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While cryptocurrencies turnede extremely bullish from Q4 of last year, Ripple had difficulties turning bullish. The bombshell Securities and Exchange Commission (SEC) lawsuit against fintech startup Ripple Labs weighed on Ripple, and kept it down until April.
That’s when the bullish trend started in the XRP/USD, as it surged from $0.50 to almost $2 for about two weeks. But the the surge didn’t last long, as the crash in the crypto market came, sending major cryptocurrencies 60%-70% down.
So, Ripple coin couldn’t even reach the 2018 highs at $3.30, while most other cryptocurrencies kept making record highs as they surged to previously unseen levels. That was due to the the ongoing battle with the SEC. There have been developments in this case, but we are nowhere near the end of the saga.
XRP/USD
Ripple Labs has achieved yet another break with its motion to call the previous director of the SEC Corporate Finance division, William Hinman, to testify. Ripple officials believe that Hinman may have knowledge of the SEC’s policies regarding digital assets, which might prove to be crucial for the case.
But, the motion may be quashed by the SEC, as it obviously has plans to counter it. The SEC has requested a discussion with the presiding judge, Sarah Netburn, regarding quashing the motion as the commission believes that, if granted, the motion will set a precedent for the company to dispose of high-ranking government officials.
So, all this nonsense about Ripple being a security is keeping buyers in check. Moving averages are pushing the highs lower after every attempt from buyers, particularly the 20 SMA (gray). So, the picture doesn’t seem too good on the daily chart. We are long on Ripple, since we strongly believe the bullish trend will resume soon, but for now we are just following the price action, which doesn’t seem good fur buyers.
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