We may finally see a verdict on Monday on the SEC vs Ripple case.
There have been rumors on Twitter that the SEC may settle the case with Ripple Labs. The RippleCoin (XRP) has been gaining momentum for a few days on the expectations of a favorable outcome.
Turning Point in the SEC vs Ripple Case
The SEC vs. Ripple case took an unexpected turn when both parties filed for summary judgment, a term used to request an immediate ruling.
The case has been in the purview of the courts since 22 December 2020.
Brief About the SEC vs Ripple Labs Case
The whole case is around the concept of “SECURITIES” to decide whether XRP(Ripple Coin) is a security or not.
Between 2013 and 2020, Ripple Labs sold XRP Coins to raise over $1.3 Billion.
The US Securities and Exchange Commission filed a lawsuit against Ripple Labs, claiming that Ripple Labs co-founders Christian Larsen and Bradley Garlinghouse made illegitimate gains by selling those Ripple Coins(XRP).
According to the SEC, the Ripple Coin(XRP) was offered to investors, but they were not listed as security.
However, Ripple Labs argued that XRP was not a security as the SEC had earlier classified Bitcoin and Ethereum as not being securities. Further, they claimed that Ripple was not an investment contract as it did not offer any profit.
On Sept 18, Stuart Alderoty, Ripple Lab’s Counsel commented on the SEC vs Ripple case that even after 2 years, SEC could not find anything to prove that Ripple Qualified for the Howey Test (a US Supreme Court Mandated test for checking if an instrument is a Security).
Ripple(XRP) Price shows momentum on Multiple Charts
For the Analysis, we have used daily charts. The price data is taken from Bitstamp.
There is confirmation of a price gain in multiple charts.
Daily Charts
A daily chart is chosen as it neglects intraday volatility to an extent.
Click on Chart to Enlarge.
The situation is ripe for trading opportunities on Daily Charts.
RSI
Relative Strength is above 60 in a bear market, signaling a strong up move in prices.
MACD
The Moving Average line on daily charts is above the trend line, which indicates that the price is in an upwards momentum.
4 Hour Charts
RSI
Relative Strength is at 70 in a bear market, which is a very strong indication.
MACD
The Moving Average line(0.013) on daily charts is above the trend line(0.008), which also indicates that the price is in an upwards momentum.
XRP Price Prediction Sept 2022
Target
Based on the daily charts, the immediate target comes out to be in the range of $0.40-$0.45. We can expect the price to move within a day or two.
Stoploss
The Stoploss can be kept at the bottom support line at $0.3114.
Please note that trading without a stop loss can be risky and erase your trading capital.
Can XRP reach $1?
If the SEC vs Ripple case comes in favor of Ripple Labs, the price of Ripple can be expected to reach $1 as Ripple has a very strong market cap and is involved in a number of projects worldwide.
Can XRP reach $10?
For XRP to reach $10, it has to be a widely adopted cryptocurrency and generate a large demand from the corporate sector, the retail sector, and governments.
Please note that Ripple’s (XRP) all-time high price was near $3.40.
Also, our Cosmos Price Prediction resulted in a 6.3% profit.
I am a certified Research Analyst in Equities. My analysis is purely for educational purposes. Cryptocurrencies are volatile and involve significant risk. Kindly trade at your own risk and with the advice of a financial expert.
