Axie Infinity (AXS) Ready for a Breakout – Price Analysis
Ripple has been among the most resilient digital coins for over one year. Though the SEC vs. Ripple legal battle has progressed since late last year, XRP price has been attractive, hitting its ATHs in 2021 April.
Market players believe Ripple Labs will win the lawsuit by the US Securities and Exchange Commission, suggesting that XRP is security since it’s an investment contract.
Moreover, Ripple’s CEO confirmed that the case may end in 2022. Winning here will see XRP climbing remarkably.
SEC VS. Ripple Update: SEC May Go After Ether
Recently, the Securities regulator its 2018 statement, stating that it has never considered digital coins such as ETH and BTC as non-securities.
That means the regulator can go to Ethereum after finalizing the case with Ripple. Meanwhile, SEC has not clarified its stance on whether BTC and ETH are non-securities or securities.
Despite this, the cross-border payment token has fans believing Ripple will be at the United States Securities and Exchange Commission in the lawsuit.
Cryptocurrencies investors and analysts like Kevin Cage remain optimistic about Ripple, saying that XRP has maintained its spot in the top ten despite delisting cases and the legal battle with SEC.
XRP Ready to Breakout
Ripple has its price moving on bullish waves at $0.7923. Moreover, the remittance token has registered many lower lows and lower highs since 7 November. The daily chart shows XRP’s price actions printing a descending channel.
Meanwhile, Ripple plunged below the $1 psychological level on 26 November, and it has tried to reclaim the level multiple times since then. However, rejection at the channel’s upper boundary and the selling momentum that resulted from the 4 December crash forced XRP further lower.
While writing this analysis, Ripple battles overhead pressure around the $0.80 psychological mark. A close past this level can see XRP rallying high beyond the resistance at $0.8300, confirming XRP’s bullish breakout.
XRP/USD Daily Price Chart
The RSI drifts away from the oversold territory, accentuating the optimistic picture. Moreover, that confirms possible trend reversals. Breaching the barrier at $0.7490, XRP can lose 12% exploring the lows of $0.6786.
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