XRP Trading Close To $0.30, How Long Will The Support Hold?

XRP has retraced on its chart over the last few days although the coin had attempted to head upwards, the bulls tired out. XRP at the moment has secured $0.30 as a strong support level.

Timeline of Xrp

Through the recent market rally, buyers have managed to reclaim the 50-day moving average for the second time. Moreover, the price formed a higher low above $0.28, but it could not even touch the last high at $0.39.

In the latest tussle between crypto payment platform Ripple and the Securities Exchange Commission, Ripple has accused the SEC over taking an “extreme position” by attempting to seal expert testimony behind a Daubert motion. The motion would keep key information regarding the long-running dispute concerning alleged unregistered securities away from public scrutiny.

The crypto community got a major surprise two years ago when a leading provider of crypto solutions for businesses was slapped with a lawsuit by the U.S. Securities and Exchange Commission. Ripple was taken to court by the SEC, which sparked what has become the most closely watched legal showdown in the cryptocurrency industry.

It appears as if the Ripple vs. SEC lawsuit is a never-ending battle. In a recent update, SEC has now requested to keep its reaction towards the amici motion, which is related to the Dauber challenge, private.  Ripple's response to this firmly states that the facts are not as per SEC's claims, where earlier the …

Ripple Labs co-founder and ex-executive, Jed McCaleb has been on a selling spree of XRP tokens since he left the firm. Meanwhile, XRP holders' lawyer raised an important question over this selling activity as they are involved in the tussle with SEC.

After the SEC's appeal to seal its response to amici motion related to Daubert challenge, Ripple responded sharply`. Addressing Judge Torres of the Southern District Court of New York, the Ripple team said that facts do not support SEC's claims.

Following our most recent Ripple price analysis, XRP successfully maintained the significant 30 cents support area and went through a higher low. However, we will need to see a higher high over the next short term to form a bullish structure.

A legal expert warns an unfavorable ruling in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple would be bad for crypto. Deaton Law Firm managing partner John E. Deaton says the outcome of the SEC lawsuit alleging that XRP is a security will determine whether nearly all other existing altcoins are securities. “Considering The post Ripple vs SEC: Legal Expert Warns Adverse Ruling in Lawsuit Would Be Catastrophic for Crypto Industry appeared first on The Daily Hodl.

XRP has been increasing in price for the last two days showing a significant sign of it being bullish. The bears might take control over the price if it falls below $0.3350 and push it towards $0.3250 while the bulls need to sustain above $0.3400 to continue pushing the price up. At the time of …

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. XRP saw a solid devaluation like most of its peer altcoins following the market-wide liquidations.