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The Course of the Lawsuit against the SEC Puts Pressure on the Token Quotes

11/2/2022 3:04 PM

Unlike other leaders in the cryptocurrency market, XRP has not been able to rise seriously during the past week: the price has risen to the area of 0.4795 but has now lost all the gains and has fallen to around 0.4500.

Strengthening the quotes is constrained by uncertainty in the lawsuit of the US Securities and Exchange Commission (SEC) against the developer of the Ripple token. The regulator is trying to prove that XRP is an unregistered security, and corporate lawyers are opposing it, pointing out that former director William Hinman previously stated that BTC and ETH do not belong to this class, and since the XRP token is similar to ETH, then this statement applies to him. Early last month, Ripple managed to get Hinman’s original documents from the SEC, which the cryptocurrency community saw as a big win, increasing the company’s chances of winning in court. However, many legal professionals are more restrained in their assessments, believing that these sources, which are still considered confidential, may not affect the judges' decision, which may be issued in December or early next year.

The trading instrument is moving in the main sideways range of 0.4500–0.4700, which does not correspond to the dynamics of the market leaders. To resume a serious decline, the quotes will have to consolidate below 0.4330 (Fibonacci correction 23.6%). In this case, its targets will be 0.3906 (Murrey [0/8]) and 0.3570. The zone 0.4700–0.4883 (the upper limit of the sideways range, Murrey [2/8]) seems to be the key “bullish” region, the breakout of which will lead to the price exiting the long-term downward channel and give the prospect of further growth to 0.5219 (Fibonacci correction 38.2%) and 0.5371 (Murrey [3/8]).

Technical indicators reflect the possibility of further decline: Bollinger and Stochastic bands are reversing downwards, MACD is at the zero mark, and its volumes are insignificant.

Resistance levels: 0.4700, 0.4883, 0.5219, 0.5371. | Support levels: 0.4330, 0.3906, 0.3570.

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