The legal stoush of Ripple and the U.S SEC is picking up the pace yet again. As the XRP community fumes over the recent e-mail reply by the regulating authority. Which could turn beneficial for Ripple in its legal hearing.
The XRP price has been picking up pace, whilst industry proponent sheds light on the price projections of the digital asset. Meanwhile, traders are anticipating a massive price move by XRP with the case subsiding.
The Latest Twist In The Legal Proceedings?
The XRP community is now uniting to criticize the SEC for an e-mail reply from the commission. That has been making rounds on public platforms. According to the e-mail received by the recipient, the SEC claims that they never made any public comments about Ether’s status. Despite Hinman’s speech from 2018, which is available on the commission’s website.
Further, the regulatory body cites that, the determination of whether a cryptocurrency is considered a security. Depends on the characteristics and the use of the cryptocurrency. Meanwhile, according to some sources Ripple’s co-founder, Jed McCaleb has not sold his XRP holdings in 3-months.
XRP Price Analysis
XRP at press time is trading at $1.04 with gains of 1.0%. While the market cap is at about $49,229,267,199. The trade volumes for around the clock are at $3,306,364,364. The digital coin has been trading along the bandwidth from $1.01 to $1.10.
The crypto analyst sheds light on the price trajectories of XRP, which is moving in a symmetric triangle. The digital asset has been attempting to break through the barriers. The maze of time would prevail over the projections, which could be either towards the support or a rebound towards higher levels.
Collectively, the current move could turn beneficial for Ripple in the incoming legal hearing. Hopefully, the legal hurdle subsides with the start of 2022. Which enthusiasts have been wishing for, a settlement in the case would propel XRP price to new highs on the market charts.
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.