BTC and ETH both reversed direction as they sought fundamental support, implying the bears attempting to catch the over-leveraged bulls. Despite Ripple’s legal battle with U.S. securities regulators, XRP looks strong. XRP is likely to convert a historic level of resistance to support, paving the way for a significant rise.
XRP price action
Ripple’s XRP fell 0.03% on Friday. Ripple’s XRP ended the day at $ 1.08883 after falling 5.04% on Thursday. After a rough start to the day, Ripple’s XRP fell to an intraday low of $ 1.08 in the early afternoon before moving.
Ripple’s XRP climbed to an intraday high of $ 1.12 by mid-afternoon, breaking 38.2% FIB at $ 1.0659 and the first major support level at $ 1.0609. Ripple’s XRP fell to $ 1.07 after failing to break through the first significant resistance level at $ 1.1400. Ripple’s XRP briefly hit $ 1.09 levels late in the day before falling back into negative. As of this writing, XRP is trading in red at $ 1.09.
Ripple against SEC !! What’s in store for us?
Ripple responded to the SEC letter with an explanation of its claims of privilege as well as a redacted version of the three additional documents requested by the defendants for closed-door review in the XRP litigation. Ripple asked the court to make these records available to the defense, and he continued to argue against the plaintiff’s “privileged” position.
David Gokhshtein is the founder of the Pac Protocol network and a crypto influencer who often tweets about the crypto world. In the most recent, he discussed the Ripple vs SEC case and how resolving the legal fight between Ripple and the SEC will benefit XRP.
David cited a previous interview with Ripple CEO Brad Garlinghouse in which he said the company would resolve the issue with the United States Securities and Exchange Commission (SEC) if the Ripple token asset class was clarified.
According to David, if the SEC clarifies whether Ripple’s asset class is a security or not, it will clarify the status of other crypto assets as well. And the clarity of the SEC will work as a stimulus for the XRP and cryptocurrency markets to take off.