Ripple long-term investors bet on XRP, expect bias lawsuit against SEC to succeed
- After non-profit government watchdog accused SEC of bias against Ripple, investors expect positive outcome.
- Long-term investors predict a compromise with the SEC and a positive impact on Ripple price.
- Ripple price has posted over 13% gains over the past week, analysts expect the uptrend to continue for XRP.
Long-term investors expect Ripple to catch a break as a non-profit watchdog brings bias allegations against the SEC. Ripple’s success in the lawsuit filed by the SEC could trigger a bull run in the altcoin.
Ripple defies all odds and posts 13% weekly gains
Ripple investors are positive of the altcoin’s win in the case that the Securities & Exchange Commission (SEC) brought against the payments giant. Empower Oversight, a non-governmental organization, filed a lawsuit against the SEC accusing the regulator of bias against Ripple.
Proponents expect Empower Oversight to succeed and lead to a compromise in the SEC v. Ripple case. The SEC’s conflict of interest in declaring XRP as a security and taking no action against the largest altcoin Ethereum has invited public scrutiny.
Ripple price posted 13% gains over the past week, and analysts predict a continuation of the altcoin’s uptrend. Analysts are bullish on Ripple and a possible bullish trigger from a favorable outcome in the SEC v. Ripple case.
Cryptocurrency analysts at the YouTube channel CoinsKid recently evaluated the Ripple price trend. The analysts believe that Ripple is mirroring the double bottom pattern observed in the last two weeks of July 2021.
Ripple price broke past resistance at $0.83 and is currently trading at $0.89. The analyst has predicted that Ripple price could break into a rally if it stays on track with the ongoing trend.
FXStreet analysts have predicted that Ripple price could face rejection and drop lower.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
