Price Analysis

Ripple on its Way Towards the Victory Against SEC, Will it Uplift the XRP Price Above $1 This Week? 

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Apr 14, 2022

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Highlights

    XRP price is attempting a v-shape recovery aiming to hit $1 at the earliest but the bears attempt hard to keep the price lower below $0.7

    The recent happenings of the Ripple vs SEC may fuel the XRP price that could uplift the lower support above $1 to secure the positions above $2 very soon

Biggest Win for Ripple Against SEC

In a recent update, an action lawsuit was filed against the EX-SEC officials William Hinman and Jay Claton over mishandling the proceedings of the Ripple vs SEC case. The lawsuit was filed by Attorney Fred Rispoli and Shannon O’Leary who represents XRP investors on 11 April 2022. They claimed the lawsuit was influenced by the interest of the third parties who were to be benefitted from Ripple’s closure. 

The Attorney, in a thread, explained how both the officials conspired to bring down the XRPL network which was assumed as a big threat to their previous clients. Their previous clients had a multi-billion stake in Ethereum. Moreover, they had heavily invested in the ETH network which prevented the officials to probe Ethereum in a similar way as Ripple. 

However, the judgement of the court refused to consider Hinman’s speech as a guide to evaluating digital assets offerings. As the commission now appears to be confused over its stance regarding the speech as the SEC avoided taking any responsibility for the speech. 

XRP Price Aims at a 20% Upswing

XRP price in the recent past flipped from the bearish trend and began surging with a notable bullish momentum. However, after recording a couple of upswings, the bears are currently intensifying notable pressure on the price. And hence despite a bearish pressure, the XRP Price appears to explode out of the consolidation and pressure any time from now. 

The XRP price is hovering along with the lower support at $0.71 for the past couple of days. And moreover, the attempt to rebound from the bearish trend also appears to have gone in vain. Therefore, a revisit to the same support is quite possible before pulling the next leg up. However, testing and clearing the levels at $0.78 may enable the price to re-enter the same symmetrical triangle. And moreover, the positive updates of the Ripple Vs SEC case may also prevent the price to drop down towards the lower support. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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