bitcoin.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram