XRP trades lower for the third consecutive trading session, giving up 0.44% at 0.4725. Brad Garlinghouse the Ripple CEO, estimates that the SEC lawsuit case to come to an end in the first months of 2023; Garlinghouse is one of the accused directors from SEC of selling securities in the form of XRP coins. In the next three months, there are many hearings and briefs on the lawsuit front that will affect XRP’s price.
Almost 75,000 Ripple supporters have joined Attorney John Deaton’s class action lawsuit against the U.S. SEC. The plaintiffs blame the Securities and Exchange Commission for billions of losses due to the SEC investigation on Ripple and its managers. Meanwhile, TapJets, a private charter plane firm and I-Remit payment provider has recently looked to file amicus papers in favour of XRP. They supported Ripple by saying it is essential to their business operations. Ripple is preparing a plan B and said if they lose the case against SEC, they will just move to a more friendly jurisdiction.
In a boost to the cryptocurrency market, the Bank of New York Mellon (BNY), announced that will offer custodian services storing some clients’ bitcoin and ethereum. The crypto service will only be available to select U.S. institutional clients.
XRP has outperformed all of the cryptocurrencies in the last three months, XRP is 30% higher as the news about the lawsuit was heading positively, but is still 43% lower since the beginning of the year. XRP has an all-time high price of $3.84 reached on January 2018.
According to CoinMarketCap the ripple-affiliated cryptocurrency now ranks number 6 by the market cap at $23,40 billion. XRP has a max of 100,000,000,000 XRP coins and currently a circulating supply of 49,964,184,162 coins.
The technical picture remains positive for XRP as the price despite the recent pullback holds above the 200-day moving average. The first resistance stands at $0.5111 the high from October 14. Bulls would be in full control if they manage to break the recent top from September 23 at $0.5582. The price of the XRP would soar to all-time highs if there are positive outcomes in the SEC lawsuit.
On the flip side, strong support provides the 200-day moving average at $0.4450. A break below would open the way for a move down to 0.38841 the 100-day moving average. Negative developments in the SEC lawsuit might force the price below that strong support.
Most of the cryptos today are trading on a positive foot. The rising interest rates and fear of recession have pushed the cryptocurrency market cap to $927 billion after an extended market rally that drove the total crypto market cap above $3 trillion in late 2021.
Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently, Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).