XRP vs SEC: Latest Update & Price Watch
Updated
Hi Traders, Investors and Speculators of the Charts 📈📉
In a previous post, I discussed the fundamental impact of Harvard declaring that XRP and XLM will be the future of payments (yes, this really happened):
The latest update in terms of the SEC case against Ripple, is potential Ripple win against the SEC after the attorney said the SEC has admitted that Ripple is a software code. Forbes columnist who’s diligently tracking the Ripple/SEC case has requested access to the Hinman speech as she believes it to be game-changing for the entire crypto industry. An XRP enthusiast noted that Ripple’s sale of XRP since 2019 has only been for ODL transactions, thus, they won’t constitute for being a security. As per the latest development, Forbes journalist Dr. Roslyn Layton has filed a motion for intervening and seeking to access the document of Hinman’s speech from the court.
Although assets like Ethereum (ETH) have stayed outside the SEC jurisdiction, Ripple is facing a billion-dollar fine. “That inconsistency has given rise to grave concerns about potential conflicts of interest, because Hinman had a financial stake in promoting Ethereum to the exclusion of competing coins like XRP,” she added. Ripple has been arguing that the former SEC chief Hinman said in 2018 that Ethereum isn’t a security. Thus, the same rules should be applicable to Ripple, argues the blockchain startup. While speaking at the WEF 2023 summit earlier this year, Ripple CEO Brad Garlinghouse said:
When those come to light, I think you’ll see more how it is possible that the SEC decided to bring a case against Ripple, given what they were saying within their own walls.
When I had to decide how I will label this post (bullish or bearish), I pulled up my favorite technical indicator: The Phoenix Ascending. This indicator contains the RSI, EMA, LSMA and momentum. From the FA, we can see that the short term buying pressure has picked up, therefore I expect more upwards price action for the short term:
Remember the saying; buy the rumor and sell the news. I believe this is what's happening now on the charts, considering the positive outcome of the last hearing. Ultimately, I remain a believer and I am still fundamentally bullish on XRP for the future.
Interested in more altcoins with good trade setups? Checkout this idea:
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In a previous post, I discussed the fundamental impact of Harvard declaring that XRP and XLM will be the future of payments (yes, this really happened):
The latest update in terms of the SEC case against Ripple, is potential Ripple win against the SEC after the attorney said the SEC has admitted that Ripple is a software code. Forbes columnist who’s diligently tracking the Ripple/SEC case has requested access to the Hinman speech as she believes it to be game-changing for the entire crypto industry. An XRP enthusiast noted that Ripple’s sale of XRP since 2019 has only been for ODL transactions, thus, they won’t constitute for being a security. As per the latest development, Forbes journalist Dr. Roslyn Layton has filed a motion for intervening and seeking to access the document of Hinman’s speech from the court.
Although assets like Ethereum (ETH) have stayed outside the SEC jurisdiction, Ripple is facing a billion-dollar fine. “That inconsistency has given rise to grave concerns about potential conflicts of interest, because Hinman had a financial stake in promoting Ethereum to the exclusion of competing coins like XRP,” she added. Ripple has been arguing that the former SEC chief Hinman said in 2018 that Ethereum isn’t a security. Thus, the same rules should be applicable to Ripple, argues the blockchain startup. While speaking at the WEF 2023 summit earlier this year, Ripple CEO Brad Garlinghouse said:
When those come to light, I think you’ll see more how it is possible that the SEC decided to bring a case against Ripple, given what they were saying within their own walls.
When I had to decide how I will label this post (bullish or bearish), I pulled up my favorite technical indicator: The Phoenix Ascending. This indicator contains the RSI, EMA, LSMA and momentum. From the FA, we can see that the short term buying pressure has picked up, therefore I expect more upwards price action for the short term:
Remember the saying; buy the rumor and sell the news. I believe this is what's happening now on the charts, considering the positive outcome of the last hearing. Ultimately, I remain a believer and I am still fundamentally bullish on XRP for the future.
Interested in more altcoins with good trade setups? Checkout this idea:
_______________________
📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍
We thank you for your support !
CryptoCheck
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XRP consolidating under resistance is a bullish sign. Expecting another +10% from here for the short termNote
XRP wallets officially reached 4,6 million. This means that more people are buying and potentially accumulating, which is bullish.
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