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October 4, 2022
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XRP scales above critical level as Ripple faces legal dispute

XRP price analysis

Cryptocurrencies appreciated with Tesla’s announcement of its recent $ 1.5 billion Bitcoin purchase. Against all odds, the current bull market has also benefited from XRP, sending it above the $ 0.50 level. The token has risen about 8% in the last 24 hours and its turnover has also increased. The position of the Relative Strength Index (RSI), which lies below the overbought level, suggests that bulls have the advantage over XRP at the moment.

In the current cryptocurrency bull market, it can be seen on the daily candlestick chart that the XRP price has broken the downward channel line. Buyers are trying to stabilize the price above $ 0.50 to form a definitive bullish channel, which will mark the fact that this is not a false advance.

In the past few days XRP prices have closed above the 9-day moving average. All candlestick chart prices closed above the exponential moving average range and a series of exponential moving averages of different lengths show a long arrangement, illustrating that bulls have an advantage. If the price stabilizes above $ 0.50 and the trading volume gradually increases, the first high point ahead of the first bullish move target is approximately $ 0.584. If the price strengthens at this level, the upward trend may reach its highest point, which is around $ 0.70.

If the bulls are not strong enough to keep the price at around $ 0.50, the price trend could fall close to the upward pressure line in the near future. If investors keep the XRP, they can sell high. The investment profit is realized. At the same time, you can look forward to the opportunity for a callback to cover your low positions and reduce the average. If the price has a tendency to decline, the price range will fluctuate from the previous low of $ 0.37099 to $ 0.47 in the short term.

List of lawsuits against Ripple accumulates

While there has been much speculation about the end of the game for XRP, as the SEC chasing Ripple Labs – the company that created XRP – for illegal cryptocurrency sales has destroyed much of the token’s market value, the XRP appears to have recovered a little bit of strength. In addition, although its negotiations are currently largely banned in the United States, negotiations in the Asia-Pacific region for XRP are still increasing.

Meanwhile, Ripple Labs is facing problems not only from the SEC, but also from former investors. With the SEC announcing that it regards XRP as an unregistered bond in the United States, many investors have also joined forces to serve Ripple with a class action lawsuit.

A recent motion by plaintiff Bradley Sostack requested that Ripple be required by the court to deliver its communications by email to the United States Securities and Exchange Commission that date back to January 1, 2015.

A hearing for the motion submitted is scheduled for March 25. Ripple appears to have its hands full, as it is waiting for the trial to begin on February 22 with the SEC, where the debate over whether the XRP is really a title will be brought to court for an official decision.

Source: Blockchain News

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