XRP price remains unfazed by the SEC’s legal battle with payment giant Ripple
- XRP price remained largely unaffected by updates in the SEC’s battle with payment giant Ripple.
- In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse remained unfazed by the SEC’s progress in its lawsuit against the payment giant.
- Analysts predict recovery in XRP price, as the altcoin continues its recovery.
XRP price is currently 13.7% lower compared to last week. However, proponents argue Ripple is unfazed by the SEC’s lawsuit. The altcoin is on track to begin its recovery.
Ripple CEO unfazed by the SEC’s position in the lawsuit
Brad Garlinghouse, the CEO of Ripple, recently told Bloomberg in an interview that the payment giant can continue doing business as usual. Garlinghouse believes that the US is the only country that classifies XRP as a security.
XRP was hit by the SEC’s lawsuit when the altcoin suffered a slew of delistings from cryptocurrency platforms and exchanges. Despite the lawsuit and the aftermath, XRP price recovered and resumed its uptrend.
Proponents argue that the recent updates in the SEC vs. Ripple case do not influence XRP’s price negatively. Therefore, XRP price could continue its recovery irrespective of the outcome of the SEC vs. Ripple case.
The regulator has pocketed small wins along the way in its lawsuit against XRP, and the altcoin is currently in a phase of consolidation. However, the rising commercial utility and Ripple’s latest rebrand initiative could drive demand for the altcoin higher.
Irrespective of Ripple’s win, loss or settlement in the SEC’s case against it, XRP price could recover from its pullback and wipe out losses of investors.
Analysts at @IncomeSharks have identified a short setup in XRP’s current price trend. Before starting a climb, XRP could find support lower than the downside target of $0.61 unless buyers line up on exchanges to fuel the altcoin’s recovery.
$XRP - Perfect short setup almost hitting the bottom target. Closed the trade for a nice 4h short. https://t.co/9Dlm6h3Yxb pic.twitter.com/UsEHOk2v0Q
— IncomeSharks (@IncomeSharks) April 29, 2022
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.
