Ripple price (XRP) broke out in late March, rising almost 30% to breach the $0.50 barrier into a new zone. However, the price was rejected by the $0.56 resistance level, causing the remittance token’s market value to consolidate below the psychological $0.53 level and above the psychological $0.49.
Moreover, since early April, Ripple price has displayed massive volatility resulting from the rigorous push and pull between the bulls and the bears. As a result, XRP has been unable to make any directional bias, but all signs point to a brewing breakout that could see the altcoin make a 10% rally.
Meanwhile, ignoring the macroeconomics around the Ripple ecosystem is impossible, with the first challenge presented in its case against the United States Securities and Exchange Commission (SEC). In the latest development, the pro-Ripple lawyer indicated four reasons the financial regulator could lose in its crackdown against the cryptocurrency industry.
Ripple Advocate John Deaton Says The SEC Will Lose, Calls The Court A “Great Equalizer”
Pro-Ripple lawyer John E. Deaton has expressed why he believes the U.S. SEC will lose as it ramps up its regulatory crackdown against the crypto sector.
In Ripple, the Judge said the SEC “lacks faithful allegiance to the law.” In LBRY, the Judge shamed the SEC over the lack of clarity. In Grayscale, the Court said the SEC’s arguments made no sense. In Voyager, the Judge BLASTED the SEC’s ethics and behavior.
The SEC will lose. https://t.co/CYPCxw5hlS
— John E Deaton (@JohnEDeaton1) April 17, 2023
Deaton ‘s comments came as he was responding to a tweet by former enforcement official of the SEC, John Reed Stark, who indicated:
SEC crypto-exchange crackdown has begun, and the SEC is apparently taking no prisoners.
Reed’s assertions come amid four recent events related to the SEC that suggested that cryptocurrency exchanges, platforms, and other digital asset-related entities would be required to transition from their present form lest they stop doing business in the U.S.
Newsflash: An SEC crypto-exchange crackdown has begun – and the SEC is apparently taking no prisoners. 4 recent SEC events indicate that crypto-exchanges, platforms, etc. will have to stop doing business in the US, at least in their current form. More at:https://t.co/pCnF98Pyxa pic.twitter.com/YQqEvF9lPE
— John Reed Stark (@JohnReedStark) April 17, 2023
The regulatory crackdown on the cryptocurrency industry has inspired concerns among players in the crypto ecosystem. In multiple instances, they have indicated that this could stifle and drive innovation away from the U.S.
However, according to Ripple’s lawyer John E. Deaton, the SEC is poised to lose in its fight against the cryptocurrency industry. To support his thesis, Deaton cites occasions where the regulator’s arguments appeared to be totally devoid of merit.
First, Deaton referred to the legal tussle between Ripple and the SEC, highlighting that the federal judge established that the Securities and Exchange Commission did not have true allegiance to the law.
Secondly, the pro-Ripple lawyer referred to the legal tussle between the SEC and LBRY, noting that the judge called out the SEC for lack of clarity.
Third, the Ripple lawyer cited the SEC’s legal debacle against Grayscale, indicating that the court established that the financial regulator’s arguments came out as being insensible.
Lastly, the Ripple advocate highlighted the SEC’s case against Voyager Capital, where the ruling judge criticized the regulator’s ethics and behavior.
In closing, Deaton lauds the court as being a “great equalizer.”
Ripple price could rally 10% to $0.56
At the time of writing, XRP was auctioning for $0.51 after gaining around 0.5% in the last 24 hours. Based on CoinMarketCap data, traders were active in the Ripple market, evidenced by a 20% increase in 24-hour trading volume to $933.7 million.
An increase in buying pressure from the current level could see Ripple price rise 10% to confront the next barricade at the $0.56 resistance level. Such a move would constitute a 9.87% upswing from the current price. Notably, the move would be feasible and sustainable if sidelined investors joined in to help push the value of the remittance token northward.
To support the bullish case, the 50- and 100-day Simple Moving Averages (SMAs) were all pointing upwards. The Relative Strength Index (RSI) presented the same case, indicating that the path with the least resistance was northward.
Furthermore, the 100-day SMA had just executed a bullish cross when it crossed above the 200-day SMA. A bullish cross is a technical formation that occurs when a faster-moving average (in this case, the 100-day SMA) rises above a slower-moving average (in this case, the 200-day SMA). Such a crossover is often interpreted as a bullish scenario, indicating a buy signal with the expectation that the upward trend will continue.
If XRP bulls heed this call, it will increase the chances for the Ripple price to increase. Further solidifying the buy signal was the trajectory of the RSI, which would soon authenticate another buy signal after it crossed above the Stochastic RSI (yellow). This could happen if the bulls solidify their presence in the market.
Conversely, bears could take charge if buyer momentum fades, causing Ripple price to head south. Such a move could see XRP revisit the March 28 lows around the $0.47 support level. Further south, the remittance token could descend to tag the 50-day SMA at $0.46 or, in the dire case, confront the support confluence due to the horizontal line and the 200- and 100-day SMAs around $0.42.
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