Odds still favor XRP amid regulatory attack

Market actions believe Ripple has a promising future despite obstacles from regulatory fireworks.

The token’s price might skyrocket to $1.50 within months. This exponential increase would, however, factors such as heightened institutional investment, and wider market acceptance will determine such a bullish projection.

Price action highlights that XRP has been trading c between $0.53 and $0.6 for a while and at $0.49 for a while now. The nearest resistance level is $0.64. The next challenge is $0.72 if the previous resistance line is breached

The 10-day average for the short term is $0.59, which is somewhat higher than the $0.58 100-day short term is $0.59, which is higher than the $0.58 100-day average. It is getting close to an overbought zone, as indicated by its Relative Strength Index (RSI) of 62.34, but the MACD and Stochastic indications point to bullish momentum.

If the 200-day EMA and the daily support level at approximately $0.544 hold, XRP can maintain its upward trajectory and reach its daily resistance level at $0.626.
XRP’s price faced strong headwinds in the past due to its legal dispute with the US Securities and Exchange Commission (SEC); but, following a recent court decision that required a $125 million penalty.

Judge Torres’ ruling determined that Ripple’s programmatic sales of XRP to retail investors did not violate securities regulations, even though previous institutional sales were considered unregistered securities transactions.

The financial watchdog filed a notice of appeal this month in its lengthy litigation against Ripple, which the regulator first started in December 2020. Chief Legal Officer Stuart Alderoty stated that Ripple’s cross-appeal is intended to ensure that the company upholds its positions and arguments in the case, but did not provide further details about the company’s position.

An ETF approval typically indicates a favorable prognosis for an asset, the timing, investor activity, and market sentiment will all play a significant role in how XRP responds.

XRP has established itself as a major participant in the cryptocurrency market, a price decline could occur owing to profit-taking and unfulfilled expectations if many traders are already set up for a favorable outcome. With a market capitalization ranking of eighth, XRP has been a top cryptocurrency for almost a decade.

The company developed the token to revolutionize global money transfers. Ripple aims to offer a practical and affordable replacement for the current SWIFT financial system.

Ripple hopes to make money transfers via XRP as simple as sending an email by enabling quicker, less expensive international transactions.

Since digital assets were developed to eliminate financial intermediaries like banks, XRP has generated controversy over time. The project has a cult-like following, with supporters eager to shut down critics and stand by their faith in XRP, though some exaggerated claims about how quickly it could expand.