Ripple Price Down by 1.08% – Time to Buy XRP Coin?

• The CEO of Ripple, Brad Garlinghouse, said that the company was seeing good progress despite the slow-moving judicial case with the SEC.
• Ripple community attorney Jeremy Hogan predicts that Ripple will settle the SEC complaint by April 2022.
• The XRP/USD coin continues to consolidate in a narrow trading range between 0.8410 and 0.8058.

During Wednesday’s early European session, the XRP/USD coin was exhibiting a slight bearish bias, having lost -1.08% to trade at 0.8260. The day before, XRP/USD closed at $0.82291 after hitting a high of $0.84531 and a low of $0.81500. It dropped for another session and extended its decline. However, it remained under consolidation as it moved within a tight range.

With growing interest in blockchain and crypto as a whole, this might be a good opportunity to buy Ripple and rise with the market.

Brad Garlinghouse optimization extend support to Ripple

In November, the CEO of Ripple, Brad Garlinghouse, said that the company was seeing good progress despite the slow-moving judicial case with the SEC. He has also said recently that the judge seemed to realize that the case was not solely about Ripple and that it would have bigger implications overall.

The SEC filed a case against Ripple and two of its executives at the end of 2020, in which regulators accused the executives of selling $1.3 billion of XRP, which the SEC considers unlicensed security. However, in defense, Ripple stated that XRP is not a security. Before the lawsuit, XRP was the third-biggest crypto globally, but after the lawsuit, several crypto exchanges, including Coinbase, delisted XRP, which drove its prices to the downside.

Now it has been a year since the case was filed, and no decision has been made yet in favor of either side. Ripple has pointed to other coins like BTC and ETH, asking why they were exempted from the SEC’s guidelines. Another non-profit organization, Empower Oversight, has filed a case against the SEC for being biased towards Ripple.

Ripple lawsuit updates

Recently, the lawyer Jeremy Hogan, a member of the Ripple community, has said that the SEC lawsuit against Ripple could be over. He said that there were very few chances that the case would extend beyond April 2022, when it would likely end. These comments from Ripple’s lawyer should have triggered a bullish momentum in XRP/USD prices, but the coin remained under pressure on Tuesday, mainly because it followed the trend set by BTC/USD.

Ripple community attorney Jeremy Hogan predicts that Ripple will settle the SEC complaint by April 2022. Analysts predict that XRP will reach a new all-time high this year. After months of legal hearings, the Ripple vs. US SEC case could be resolved this year. Ripple and the SEC have been involved in a legal battle since the securities agency charged Ripple with selling XRP as unregistered securities during the 2013 ICO in December 2020.

Ripple has likewise spent the last year defending its stance, asserting no wrongdoing. For the time being, it appears that the ball is in Ripple’s court, and the crypto business may be on its way to victory.

According to Jeremy Hogan, a Ripple proponent, and lawyer, the matter is nearing its conclusion. According to attorney Jeremy Hogan, the SEC’s lawsuit could be resolved by April 2022. However, Hogan is not the first to expect positive news for Ripple.

Will XRP Experience a Massive Bull Run in 2022?

Since the SEC verdict, Ripple’s own cryptocurrency, XRP, has failed to keep up with the market surge. The price of XRP fell earlier in January of last year as investor sentiment deteriorated. Furthermore, numerous Ripple partners began to distance themselves to avoid a squabble with the United States Securities and Exchange Commission (SEC). As a result, XRP did not participate as much in the altcoin market rally of 2021 as it should have.

It has been steadily falling down the rankings, losing ground to other developing cryptocurrencies. XRP, on the other hand, remains in the top 10 crypto list. XRP is now trading at $0.83 with a market worth of $40.1 billion at press time. If Ripple wins this case, economists anticipate that the XRP price will skyrocket in 2022. However, some analysts anticipate XRP will surpass its previous all-time high of $3.4, while others believe it will reach double digits.

Daily Technical Levels
Support Resistance
0.81017 0.84048
0.79743 0.85805
0.77986 0.87079
Pivot Point: 0.82774

Ripple technical outlook – Symmetrical triangle pattern extends resistance at 0.8415

The XRP/USD coin continues to consolidate in a narrow trading range between 0.8410 and 0.8058. In the 4-hour timeframe, ripple has formed a symmetrical triangle pattern that supports neutral bias. However, these triangle patterns have a high tendency to break out on either side.

On the bearish side, the XRP/USD pair may find support at 0.8058. A breakout below this 0.8058 level exposes the XRP/USD towards the 0.7706 level. Further on the lower side, the next support level prevails at 0.7665. The leading technical indicators, such as RSI and Stoch RSI, are holding below 50, which is indicative of a downtrend. Moreover, the 50-day exponential moving average is supporting a bearish trend in the XRP/USD coin. Therefore, taking a sell trade under the 0.8411 resistance level seems like an excellent idea.

What happens if XRP/USD violates 0.8411?

If the XRP/USD coin manages to break above the 0.8411 level, the next resistance level will prevail at either the 0.8677 or 0.8986 level. For now, let’s wait for Ripple to break out of a symmetrical triangle pattern before placing any further bets. Good luck!

Buy Crypto at eToro from just $10 Now!