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XRP still in the black: Investors remain positive

 


XRP remains refreshingly bullish in an otherwise beleaguered macroeconomic market. XRP price broke out on Friday and is trading at $0.53 at press time.


This run is no coincidence, because a favorable formation was already evident in the daily chart in September. The increase is fueled by interim results in the proceedings between Ripple and the SEC . Both parties requested a conclusion of the proceedings and an early verdict.


Last week, the court denied the SEC permission to keep certain documents out of the case. This is material based around a speech by director Bill Hinman. In 2018, he assured in that speech that the SEC does not classify certain crypto assets as securities. At its core, Ripple argues that these statements should be interpreted as a guideline and invalidate the SEC's charges. The regulator still argues that XRP must be an unregistered security.

When the SEC's indictment became public two years ago, many exchanges and brokers reacted promptly. They either canceled trading in XRP completely or at least for the US market.


A victory against the SEC would not only save Ripple and XRP, but could also point the way for future disputes. In any case, a positive outcome of the procedure would mean a full rehabilitation of XRP and trading would no longer be subject to regulatory doubts.


The market seems to have already priced this in to a certain extent and so XRP continues to rise happily. A price target of US$ 0.62 seems realistic in the short to medium term. However, it remains to be seen whether the bulls can hold their own there. Finally, the US inflation data and further rate hikes could spoil the soup. Should the market turn south, it remains to be seen whether support can form at $0.43. If that is not the case, then XRP would only have made a short detour.

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