Ripple continues to display bullish signals since early February when it made a sudden bullish reversal and spiked around 50% higher, from $0.60 to $0.90. Although it failed to push above the 200 SMA (purple) on the daily chart, which turned into resistance after having acted as support last year and the price didn’t reach the $1 level either.
XRP which is the payment token developed by Ripple Labs has been under pressure from the lawsuit raised by SEC (Securities and Exchange Commission). SEC alleges that Ripple carried out an unregistered securities offering of $1.3 billion through distributions of the XRP tokens. But, Ripple jumped nearly 13% on Saturday after another positive development for Ripple in its long-running legal case.
This is an important case, since it set the precedent for crypto regulation in the US and probably in other countries. Although the lawsuit is heading in the right direction. First, there were comments that the lawsuit might end with a settlement as correspondence from Hinman’s are to be handed over to Ripple, which should force the SEC to accept a settlement. That gave Ripple a push which sent XRP/USD above the 50 daily SMA (yellow), but it had been trading between than moving average at the bottom which has worked as support, and the 100 SMA at the top since then.
Ripple Daily Chart – XRP Makes Another Bullish Move
Now the trading range should shift higher if the 100 turns into support
On Saturday we saw another jump that took XRP above the 100 daily SMA, pushing the price from $0.74to $0.84, leaving Bitcoin, Ethereum and other major coins in the dust. The jump came after the judge in the case struck down a motion filed by the SEC to prevent Ripple from using its “fair notice” defense, which states that the company lacked reasonable notice.
Ripple’s CEO Brad Garlinghouse described the judge’s action as a huge win for the company, which was enough to send XRP higher. Although, the case still carries on, so let’s see how Ripple will behave in the following days, because there hasn’t been much of a follow-through since Saturday, but the 100 daily SMA might turn into support now, which is yet another positive sign.
XRP/USD
