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Ripple’s XRP: Recent Developments, Price Action, and Technical Analysis

⚠️ RIPPLE vs S.E.C: Heading To The SUPREME COURT? ⚠️
⚠️ RIPPLE vs S.E.C: Heading To The SUPREME COURT? ⚠️

Ripple CEO’s Supreme Court Fight

The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) is nearing a resolution, with Ripple CEO Brad Garlinghouse indicating a willingness to take the case to the Supreme Court if necessary. The SEC may also appeal the case, suggesting a potential escalation. Garlinghouse’s refusal to settle the case is seen as a sign of Ripple’s strength and confidence in its position.

Large XRP Transfer to Bitstamp

A recent transfer of 23 million XRP from an anonymous wallet to Bitstamp has raised speculation about a potential increase in XRP trading activity. Bitstamp, a leading cryptocurrency exchange, has a partnership with Ripple to offer on-demand liquidity services using XRP for international transfers.

Analyst Predicts XRP Correction

Crypto analyst Michael Vop predicts that XRP may experience a correction after reaching $0.93. He sees this as an opportunity for traders to buy the dip and accumulate more XRP at a discounted price.

Technical Analysis

Short-term technical analysis of XRP suggests a move to 75-78 cents. However, the weekly chart shows XRP breaking a long-term trendline, indicating a likely retest of the trendline, which could result in a deeper correction down to 54 cents.

Closing Remarks

Traders are advised to trade safely and use tight stop-loss orders when trading XRP, given the potential for a correction.

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