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<p>Ripple (XRP) has been a subject of intense scrutiny due to its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC, in a <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-07-21-2023/card/sec-says-xrp-ruling-was-wrong-signals-it-will-appeal-oCqi2N05kHNT7MqOkDev" target="_blank" rel="noopener noreferrer nofollow">recent move, has signaled an appeal</a> against the ruling in favor of Ripple, arguing that the decision fails to reflect existing securities regulation.</p> 
<p>The SEC’s argument hinges on the interpretation of the Howey Test, a legal standard used to determine whether a transaction qualifies as an “investment contract” and thus a security. The regulator suggests that the judge may have misinterpreted this test, leading to a ruling that could potentially set a dangerous precedent for other entities.</p> 
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<p>This development has sparked a debate within the crypto community, with some suggesting that it might be time to sell XRP. However, a closer look at the market dynamics reveals a different story. Despite the legal uncertainties, XRP’s price action remains relatively strong, with the cryptocurrency currently in a consolidation phase above 70 cents. As long as XRP stays above this level, it is technically in a good position.</p> 
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<p>Adding to the analysis, it’s crucial to note the recent patterns observed in XRP’s price movements. A double top pattern, often indicative of a bearish reversal, was identified and indeed materialized. This led to a shift in focus towards the $0.65 mark, which is now seen as a potential support level.</p> 
<p>Interestingly, this pattern aligns with the ongoing analysis of the symmetrical triangle formation that was being tracked. This formation is a common occurrence in technical analysis, where the price often breaks and retraces back to touch the support line before making a significant move. This pattern was clearly evident in XRP’s price movements. The trajectory was followed meticulously until it culminated in the double top.</p> 
<p>If we lose $0.65, XRP might lose all the gains it got from the positive news of the SEC lawsuit rejection.</p> 
<p>In conclusion, while the legal battle between Ripple and the SEC continues to unfold, the market dynamics suggest a cautious optimism among XRP investors. The future of Ripple, like many things in the crypto world, remains uncertain and subject to the ever-changing landscape of regulatory scrutiny and market sentiment. As always, investors are advised to stay informed and make decisions based on careful analysis of the market trends and legal developments.</p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/ripple-is-far-from-safe-if-we-lose-this-level-xrp-is-going-back-in-the-abyss/">Ripple Is Far From Safe – If We Lose This Level, XRP is Going Back In The Abyss</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Ripple Is Far From Safe – If We Lose This Level, XRP is Going Back In The Abyss

CaptainAltcoin

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