Home Price Analysis Ripple Price surge 16% and building a foundation for $0.78, will the...

Ripple Price surge 16% and building a foundation for $0.78, will the SEC lose?

The Ripple price is back to green, adding 16 percent in the last week of trading as trader confidence improves.

Currently, the primary focus is on court proceedings, which would help determine whether the XRP coin is a security–or not.

The SEC Bombshell

After the Flare Network snapshot of Dec 12, the SEC, in a bombshell announcement, said it was raising a lawsuit against Ripple, Bradley Garlinghouse, and Chris Larsen for allegedly selling unregistered securities in XRP.

However, from recent developments, it appears the case is turning against the agency whom Bradley—the CEO of Ripple, accuses of over-reach.

There is a concurrent class-action suit against the SEC by Ripple holders who claim that the agency’s declaration of XRP—an asset they say isn’t a security, has had a consequential effect on their finances.

Will XRP trading resume?

Due to SEC’s suit, most exchanges, especially in the U.S., suspended the trading of XRP until after regulatory clarity is found.

Only a few, including Uphold, stood their ground, adamant that their operations would go on as usual until the court determines. Ripple is already registering small wins, and full trading of XRP could resume from the on-going proceedings.

The SEC admits that trading between people other than Ripple vigilantes is legal and doesn’t go against Section 5 registration requirements. This alone doesn’t make XRP a security.

Ripple Price Analysis

Ripple Price Daily Chart for Mar 22

The Ripple price is stable on the last day of trading, firm and aligning with Saturday’s solid gains.

The XRP price continues to edge higher from the daily chart, printing a series of higher highs, a net positive for prices. However, while aggressive traders can find an opportunity to load on dips aiming at $0.65, the XRP/USD price is still under the clutches of bears.

Notably, volumes are comparatively low, and XRP/USD prices are within last late Feb 2021 losses in a bear break out pattern.

If, however, XRP prices print higher, confirming gains of Mar 20, buyers can target $0.65 in a buy trend continuation phase. Here, prices rally towards Nov 2020 highs of $0.75.

Notice that the XRP price found support at the 50 and 61.8 percent Fibonacci retracement levels of $0.35 and $0.40. Accordingly, if historical price action guides, the XRP price has a high chance of reaching $0.65, building a case for $0.75.

Chart Courtesy of Trading View

Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.

If you found this article interesting, here you can find more Ripple news

Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and a highly regarded technical analyst. He has worked in various media as an analyst. He is passionate about blockchain technology, the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through writing about his knowledge and analysis of coin price charts.
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