Is XRP Price Heading For A Fake Breakout? XRP May Open Short Positions Near This Level

Ripple's investors are currently in confusion if XRP will ever be able to break its multi-year bearish trend as the altcoin makes noticeable price fluctuations with higher highs and lows.

Timeline of Xrp

XRP bulls have persistently defended the $0.32-$0.33 area since the November crash. The retest of the same zone in early January saw the buyers force a move past $0.35 on January 9.

On Monday (23 January 2023), Bill Morgan, who is qualified to practice law in both the UK and Australia, explained why he believes that the lawsuit involving the U.S. SEC and Ripple Labs could end in a settlement. On 22 December 2020, the SEC announced that it had “filed an action against Ripple Labs Inc.

Key Points: According to CoinMarketCap statistics, Ripple's [XRP] market value surpassed $20 billion for the first time since the FTX epidemic hit the market more than two months ago. At press time, XRP was trading at $0.4096, up 20% from the beginning of 2023.

Ripple CEO Brad Garlinghouse has said that the fintech firm is unlikely to settle with the U.S. Securities and Exchange Commission (SEC) in the regulator's lawsuit against it and two executives, which alleges they “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.

Ripple has reached a new milestone in Australia with its native token, XRP, recording the highest trading volumes on exchanges. With this, Ripple now dominates Australian crypto exchanges as the XRP community anticipates a final court ruling in the lawsuit with the U.S. SEC (Securities And Exchange Commission).

Token Unlock, a platform that uses on-chain data to track vested tokens and inform users of upcoming unlock events, issued a 2022 annual report today showing the highest estimated locked value tokens per the current market price.

Ripple's price has been on the rise over the last couple of weeks following Bitcoin's rally. However, there are still significant resistance levels that should be claimed before a bullish shift in the market structure takes shape.

While Ripple is looking forward to a win in its ongoing case against the US Securities and Exchange Commission (SEC), its native currency XRP is finding its recovery phase. The altcoin is just a few cents below hitting $0.40.

Ripple CEO Brad Garlinghouse doesn't think the payments firm will reach a settlement with the U.S. Securities and Exchange Commission (SEC) in the lawsuit alleging XRP to be a security. Garlinghouse says in a CNBC interview that a settlement would only happen if the SEC clarified that XRP is not a security.

XRP News: The filings for the much anticipated Summary Judgment in the US SEC Vs Ripple lawsuit came to an end. The crypto community now awaits the judge's ruling which is expected to drive regulations around the digital asset market.