Ripple [XRP] On the 11th March, it reached its local peak of $0.744. The market’s selloff has caused the prices of altcoins to plummet since then.
Ripple vs. SEC: The case is a tangled web of legal issues important dates Coming up. It could affect investor sentiment.
One more sign of a cooling bullish trend is whales moving their XRP holdings Centralized exchanges.
The SEC-Ripple tussle and the wider forces of the market will play a crucial role in XRP’s price in the upcoming weeks.
Ripple Labs 101
XRP Ripple uses this currency to carry out transactions in its network.
Ripple, a fintech company based in the United States that was originally founded as RipplePay back in 2004, has been co-founded in 2012 by Chris Larsen with Jed McCaleb. Their vision is to create a more efficient and secure method of conducting transactions in the global market.
In spite of the fact that they are often used as synonyms, Ripple’s XRP represents its open-source technology.source digital asset.
Ripple Transaction Protocol (RTXP) or the XRP blockchain facilitates transactions.
The tokens are pre-mined. This is different from many other cryptos. Its main function is as a settlement system that facilitates transactions on the Ripple Network.
However, it has also been traded as a crypto currency that can be found on various exchanges. These include options, swap, spot, futures exchanges, non-custodian and custodian exchanges.
XRP vs. SEC – The Battle
SEC (Securities and Exchange Commission) of the United States filed an a lawsuit Ripple Labs faces a 2020 lawsuit for the sale of XRP. “unlicensed security,” Claiming that the distribution to stakeholders of $1.3 Billion worth of cryptocurrency was in violation of law.
This was primarily a dispute over whether XRP represented a Ripple security, and therefore whether it represented a Ripple stock or if it were a cryptocurrency such as Bitcoin.
Ripple and the SEC have been in a battle for several years.
SEC argued that Ripple sold XRP as a means to raise money for itself, citing the 1946 SEC decision of SEC vs. W.J. Howey Co. as its evidence.
In doing this, the agency declared that whether or not an investor controls profit was a factor in determining if an Investment Contract is a Security.
Ripple Laboratories, however, claimed that the SEC hadn’t notified or warned them.
The case has finally been decided after three years. ruled In July 2023. The court ruled that XRP is NOT a financial instrument in and of itself.
A request by the SEC for an interim appeal was denied as well. The SEC was forced to abandon its charges of securities violations against Ripple & XRP.
Crypto-transactions made on exchanges are not treated as securities. The SEC has authority to sell cryptocurrency to institutions.
Chart analysis for the day chart
The swing-low was $0.525 in the 1-day timeframe. The token tested this demand zone multiple times over the last month.
The daily chart is showing a downward trend at the time of publication.
Hence it is possible to move into the $0.52 – $0.54 range of the demand. next Few days. The OBV failed to change the level of resistance to one that was supportive.
It showed that the buyers had not yet surpassed sellers in terms of numbers.
In combination with the gains and losses of the previous week, a continued southward trend appeared to be likely.
Looking at lower timeframes such as the 4-hour chart or below, it was clear that $0.65 represented a major short-term support area.
Magnetic zones are stronger in the south
![XRP Liquidation Levels](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1710675309_792_XRPs-price-down-by-175-Whats-this-weeks-prediction.png)
![XRP Liquidation Levels](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1710675309_792_XRPs-price-down-by-175-Whats-this-weeks-prediction.png)
Source: Hyblock
Liquidity attracts the price. As a result, an abundance of orders to buy or sell would act as a magnet for prices. As of the time this article was published, there were a large number of liquidation orders at $0.56.
The $0.65 level and $0.75 above could also see an XRP reaction. But the odds of a rebound remained slim.
AMBCrypto predicts a rise to $0.56. The $0.51 price level was the previous high. next It was possible to have a significant amount of liquidity.
The liquidation heat map deemed a rebound to a level of $0.65 or more less likely.
You can also read our conclusion.
XRP’s price has been rangebound ever since August 20, 2023. Inability to overcome the $0.7 barrier and maintain it even at Bitcoin’s all-time peak did not show bullish strength. Investors or swing traders may want to wait until the price drops further before purchasing XRP. They are hoping to make profits at range highs.
Disclaimer: This information is not intended to be a comprehensive guide. financialThis is the sole opinion of the author and does not constitute investment, trading, etc. advice.
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Source: ambcrypto.com