Investing.com – In recent weeks, the indices were already piling up to indicate that you have a good chance of not losing in the lawsuit filed by the US Securities and Exchange Commission (SEC).
In the past few hours, he has been able to break out of the rally, gaining over 40% at a price of $0.5569. Arguably, this was the top 100 cryptocurrency with the highest gain.
After both Ripple and the SEC filed motions to expedite the process, more and more market participants seem to believe that the court ruling will be in favor of Ripple.
Ripple is no longer alone in court, as the Chamber of Digital Commerce (CDC) filed an amicus request, which the court has already accepted. The crypto lobby organization will now support Ripple in court as the outcome of the lawsuit will have repercussions for the entire industry.
Ripple CEO Brad Garlinghouse told Fox Business that the US Securities and Exchange Commission was wrong and went through the mill just for that:
“With the launch of fast-track applications, many have realized that the SEC may actually be going too far… One judge even said that the authority was not really following the law… We are convinced that the court has the information necessary to make a decision, and we believe it is clear that the SEC grossly exceeds its powers .“
The next few days will tell if this is the long-awaited sustainable bullish outing, or just a short-lived flash in the pan.
Technical thresholds to watch in Ripple XRP
XRP broke the psychological threshold of $0.5000 today to form a new intermediate high at $0.5569. The RSI has reached overbought conditions on the daily chart, which argues for a temporary consolidation/correction of gains.
Immediate support lies at $0.5000, bolstered by the 23.6% Fibonacci retracement at $0.4994. As long as this zone holds on the daily close, we can expect a retest of the high of $0.5569.
On the other hand, if the bulls do not show enough momentum and the daily closing price is below the 23.6% Fibonacci retracement, the downside correction can extend towards the 38.2% Fibonacci retracement of 0, $4,639.
By Marco Oehrl