Passing comment on SEC’s over-reach Representative Warren Davidson of the US House of Representatives has commented that he would bring a bill to fire SEC Chair, Gary Gensler.
Also, in the last 24 hours, the XRP price has increased by 1.4%, and trading volumes are alsohigh at 8.55%.
Let us analyze the impact of these developments along with a price analysis of XRP.
US Lawmaker Wants To Fire The SEC Chief
Yep. To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board (where authority resides). Former Chairs of the SEC are ineligible. https://t.co/VBnkgt8bhM
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— Warren Davidson 🇺🇸 (@WarrenDavidson) April 16, 2023
US Congress Representative Warren Davidson has said in a Tweet that he is going to correct a long series of mistakes through legislation that would fire the current SEC Chairperson Gary Gensler. Davidson said this in reply to Paul Grewal, Chief Legal Officer at Coinbase. Paul has been vocal recently in his support for XRP despite Coinbase having delisted the cryptocurrency.
Davidson agreed with Paul’s view that rather than amending rules to accommodate new-age entrepreneurs, the SEC has been acting to threaten them by forcing them to register when there exists no legal framework to do so.
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If fired, this would give a big setback for the SEC which has been pursuing cases against Ripple(XRP) and Tron.
Increase in XRP Trading Volumes by 8.55%
In the last 24 hours, though, XRP has only witnessed a gain of 1.55%; its trading volume has increased by 8.55% signalling upcoming bullishness. Trading volume is often considered a leading indicator of price movement. A gain in trading volume means more people are getting interested in buying a financial asset.
However, the growth or decline in volume alone cannot indicate the direction of price movement. The direction can be judged by using indicators and technical analysis.
XRP Price Analysis
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In technical charts (daily charts), XRP is very close to breaking a major resistance near $0.54. If it crosses this level, the cryptocurrency could initiate a fresh bull run toward $0.86, a 60% gain.
Technical indicators show that:
- XRP price is in a small bullish trend which started 15 days prior on April 3, 2023.
- RSI is at moderate levels but shows no sign of strength.
- MACD has shown a negative crossover.
- Trading volumes are increasing but are way less than their previous month’s volumes.
Looking at 4-hour charts, the price is stuck between a narrow channel, between $0.50 and $0.53. The price must break above these levels, or else, if we trade, it will just trigger our stop loss.
Target and Stoploss
For the current situation, it’s best to wait for the price of $0.54 before making any move. After $0.54 is taken out in daily charts:
Target: $0.86
Stoploss: $0.50
Disclaimer: Voice Of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
