The Ripple price is relatively firm as bears take a break. Reading from the daily chart, the XRP/USD price is stabilizing in the last trading week, adding three percent.
Still, despite losses of last week, there are positive developments that may influence the price of the seventh-largest crypto asset.
One of them is the hype around the soon-to-be distributed Flare Network tokens.
Ahead of the snapshot on December 12, the XRP price shot higher before the deflating SEC news in late December 2020.
XRP holders will receive Flare Network tokens as the project is keen to introduce DeFi to Ripple.
XRP is not necessarily a Security despite SEC Suing
Meanwhile, there was positive news from Hester Peirce, the SEC commissioner and one of the most vocal crypto advocates.
In an interview with Bloomberg, she said a coin/token doesn’t necessarily become a security even if the commission sues the founding company.
XRP followers interpreted this as a reference to the ongoing court case between Ripple and the SEC.
Ripple Labs, the issuer of XRP, is being sued by U.S. regulators for allegedly selling unregistered securities. However, the case appears to be turning in favor of Ripple.
In the interview, she said:
“When we think about a crypto-asset as being a security what, we’re doing is we’re saying it’s being sold as part of an investment contract, which means that promises are being made around the sale of this asset. It doesn’t mean that the asset itself necessarily has to be a security. It means that it was being sold as a security.”
Ripple Price Analysis
The Ripple price is stable in the last week of trading, adding three percent versus the greenback.
From the daily chart, the path of least resistance is still southwards, reading from candlestick arrangements.
Specifically, XRP is trading within a bear break out pattern, following the close below the bear flag.
In a continuation of the bear continuation pattern of the second half of May and throughout June, sellers are liquidating on pullbacks.
However, XRP may find support after the double-bar bullish reversal pattern of the tail-end of last week and stable price action over the weekend.
Gains above $0.70 confirm gains of early last week, founding the ground for a surge to $1.
Chart Courtesy of Trading View
Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.
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