Ripple (XRP) Price Analysis: Buy or Sell Now?
The Ripple (XRP) price is currently trading above $0.50 and is on the verge of breaking through the 23.6% Fibonacci retracement level, according to BeInCrypto | Bitcoin & Crypto News. However, market indicators suggest a potential decline as both the Ichimoku Cloud and RSI show bearish tendencies. The participation rate has also dropped significantly, indicating a sell signal on the daily chart.
If Ripple fails to maintain support at this critical level, it could drop to $0.47 USD. Conversely, surpassing $0.55 USD might initiate recovery and invalidate the bearish scenario.
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Ripple's Discounts for Institutional Clients Spark Legal Debates
FXStreet German site reports that discounts offered by Ripple to institutional clients are causing debates among lawyers discussing the SEC lawsuit against Ripple Labs Inc. The SEC demands repayment of "illegally obtained profits" from these discounts amounting to nearly $1 billion in restitution plus interest and civil penalties totaling approximately $1.95 billion.
This legal battle focuses on whether these gains should be considered unlawful under securities laws violations due to XRP sales made by Ripple Labs Inc., which continues consolidating around $0.50 amidst ongoing litigation developments with significant implications for future pricing trends within cryptocurrency markets globally.
Will Ripple Price Drop to Zero Against Bitcoin?
Bitcoin2Go highlights renowned trader Peter Brandt's warning about XRP potentially crashing towards zero compared to BTC. This is based on classical chart principles if key support levels break down further below current thresholds near historical lows. Despite temporary rebounds seen lately, driven primarily by external factors, the overall outlook remains uncertain pending resolution of outstanding regulatory issues impacting investor sentiment and liquidity conditions across various exchanges worldwide.
XRP Climbs Above $0.50 Following Ripple's Motion to Seal Documents
Blockchain-Hero reported that XRP climbed back above the crucial psychological threshold following a filing to seal certain sensitive documents related to an ongoing case brought forth by the US Securities Exchange Commission. This case seeks remedies for alleged misconduct involving the sale of unregistered securities in the form of tokens issued by the company itself, thereby protecting the interests of all parties concerned and ensuring fair and transparent proceedings. The final verdict is expected soon, hopefully bringing positive news to boost confidence and restore faith in the integrity of the entire industry.
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