Ripple prices are stabilizing at press time, even printing higher against the predominant trend. Encouragingly, the pullback might be across the board. However, Ripple-specific developments may shore prices in the days to come.
For instance, the ongoing SEC case could be a factor. Although yo-yoing, swinging back and forth, there is compelling evidence to back the blockchain company.
Former SEC officials are under scrutiny on how they handled the Ripple case. Reports show that Empower Oversight is leading an investigation against the regulator under the Freedom of Information Act (FOIA). It has submitted for communication information on former SEC officials, including current and former employees.
XRP will Help Flip the Switch in Rigid Finance
Amid uncertainty on what truly defines a security and which coin qualifies as a security, XRP would benefit from SEC’s clarification. In turn, this would be the confidence needed to spark and drive adoption. Thus far, less than two dozen companies, mostly payment processors, have adopted its ODL.
Things would, however, change for the better once there is a settlement, even SEC’s support on that end. This, fundamentally, would bode well with the ideas of Bradley Garlinghouse. He wants to “flip the switch” in remittance, allowing for smooth, speed, cheap, and instantaneous transfer of value across the globe. Their overarching goal is to build this internet-of-value primed by XRP.
Ripple Price Analysis
Currently, the XRP price is oscillating horizontally, technically printing higher highs relative to the lower BB. It is up 16 percent from recent lows.
Even though the primary trend remains southwards, there are hints of trend reading from the XRP technical analysis of the daily chart. The immediate resistance is at $1.
However, a revival above the $0.85 to $0.90 zone and the middle BB may trigger more expansions towards $1. Still, it is required that XRP buyers build on the resilience over the weekend.
A close below $0.75 and last week’s support line, on the other hand, may trigger even more losses. In that case, the XRP price could contract, tanking to $0.60—the December 4 lows.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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