XRP/USD: Holding critical support 0.45$, expecting new bull run but waiting for sec decision

M.Ali Zah All My Pips

Short term Analysis:
Ripple continues to move sideways after registering only a false breakout above 0.5 psychological level. Still, the price action shows us some bullish signals in the short term. Personally, I believe that XRP/USD needs a bullish spark to be able to develop a strong swing higher. short term 0.35 support and resistance 0.70$ level Ripple can move. If this support level holds, Ripple could rise to the next short-term resistance at $0.50 and 0.65 also 0.75$

Long Term Analysis:
Price very strong bullish but waiting for SEC VS RIPPLE CASE decision, If ripple win case XRP skyrocket towards ALL-TIME HIGH 5$, 7$ And later 10-15$, If Ripple loses case price could crush 0.10 below. Currently so far market positive about Ripple.

SEC CASE:

As for Ripple's XRP, it has been trading at $0.455 for over a week. The token is unlikely to grow due to an SEC vs Ripple case. Recently, the crypto giant has filed a formal response to the SEC and requested documents related to the agency's determination that Bitcoin and Ethereum are not securities. The market awaits the outcome of the court battle.

Market News regarding Case: 70% Positive news towards XRP and 30% negative

1-Yesterday’s discovery hearing in SEC v. Ripple produced two “surprise bombshells” in Ripple’s favour, as analyzed by Jeremy Hogan.
2-Judge Sarah Netburn believes XRP has value as a currency and utility.
3- 2nd Time Attorney Deaton files pre-motion letter for intervention by 10,000 XRP holders.
4-SEC Tells Judge That XRP Cannot Be Compared to Bitcoin and Ethereum During Hearing.
5-US Court allows Ripple’s co-founders to file a motion to dismiss the case.
6-Ripple Hires Uber Veteran To Lead Southeast Asian Expansion

Author

M.Ali Zah

All My Pips

M.Ali has 10 years of experience in analysing and covering the global markets, with specialization in Forex and commodities markets.

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