Since Wednesday, the aggregate crypto market worth has increased by $200 billion as Ripple’s XRP and dogecoin have risen between 5% and 10%. Welcome to crypto news! The latest news behind the world’s newest currency. Make sure to subscribe to our channel and turn on post notifications to keep up with our content! Alright then let’s dive in! Despite the present bear market in the cryptocurrency market, XRP has gained over 180 percent this year.
Ripple has asked the Court to take into account SEC Commissioners Hester Peirce and Elad Roisman’s recent letter in support of the defendant’s resistance to the SEC’s current move to invalidate Ripple’s fair notice defence. In other words, in the SEC v. Ripple Labs case, Ripple is relying on the Commissioners’ acknowledgement of a lack of clarity in the crypto field to support its fourth affirmative argument.
Several of Peirce and Roisman’s strongest words were underlined by Counsel Matthew Solomon, showing that at least two of the agency’s five Commissioners have determined that the people and the markets are confused by the lack of an objective regulatory framework.
While the Commission has provided some guidance, many issues work against the guidance’s intended clarity. People can look at specific cases. But applying those clues to the realities of a completely new token sale does not always result in clear answers.
It is a better way than the clue-by-enforcement approach that we have embraced to now and that today’s settlement exemplifies to provide clear regulatory guideposts and then initiate enforcement actions against persons who ignore them. Commissioners Peirce and Roisman have honestly indicated that there is a decided lack of clarity for market participants concerning the application of the securities laws to digital assets and their trading, according to the new Ripple filing in support of the Fair Notice defence.
Ripple’s lawyers will question ex-SEC Director William Hinman on July 27 in order to buttress the company’s fair notice defence. The obligatory response from SEC Chair Gary Gensler to Senator Elizabeth Warren is due the next day, July 28.
According to her request, she wants to know about the SEC’s “ability to appropriately oversee cryptocurrency exchanges and examine if Congress needs to act to guarantee that the SEC has the requisite jurisdiction to remedy existing regulatory deficiencies.” That letter also triggered a flurry of debate over what may be interpreted as a well-coordinated power play to get around the CFTC.
Brad Garlinghouse and Chris Larsen, two individual defendants, recently filed the same public declaration in support of their motion to dismiss the case. After achieving an oversold reading on the daily RSI, the price of XRP has had a subdued rebound, behind the three-day bounces seen in early June or late May and casting doubt on the commitment and emotion underlying the surge from the July 20 low.
As a result, the prognosis stays neutral as long as Ripple trades below the crucial May 23 low of $0.652. Since the May crash, the price of XRP has been forming a descending parallel channel pattern, with the midline providing superior support throughout most of the drop. The recent rally occurred between the midline and the 78.6% Fibonacci retracement of the rally from the December 2020 low of $0.555.
The Ripple bounce, on the other hand, hasn’t turned into an impulsive rally, with significant support at May’s falling trend line. A daily close above May’s falling trend line at $0.612 and the May 23 low of $0.652, a point of resistance in mid-July, is required to reignite the spirit of the rebound.
The highs of February and December 2020 support the low of May 23. The 50-day SMA is at $0.693, and the upper line of the descending parallel channel is at $0.720, so a daily Ripple close above these two levels does not create an easy road to higher prices.
The 200-day SMA, at $0.757, and the neckline of a head-and-shoulders pattern, which dates back to 2018, are the next layers of resistance. To totally exit the zone, XRP must breakthrough six firm resistance levels and rally 31% from its present price.
After the neckline, the price of XRP is free until it reaches the psychologically significant $1.00 when optimistic expectations can be refined to larger goals. The support offered XRP price around the junction of the 78.6 percent retracement level at $0.555 and the descending channel’s midline at $0.531, marking a 10% decrease from the current price, is critical to the unrelenting climb through layers of resistance.
If Ripple fails to hold, it will be forced to test the June 22 low of $0.512, as well as the channel’s bottom level of $0.392. If the price of XRP finished today above the May falling trend line, that would be a positive development. Ripple would be in a better position to deal with the levels of resistance as a result of this.
Maintaining a weekly close above the 50-week SMA, however, is a positive start to a much-anticipated rally to the $1.96 high set in April. With this, we have come to an end. We hope this session was informative. Which crypto should we discuss next? Comment down below!
Read More: XRP to $500 Blackout Incoming