SEC vs. In the Ripple lawsuit, the parties will release redacted versions of the summaries on September 19. After this was revealed, the case took a new turn. The market cap of Ripple (XRP) is falling every week and is currently at a three-month low. Crypto analyst Aaryamann Shrivastava says that XRP, which has been in a downtrend for 17 months, wants to break it once again and turn the critical resistance level into support.
SEC and Ripple have reached “end game”
cryptocoin.comAs you follow, the broader crypto market is constantly fluctuating. Ripple (XRP) is no stranger to this either. As such, the future of many cryptocurrencies is uncertain. But beyond the ongoing trend, XRP is also affected by its internal problems, which are about to become much more complex.
As explained by lawyer and XRP supporter Jeremy Hogan, the Ripple case with the Securities and Exchange Commission (SEC) has reached the “end of the game.” That goes for the trial scheduled for September 19, when both the SEC and Ripple will have to bring everything they have to the fore. Now, before the end of 2022, there will be a negotiation that Ripple’s lawyers and regulators will discuss.
According to the analyst, XRP will react differently depending on how things go on September 19. In this context, it will be exposed to positive or negative reinforcement. The market value of the asset has been on a flat decline since July last year. Only this year, it reached the lowest level in 20 months with the effect of this wind.
Ripple price has not changed much over the past three weeks, the overall value. It currently moves back and forth in the range from July. At press time, XRP was trading at $0.3569, gaining 1.85% on a daily basis.
XRP’s next challenge
Beyond court matters, the analyst also looks at the technical picture of XRP. In this regard, he makes the following analysis. XRP is preparing to go through another critical challenge, which it has tested and failed many times in the past. The downtrend, which started in May 2021, continues to stand strong as a resistance line.
The altcoin has tested and failed at different levels. Later, XRP will soon test once again to surpass the $0.386 resistance level.
Going above both of these will put XRP in the safe zone of the case, away from the woes. Also, turning these two resistances to support will also give XRP the strength it needs to eventually head towards $1.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.