Following Bitcoin’s sudden 15% rally, the crypto market is trading green today. Most altcoins have started to validate a bullish thesis by breaking above resistance levels. Major altcoins Ethereum, Cardano, BNB Price are up by 8.2%, 10.2%, and 6% respectively.
Speaking of the top altcoins, XRP Price has also surged 20% earlier today. The token after opening at $0.587 further surged to $0.676 i.e 24 hr high. It is currently correcting gains as it sits at $0.657 up by 8.9% in the last 24 hours.
The next resistance to breach is at $0.6835. Also, the 50 Day SMA level is just ahead of resistance at $0.69. If XRP Price manages to break above these levels, it can further target the 200 Day SMA at the $0.76 level. For this to play out the building up of buying pressure will remain crucial.
However, for this bullish thesis to validate XRP has to make a daily close above $0.67. In the case of stoop below this level, the support stands at $0.6420 and $0.620 further.
The technical tools like Stochastic and 50 M.A. suggest bullish trends in Ripple. The Relative Strength Index is also bullish for XRP.
As for the long-term price prediction for XRP. Popular analyst and trader Ben Armstrong in his recent Youtube Video makes a bullish case. He says XRP Price will be valued at $22 by 2022. He has upped this stat from his previous $12 prediction.
Ripple Labs Vs SEC Update.
Ripple is strengthening its defense against SEC. Ripple’s legal counsel has cited a public statement released by 2 of the SECs five Commissioners. Commissioners Hester Peirce and Elad Roisman express how there is a decided lack of clarity around how security laws apply to digital assets.
Ripple has filed a fresh motion asking the court to consider two SEC commissioners’ statements. They claim that XRP/USD exchange rate was not given adequate information on how securities laws might be applied to digital assets.
SEC, on the other end, is attempting to overturn Ripple’s latest action. Their defense is that the comments made by the Commissioners were not made by the SEC. These can’t be utilized against the SEC because they don’t have any legal authority.
The Ripple Vs SEC case will be a landmark case in the history of cryptocurrencies. The outcome of this decision will be crucial and play a huge role in crypto regulations.