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Ripple Uptrend Firm; Is SEC Preparing to Clarify XRP Status?




xrp price chart analysis

Latest Ripple (XRP) News

That the crypto space is dynamic and concurrently complex especially from a legal standpoint point is true. Of the many projects is Ripple. Initially Ripple, the company, was forced to split into two distinct and independent entities in Ripple Labs and Ripple Inc at the back of lawsuits and accusation from separate investors that they were allegedly dubbed into buying investment contracts or securities.

Claiming compensation for loss after last year’s slump, the plaintiff demanded the SEC to take action against Ripple forcing Brad Garlinghouse and several of their executives to repeatedly clarify that they have strong believes that XRP is a utility with no central point of control. Perhaps is it from this angle that they also decided to eliminate the position of the Chief Marketing Strategist in Cory Johnson without giving explanation. 

All the same, the sphere is evolving and what we now have is a mature market that is liquid with investors sinking their monies into different digital assets including XRP. However, as a major pain point and something that should be quickly addressed is XRP’s status and the need of clarification from the US SEC. That, and as reiterated before, should ease pressure on XRP and other interested parties allowing xRapid to flourish amid payment processors waiting for regulatory clearance. 

Comments from William Hinman, the head of the Division for Corporate Finance at the US SEC, that they may not issue no-action letters to crypto projects as long as they demonstrate viability and use case is therefore a big plus for Ripple and indeed XRP. 

XRP in its pure form is a liquidity tool; an on-demand medium of exchange that supporters insist is a utility that can benefit banks and financial institutions seeking for speed, efficiency and cost saving.

XRP/USD Price Analysis

Ripple Daily Chart--June 1

Typical of Ripple (XRP), prices are in consolidation. However, the fact that they are trading above 43 cents is bullish for a coin that has been trading within a 10-cents trade range for the better part of the year. Moving on and for trend confirmation, it would be extremely bullish if buyers muster enough momentum to drive prices above May 2019 high at 47 cents at the back of high trading volumes. 

Note that XRP is above 34 cents and most importantly within May 14th and 15th high-low which from an effort versus result point of view is bullish. Therefore, while aggressive traders can buy the dips, conservative traders can find opportunity after 50 cents more so if the breakout bar has high trading volumes exceeding 187 million. 

Even so, bulls are in control with the failure of XRP bears to breach the 34 cents support an indicators of underlying momentum and a firm spring board that could take XRP to 60 cents or higher.

Chart courtesy of Trading View—BitFinex

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Tabassum is an enthusiastic author, web geek, writer & digital marketer, with experience writing for tech, digital and cryptocurrency blogs.

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