Ripple (XRP) Takes Action! Why Is XRP Rising? Price Expectations and Critical Levels✅
The popular cryptocurrency #XRP has been performing poorly for some time after the interesting developments in the litigation between #Ripple and the #SEC . However, Ripple (XRP), which turned its direction upwards as of yesterday, started to rise again.
📌Ripple (XRP) Takes Action Again
The popular altcoin started to rise sharply as it turned up in the early hours of yesterday. So much so that while XRP was trading at $1.09 yesterday, it rose to $1.23 with the increase.
On the other hand, looking at the 4-hour chart of the XRP/USD pair, we see that the moving averages and the MACD exhibit a strong upward trend. Additionally, the momentum indicator also indicates some interest among sellers at the moment.
Ripple's native cryptocurrency XRP is holding above the pivot point at $1.16 and increased buying activity could result in an imminent test of the $1.27 resistance. A break above this level opens the doors to XRP's next resistance level at $1.41.
In addition, Ripple continues to move in the $1.20 band with an increase of 7.81% in the last 24 hours, according to CoinMarketCap data, as of the moment the content is prepared.
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📌What's the Situation in the SEC Litigation?
In the most recent session, both parties attended a phone call with U.S. District Court Judge Sarah Netburn in hopes of resolving the franchise dispute that has been going on for nearly four months . Ripple claimed that the SEC, citing the DPP , refused to disclose vital information specifically requested by the agency regarding discussions about the nature of ETH and XRP , which could potentially make or break its case.
It was also decided to personally review the SEC's privileged documents in-camera to assess whether Netburn could be shared with Ripple before deciding on the DPP issue. The decision, which will be made as a result of these investigations, may come towards the end of this month and may lead to significant progress in the ongoing legal battle.
Meanwhile, members of the cryptocurrency community calling themselves the “XRP Army” have banded together to protect their investments. The SEC not only labeled XRP as an unregistered security, but claimed that its distribution since 2013 was a "long-running unregistered securities trade" and that every investor involved in its trading should know its security status.
These developments in the SEC lawsuit caused the price of Ripple 's native cryptocurrency XRP to move. Also, cryptocurrency tracking bot Whale Alert reported in a tweet today that a prominent XRP whale has transferred more than 48 million XRP with a market cap of around $56 million.