Why Is XRP Rising Again?
XRP holders seem to have another day of green candles, with the token up 18.37% in the past 24 hours to $0.969 apiece. The Senate decided to block a plan in the newly passed $1.3 trillion infrastructure legislation for greater crypto regulation at the beginning of August, sending the sector into the extended rally.
Today, the company behind XRP, Ripple, is also benefitting from new evolution in its Securities and Exchange Commission lawsuit. Yesterday, despite the fact that the managing judge was an insistence, the SEC declined to hand over evidence finding documents to Ripple’s defense team.
In December, the SEC accused Ripple of offering unregistered contracts of around $1.4 billion starting in 2013. It seriously damaged the reputation of the token, even though the lawsuit did not go anywhere. It happened because SWIFT – the Society for Worldwide Interbank Financial Telecommunication, is Ripple’s most significant competitor.
Moreover, it processes large-scale transactions in 11,500 financial institutions in more than 210 countries. Global banks and treasuries are unwilling to use the service if Ripple is not compliant with regulatory bodies and does not resolve its allegations.
XRP transactions are lighter and take five seconds, which makes them fitting for cross-border payments. But the most significant innovation behind RippleNet rests in its public ledger. It might revolutionize the transparency of the government by working as a real-time Freedom for inter-governmental financial dealings through XRP.
According to a classic technical table setup, Ripple’s XRP token might hit $1 in the following days.
The trend indicator arrives after the price bottoms out, bounces toward a higher stability level, and then leans back to the first bottom level.
It happens only to reflect again to the previous resistance line, also known as the neckline.
Could the price close higher than the neckline? An extended move upward seems anticipated. The range of which matches the total height between the bottom level and the neckline.
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