XRP Soars Amidst Legal Battles: Ripple Challenges SEC and Gensler
22 Sep 2023
XRP price growth Probably as Ripple executives call out SEC and Chair Gary Gensler for their stance on crypto.
- The XRP price outlook is positive as the asset tests the $0.5174 supply zone.
- John Deaton, a lawyer who supports XRP, offered his opinions on the possibility of a settlement between Ripple and the SEC.
- The SEC and Chair Gary Gensler have come under fire from Ripple CEO Brad Garlinghouse for their views on the cryptocurrency industry.
The long-term outlook for the XRP price is now positive as the altcoin maintains above crucial support at $0.50. The altcoin’s resurgence has likely been sparked by a number of encouraging developments. Recovery is made possible by the prospect of a resolution to the Securities & Exchange Commission (SEC) v. Ripple litigation and remarks made in Mainnet 2023 by Ripple CEO Brad Garlinghouse.
Pro-XRP lawyer John Deaton discussed the possibility of a settlement in the SEC vs. Ripple case in a recent X.com interview. The attorney described how the SEC would think about reaching a settlement with Ripple if the result did not affect its legal actions against other cryptocurrencies and businesses. In the instance of Ripple, the regulator’s legal action against Coinbase is directly impacted by the cryptocurrency’s classification as a security or not.
RIPPLE TECHNICAL ANALYSIS DAILY CHART:
Ripple is currently trading within a down channel.
Ripple is positioned above 5&20 Moving Averages (SMA).
The Relative Strength Index (RSI) is in the buying zone, while the Stochastic oscillator suggests a neutral trend.
Immediate Resistance level: 0.52
Immediate support level: 0.48
HOW TO TRADE RIPPLE
Ripple has created a bearish engulfing and is currently trading in a down channel. Currently, it is trading at the support level; if this level of support is broken, further downside is possible.
TRADE SUGGESTION- Stop Sell – 0.46, TAKE PROFIT AT- 0.39, SL AT- 0.51.