XRP Price Remains under Pressure as Caution Hits Ahead of Sec v/s Ripple Ruling

XRP Price Remains under Pressure as Caution Hits Ahead of Sec v/s Ripple Ruling

Things have been quiet over the last few days as we wait for any SEC v/s Ripple law lawsuit updates.

XRP holders are banding together in a bid to take down the U.S. Securities and Exchange Commission, according to the founder of law firm CryptoLaw and XRP holder representative John Deaton who says that more than 70,000 people have joined the class-action lawsuit against the SEC. The success of this venture is thanks to the hard work and dedication from its initial members, who turned into 70,000 people believing in what they are doing.

The case against the SEC has taken an interesting turn, with fans from every U.S state and 141 countries around the world joining in on XRP's defense. Deaton told Gary Gensler, the regulator's commissioner, that victory would be on the side of XRP.

The SEC has been cracking down on cryptocurrency companies and their tokens that it considers securities. Some say that the battle between XRP and SEC has moved into a "dirty" stage, with both parties trying their best to pressure each other and act insidiously.

Lawyers for Ripple have recently filed a petition against the SEC, claiming they are suppressing and coercing the company. Jeremy Hogan accused the regulator of hindering their process when they refused to identify what speeches were given by employees, which included recordings from the former head of SEC, Richard Jackson.

XRP Price Analysis

Ripple Price Analysis | Source: <a href='https://www.tradingview.com/chart/?symbol=BINANCE%3AXRPUSDT'>TradingView </a>
Ripple Price Analysis | Source: TradingView 

XRP continues to find itself in a tight range, with no sign of either direction changing. The 20-day EMA and overhead resistance at $0.39 remain as an obstacle to this crypto's progress

The ascending 20-day EMA and RSI are in favor of buyers. The price may be ready for an up-move once it surpasses $0.39, which would indicate that the bull market has returned with a vengeance. The XRP/USDT pair could then rise to $0.48 and later to $0.54.

If the price breaks below the 20-day EMA, it will likely lead to a negative perspective. This could lead to prices dropping below the 20-day EMA. Such a move might suggest that the pair will be spending some more time in this range.

Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)

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