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XRP is trading at or just below the $0.4 resistance
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Gene Hoffman Hopes SEC Wins Lawsuit Against Ripple
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XRP waits for further triggers of breakouts or drops
ripple (XRP/USD) is still in waiting mode. The cryptocurrency is clinging to the $0.4 resistance, as if buyers are unsure if it will be breached. However, the bears are relentlessly pushing the price below this level. who will win?
Of course, Ripple’s lawsuit against the SEC is still an unresolved dilemma. Despite Ripple’s small win and many believing it will win over regulators, crypto experts think otherwise. Gene Hoffman, his COO of Chia Networks blockchain company, is hopeful of his SEC argument that XRP is a security to keep.
Hoffman says excerpts from the SEC’s summary judgment filing support that view. He says former director of corporate finance Bill Hinman informed Ripple that XRP was a security in 2019. Courts know that people bought XRP in the hope that it would skyrocket in value. As a result, a judge could argue that Ripple’s sale of his XRP turned the token into a security.
Further emphasizing, Hoffman says there is no notable difference between the Ripple and LBRY Credits cases. In the latter, regulators won. He claims the SEC has not lost a Section 5 lawsuit in a long time.
XRP Maintains $0.4 Resistance
From a technical perspective, trading XRP presents a wait-and-see approach. The bulls are holding the resistance at $0.4 in hopes that the Ripple case will turn in their favor. It will see breakouts on a significant level.
Conversely, the bears are waiting for an opportunity to crash XRP. That is indicated by the RSI breaking below the midpoint, indicating that the bears are increasing in resistance. It could also signify a bullish exit at a key level.
XRP, where?
XRP’s next move will depend on developments and speculation regarding the SEC lawsuit.Investors should monitor developments in advance Buy XRP.
Where to buy XRP
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