The bullish momentum on XRP price charts appears to be waning. However, the cryptocurrency’s price action still lives within the ascending trendline it has followed for the past month.
Investors on XRP remain uncertain about where the cryptocurrency might be headed, as both the SEC and Ripple continue to battle in court over the Hinman Documents and several other elements of the ongoing court case.
Since both parties have filed requests for Summary Judgements so far, investors and the general crypto community are now convinced that the court case is nearing its final stages. As a direct result, a resolution may be only a few months away.
If Ripple wins the case against the SEC, the price of XRP may jump with renewed enthusiasm, soaring right past its all-time high of about $3.4 and hitting higher highs in this new and bright future that awaits Ripple and XRP.
XRP Price Analysis
Ripple Coin has been enviably bullish over the last month. The cryptocurrency’s price action continues to bounce off the ascending trendline it has followed since late September and now appears to be in a retest of this level.
On Thursday last week, the price of XRP fell from a high of about $0.55, hitting a low of $0.4457 and retesting the ascending (blue line) trendline again. The price of XRP appears to now be retesting this trendline and may trend upwards after a bounce.
A bounce off this trendline around the $0.46 level depends entirely on whether the bulls manage to push the prices over the 50-period (yellow line) and 100-period (red line) moving averages.
However, suppose the bulls cannot initiate a bounce and break above these two moving averages. In that case, the bears may see an opportunity to push the cryptocurrency’s price down into a break below the ascending trendline.
If this happens, the next support the bulls have to worry about holding is around the $0.44 level. In general, XRP has risen 46% over the last 30 days.
Ripple CEO Brad Garlinghouse Spits Fire
Ripple boss Brad Garlinghouse has expressed outrage at the continued litigation against Ripple Labs by the US Securities and Exchange Commission (SEC).
During the weekend, the Ripple CEO tweeted, stating his displeasure at the SEC’s continued disregard for the companies and individuals that their endless lawsuits against XRP harm.
According to Garlinghouse, under its current chairman, Gary Gensler, the SEC has lost its pursuit of “faithful allegiance to the law.” Garlinghouse says that instead, the SEC under Gensler is now more concerned with power.
Garlinghouse continued that “we should all be outraged.”
He adds that the SEC would face no consequences for its lawsuit against Ripple Labs (and countless others) and that the Securities and Exchange Commission has “clearly forgotten how the government works for the people.”
Recall that last week, Garlinghouse stated that he anticipates the lawsuit ending in the first half of 2023. however, the case between both parties is currently in its Summary Judgement phase.
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)