Today, we will examine the latest developments in XRP and the comments about the XRP price.
Latest Situation in Ripple and SEC Case
The legal process that has been going on for 3 years between Ripple and the SEC is expected to be resolved within this year, and the outcome of the lawsuit is expected to have significant effects in many areas. Marc Fagel, former Regional Director of the SEC’s San Francisco Regional Office, emphasized that the struggle has now come to an end at the last event he attended. According to Fagel, the Ripple case is quite different from other enforcement actions recently initiated by the securities watchdog. Fagel said he also thinks the judge probably won’t address the Hinman documents or the secondary market issue.
Ripple attorney John Deaton had also previously estimated that District Judge Analisa Torres had a 3% chance of ruling in favor of the SEC. According to Deaton, if Ripple wins the case, the XRP price could rise to $10 in a short time.
BitGo CEO Announces XRP Support
In addition to these developments, BitGo CEO Mike Belshe commented on the Ripple and SEC lawsuit. Belshe said that a victory for Ripple could resonate throughout the cryptocurrency world and create positive changes in the regulatory environment. Saying that his support for Ripple was not due to his fondness for XRP, Belshe noted that Ripple’s victory supports its potential to pave the way for regulatory reform, a path that can be walked by an innovative technology like Bitcoin.
Indonesia Released Cryptocurrency List
Another development was that the Indonesian government listed and shared more than 500 cryptocurrencies that can be traded. This decision, which came in the midst of regulatory reviews of the crypto money industry in the USA and other countries of the world, attracted attention. In addition to XRP, the announced list included cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Solana, Cardano, Polkadot, SAND and Uniswap. Another notable issue was that some of the assets on the list consisted of cryptocurrencies, which are considered securities by the US SEC.
Latest Situation in XRP Price
With the SEC and Ripple lawsuit coming to a close, positive movements began to occur in the XRP price, albeit small-scale. Despite the regulatory pressure, XRP, which attracted attention with its moderate rise of 2.5% over the weekend, left other altcoins behind. When we look at the market today, the only rising asset among the top 10 cryptocurrencies was XRP with 1.11%.
Today, the markets are expected to proceed in a calm course. With the US markets closed for a holiday, the lack of US economic indicators or court decisions for investors to consider, the talk about the SEC and Ripple case will provide price direction.
At the time of this video, XRP was priced at 0.48 cents, up 1.09%. Having a mixed start to the day, XRP rose as high as $ 0.4876 before falling as low as $ 0.4853.
XRP price must move above the $0.4863 pivot zone to target the first resistance at $0.49. A move towards the Sunday high of $0.4975 would signal an extended breakout session. However, developments regarding the SEC and Ripple case may support an upward breakdown in price.
With the XRP price moving upwards, the first resistance level to be followed is around $0.4980, while the second resistance area may be around 50 cents. If the price exceeds 50 cents and continues to rise, the third resistance zone to be followed is around 53 cents.
The first support level to be followed in a possible decline scenario is 47 cents, while the second support level is in the 46 cent region. The third support level to follow in case the bearish movement hardens is around 44 cents.
