Ripple (XRP) Sees Sensitive Market Movement Amid Potential Breakout and SEC Developments - COINTURK NEWS
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Ripple (XRP) Sees Sensitive Market Movement Amid Potential Breakout and SEC Developments

In Brief

  • Ripple's XRP exhibits sensitive price movements, hovers at $0.4759 with a slight increase.

  • Investors anticipate a potential short-term breakout that could push the XRP price up to $0.55.

  • LBRY's recent lawsuit loss against SEC causes unease among Ripple enthusiasts.
10:29 pm (71 days ago)
July 12, 2023

XRP price is delicately fluctuating on a threshold, as bulls remain uncertain about a potential breakout or sell-off pressure. Currently, Ripple’s XRP is trading at $0.4759, reflecting a 0.23% increase in the last 24 hours, with a trading volume of $544 billion and a market value of $25 billion. Other cryptocurrencies, like Bitcoin and Ethereum, are moving in the green zone, each increasing by 1.05% and 1.06% respectively, on the day of the U.S. inflation data release. A potential decline in U.S. inflation data (CPI) to around 3% could boost risk appetite for risky assets like BTC and XRP.

Imminent XRP Price Breakout Expected Any Moment

According to technical analysis, XRP is on the verge of a breakout, targeting a peak level of about $0.55 in the short term. The bull flag formation on the daily timeframe price chart suggests that a move above the short-term hurdle of $0.48 could drive the altcoin’s price higher.

The 100-day Exponential Moving Average also supports the XRP price at the $0.4730 level, helping to maintain the altcoin’s current position. On the upside, a break above the bull flag’s resistance level of $0.48 could push the price above $0.50 and even reach the target of $0.55.

For the bullish view in XRP to strengthen, a buying signal from the Moving Average Convergence Divergence (MACD) indicator is expected to be confirmed. Therefore, investors may want to wait and see if the MACD confirms the uptrend before buying XRP.

The Money Flow Index (MFI) shows that fund inflows are outperforming outflows in the XRP market. In other words, an increase in entry volume could lead to momentum building and pave the way for recovery.

LBRY Lost The Lawsuit Filed By The SEC

Meanwhile, in the XRP world, the decision of U.S. District Judge Paul J Barbadoro that LBRY, a cryptocurrency company, violated the Securities Act in a case brought by the U.S. Securities and Exchange Commission (SEC) is being discussed. Crypto enthusiasts fear that the decision in the LBRY case may set a precedent for the lawsuit the SEC filed against Ripple, potentially complicating the situation further.

Judge Barbadoro ordered LBRY to pay $111,614 in damages and prohibited the company from further sales of unregistered securities. According to Jeremy Hogan, a partner at Hogan & Hogan law firm, a similar outcome in the Ripple case is possible. Hogan said in a statement on his personal Twitter account, “The final decision in the SEC – LBRY case has been announced. The judge did not make a decision on secondary sales (or, unsurprisingly, the Big Questions Doctrine). He banned further violations and imposed a penalty.”

Hogan suggested that while a similar outcome is possible for XRP, “The court needs to find that there is not enough to hold a hearing on the Fair Notice Defense issue primarily. To issue a preliminary injunction, the court will need to find that past and current XRP sales were securities sales.”

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