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Ripple’s XRP/USD has returned 12% in the past week
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One promising outcome of Ripple’s case with the SEC is increasing profits
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Resistance could cut XRP’s relief rally
Let’s be objective. Ripple (XRP/USD) has been one of the top gainers in the past week. According to data from Coinmarketcap, it has given 12% return in 7 days. Leading cryptocurrency bitcoin has recovered 2.55% over the same period. Ethereum is up around 6.50%. However, these gains are only relief gains as most of the cryptocurrency remains in bear territory.
XRP’s performance has recently been affected by the outcome of its case with the SEC. Last week, Ripple’s lawyer James Filan expressed confidence that the firm would dodge the regulator. The result is only speculative, but strongly influences the price of XRP. Conversely, one cannot discuss the price of XRP without touching on Ripple’s feud with the SEC.
Ripple CEO Brad Garlinghouse has said that the decision of the case will have a major impact on all cryptos. In this case, the SEC has argued that Ripple had an illegal security offering through XRP sales. Ripple has stated that XRP should be classified as a virtual currency and not an investment. While this has implications for the classification of other cryptos, XRP is at a crossroads.
Ripple’s victory will be bullish for XRP. No specific time has been given for the case to be decided, but it is expected to close this year. Investors are looking for clues to whether to buy or dump crypto. However, technically focused investors should sell now for short buying opportunities.
XRP halts after hitting resistance
Source – TradingView
Technically, XRP has hit resistance at $0.38. Resistance coincides with overbought conditions. This suggests that whales are optimistic about price increases as the SEC comes to a decision on the case. We believe the coin will slide after halving at resistance. Net support is near the $0.32 and $0.30 levels, although it is unlikely that a decline will affect the levels.
summary
XRP/USD has been rising lately on promising clues to the SEC case. The token has hit resistance. Investors should sell now for a buying opportunity on the retracement.