- The SEC has filed a lawsuit against Ripple CEO that he sold more than 357 million units of XRP to the public in the market.
- The declining prices of XRP/USD were capped due to the prevailing weakness in the U.S. dollar as it fell on Wednesday.
- Forex trading market participants may look for buying trades over $ 0.6975 level today.
The XRP/USD was closed at $0.71341 after placing a high of $0.74448 and a low of $0.70087. The pair reversed its course on Wednesday and dropped amid the recent adverse developments surrounding the cryptocurrency. Ripple price prediction seems bearish; however, the double bottom is supporting it at 0.6975.
Check out our guide to trade XRP/USD with forex robots.
SEC vs. Ripple Lawsuit
In the recent development of the SEC vs. Ripple lawsuit, the chief executive officer of Ripple has filed a motion. That’s to obtain an international discovery against the claims from the Securities and Exchange Commission. The defendant’s Brad Garlinghouse and Chris Larsen, aided in the sale of unregistered securities. According to the recent filing, the defendant sought documents from a cryptocurrency exchange operator, Binance Holdings Limited.
Garlinghouse believes that the listed entity will help in providing unique information and documents concerning this case. The process by which transactions were allegedly conducted in XRP on foreign digital asset trading platforms.
The SEC has filed a lawsuit against Ripple CEO that he sold more than 357 million units of XRP to the public in the market. The agency was after the disgorgement based on the sale made on a digital asset platform located outside the United States. Whereas, according to law, the disgorgement applies only to the domestic sale of securities. Ripple CEO has argued that the sale of XRP was made on the digital asset platform outside the premises of the United States.
The Ripple’s Chief Executive Officer, Brad Garlinghouse, is likely to use the documents provided by Binance. It will be used as proof that most sales of XRP that formally took place were outside the United States, and this will be enough jurisdiction that would matter to SEC.
These developments surrounding the Ripple vs. SEC lawsuit kept the cryptocurrency under pressure. Hence, XRP/USD turned red on Wednesday.
Weakness in Greenback Underpins Ripple
The declining prices of XRP/USD were caped due to the prevailing weakness in the U.S. dollar as it fell on Wednesday. It reached the 91.89 level as investors were cautious before the release of U.S. jobs data scheduled for Friday.
Ripple Price Prediction – Technical Levels
Pivot Point: 0.71959
Ripple Price Prediction – Daily Technical Analysis: Triple Bottom Support at $0.6775
Ripple price prediction remains neutral above the $0.6975 support level. On the 4-hour timeframe, the XRP/USD pair has formed a triple bottom level supporting Ripple at 0.6975 level.
Bearish crossover below this level can give us more room for selling until 0.6607 and 0.6135 support levels. Conversely, buying trend is likely to remain strong over the 0.6974 level. The resistance can be found below 50 EMA (Exponential Moving Average – Red Line) that stays at 0.7400 level.
Overall, the XRP/USD coin wide trading range of $ 0.7500 – $ 0.6900 is still intact, and a break out of this range can drive further trends in the market.
Forex trading market participants may look for buying trades over $ 0.6975 level today. The initial targets are likely to be $ 0.7400 and $ 0.7850 levels. Alternatively, sell trades can be taken below the $ 0.6970 level to target $ 0.6600. All the best!
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