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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Dec 14, 2023 06:18 UTC
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How Was the XRP Price Impacted by the SEC Lawsuit? Bill Morgan Speaks Out
Chatter suggests XRP might be poised for a surge, despite lingering below its peak and past legal woes.
eteran Bill Morgan argues factors beyond the SEC lawsuit have suppressed XRP's price, even after a favorable court ruling.
Recent market movement indicates a tug-of-war between bullish attempts and bearish pressure.
Lately, Ripple’s XRP has captured attention, stirring discussions and piquing the interest of crypto fans. Recent chatter suggests that XRP might be gearing up for a significant uptrend, an idea floated by the insightful 3TGMCrypto. Despite hanging below its all-time high of $3.84 for an astounding 2,165 days, the potential uptick in XRP’s future has everyone intrigued.
In December 2020, the U.S. Securities and Exchange Commission (SEC) cast a shadow over XRP, calling it an “unregistered security.” This legal tussle sent shockwaves through the crypto industry, reportedly impacting XRP’s performance during the 2021 crypto bull run and introducing various trading and liquidity challenges.
Bill Morgan’s Insights
Against the common belief, Bill Morgan, a seasoned lawyer and crypto enthusiast, injects a thought-provoking view into XRP’s market behavior. Challenging the idea that the SEC lawsuit and a two-year investigation are solely responsible for XRP’s prolonged consolidation, Morgan emphasizes that even with Judge Torres ruling XRP as not a security (a decision the SEC didn’t appeal), the anticipated surge failed to happen.
Also Read: From Skeptic to Supporter: Mike Novogratz Flips on Ripple; XRP Army Celebrates
Watch the Bulls and Bears in Action!
As of now, XRP is holding steady at $0.62. Recent market moves saw bullish attempts to stop XRP’s fall at the 50-day Simple Moving Average (SMA) of $0.62 on December 10th and 11th. Despite these efforts, the price struggled to breach the 20-day Exponential Moving Average (EMA) of $0.63. Yesterday, the bears gained momentum, pushing the price below the 50-day SMA.
What Next?
Veteran market analysts foresee bears possibly pushing the price down to a vital support level at $0.55, where considerable buying interest is expected. The 20-day EMA shows signs of stabilization, and the Relative Strength Index (RSI) hovers near the midpoint, suggesting a possible sideways movement in the short term. If the bulls make a decisive push to breach the $0.65 mark, it could change the market dynamics, setting the stage for XRP to face an overhead resistance at $0.75.
This Might Interest You: Can XRP and Altcoins Break Free from Bitcoin’s Shadow? Experts Discuss
As the market sways between bullish and bearish forces, the future of XRP hangs in the balance.
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