XRP Bulls Aim Another Rally With $1 XRP Price Post Lawsuit Incoming – Crypto News – Crypto News
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XRP price poised for breakout to $0.55 XRP price poised for breakout to $0.55

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XRP Bulls Aim Another Rally With $1 XRP Price Post Lawsuit Incoming – Crypto News

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3 years ago

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XRP price is delicately balancing on the line that could determine if bulls get a breakout or a sell-off ensues. The sixth-largest crypto boasting $25 billion in market capitalization with $544 in trading volume is up 0.1% to $0.4759.

Its peers, the likes of Bitcoin and Ethereum, are up 0.5% and 0.3%, respectively, on the day the US Consumer Price Index (CPI) data comes out, The Federal Reserve relies on the CPI and other economic indicators to gauge the level of inflation and adjust monetary policy accordingly.

If the CPI drops to the expected 3% range, risk assets like BTC, ETH, XRP, and stocks may finally acquire enough momentum to resume paused rallies as investors’ risk appetite increases.

The situation could be slightly more worrying for XRP priceespecially after LBRY lost the lawsuit against the Securities and Exchange Commission (SEC),

Is An XRP Price Breakout In The Offing?

XRP is on the verge of a bullish breakout targeting highs around $0.55 in the short term. The presence of a bull flag pattern on the daily chart implies that with a minor push above the short-term hurdle at $0.48, XRP price could validate the uptick.

XRP/USD daily chart | tradingview

The 100-day Exponential Moving Upholds XRP’s current position by providing support at $0.4730. On the upside, weakening the flag’s resistance at $0.48 would propel the price above $0.50, thus bringing the target at $0.55 within reach.

Reinforcing the bullish outlook in XRP is the soon-to-be-confirmed buy signal from the Moving Average Convergence Divergence (MACD) indicator. Traders may want to confirm that the MACD makes a bullish cross before triggering their buy orders.

The Money Flow Index (MFI) shows that more funds are starting to flow in XRP markets. In other words, as inflow volume increases, momentum builds, paving the way for a recovery.

How LBRY Losing Case Against the SEC Could Complicate Matters for XRP

In a ruling made by US District Judge Paul J Barbadoro, LBRY, a cryptocurrency company, was found to have disregarded the Securities Act. Instead of providing precedence, crypto enthusiasts fear the LBRY lawsuit could further complicate the situation for Ripple.

Judge Barbadoro ruled that LBRY will no longer offer or participate in the sale of unregistered token securities in addition to a $111,614k civil penalty. According to Jeremy Hogan, a Partner at Hogan & Hogan, it is possible to see a similar outcome in the Ripple case.

“The final ruling is out in the SEC v. LBRY case,” Hogan said in a Twitter post. “The Judge did not rule on secondary sales (or, not surprisingly, the Major Questions Doctrine). He enjoined further violations and issued a penalty.”

Hogan argues that while such an outcome is possible, “the Court would have to find that there is not enough to the Fair Notice Defense to have a trial on the issue.” On top of this, “the Court would have to find that past AND current sales of XRP are investment contracts in order to provide injunctive relief.”

An injunctive relief would be bad news for Ripple as it “would engage sales from escrow.”

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance ( CeFi), and the ever-evolving metaverse.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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