Investing.com – It’s down 4.77 percent in the past 24 hours with an XRP price of $ 1.0565. With a market capitalization of $ 49.4 billion, however, it was again able to take 6th place among the cryptocurrencies, because Solana fell back to 7th place with $ 46.6 billion.
Ripple takes the lead in litigation with SEC
For the Securities and Exchange Commission (SEC), things are looking anything but good regarding the legal dispute with Ripple. The regulatory authority is apparently at the end of its game and no longer knows how to argue without supplying the defendant’s lawyers with new ammunition.
As a result, process watchers tend to believe that Ripple Labs will inevitably prevail. Most recently, the US Securities and Exchange Commission had to admit that they had not responded to inquiries from third parties when they requested secure information about whether the XRP is a security or a commodity.
Due to this lack of information, Ripple Labs also assumed that the XRP should be equated with and. So there were no concerns about selling XRP worth $ 1.3 billion. Ethereum finally raised money with an ICO in 2017, which never led to a lawsuit, on the contrary.
In 2018, the chief SEC official William H. Hinman even certified that the ether is only a commodity. At the same time, however, the agency was targeting Ethereum-based blockchains that were conducting an ICO. You can read why that was so in the article.
Ripple XRP technical analysis
On the daily chart, Ripple is in the area of essential support with an XRP price of $ 1.0526. The lows of August 18th and 27th can also be found here.
The 38.2 percent retracement of the rally from $ 0.5175 to $ 1.3480 provides another important support at 1.0307. This has already been tested twice, but on a daily closing price basis the bulls were able to prevent worse. If this does not succeed in the next few days, then losses to the 50 percent retracement of 0.9327 must be expected.
Resistance is at the 23.6 percent retracement at $ 1.1520. Should the ripple overcome this, then the recovery can be extended towards 1.30 dollars.
From Marco Oehrl
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