Price Analysis

Ripple vs SEC, Things seem to be working in Ripples favour! Will XRP Price Rally to $1?

Written by: Anjali Belgaumkar

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Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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Aug 6, 2021

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Ripple’s back-and-forth price action continues today, with the price starting at $0.7308 before reversing. Ripple is currently trading at $0.71, down 2.14 percen. 

According to a trading view analysis, we are seeing higher highs and lower lows. In this cycle’s bull trend, it has found our level of resistance, which will delineate and determine what comes next for XRP.

We will see some more sideways action for AUGUST and then an explosive move SEPT/OCT. Taking profits around $5-6 in OCTOBER 2021. Potential of 600% gains in the next few months.

Over the previous few weeks, the price of Ripple has risen significantly. The price of XRP soared above $0.78 and tested $0.74. There was no $0.750 test. The price has begun to retrace its gains, and it is currently trading near $0.71. The key support is near $0.70, below which there is a risk of a longer-term drop.

Ripple vs SEC

The CEO of Ripple has been given access to Binance’s XRP transaction records. Brad Garlinghouse’s request for access to all XRP transaction records on Binance was granted by the court. The documents could be used to show that XRP sales took place outside of the United States, providing additional evidence in Ripples’ ongoing battle against the SEC.

Given that this data must be obtained from outside the United States, as Binance is based in the Cayman Islands, it will be used to demonstrate that XRP sales occurred outside of the United States and so are not subject to SEC jurisdiction, a significant argument in Ripple’s favour in the complaint.

The XRP coin price is now in a steady upward trend, with the goal of reaching a new high. It has the potential to rise above $1 in the near future.

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Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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