Bitcoin

Momentum

<ul>
 <li><strong>The price has once again faced strong resistance at $0.58 level.</strong></li>
 <li><strong>If the price manages to go past this level then it will likely surge all the way till $0.42 mark.</strong></li>
</ul>
<p>Joseph Grundfest, a former U.S <a href="https://thenewscrypto.com/ripple-ceo-criticizes-former-u-s-sec-chairman/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> commissioner and current professor at Stanford Law School, has been revealed to have strongly opposed the SEC’s action against Ripple due to the far-reaching consequences of the case.</p>
<p>In a letter dated December 2020, Grundfest urged former SEC commissioner Jay Clayton not to sue <a href="https://thenewscrypto.com/ripple-ceo-criticizes-former-u-s-sec-chairman/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a> due to the systemic, worldwide harm that such a lawsuit may pose to a large number of naive XRP holders.</p>
<p>The letter was shared by John E. Deaton of Crypto Law US in a post on twitter, where he also discussed the hypocrisy and unethical behavior of Jay Clayton and other SEC members.</p>
<p>According to Grundfest, if the steps were initiated, all involved parties and intermediaries would stop dealing with XRP, leading to a liquidity crunch and a subsequent price drop that would result in multi-billion dollar losses for unknowing third parties.</p>
<h3 class="wp-block-heading" id="striving-hard">Striving Hard</h3>
<p>Bitcoin has been fighting hard to break beyond the $35,000 mark and other cryptocurrencies are still cautiously hopeful and hinting at a significant recovery.</p>
<p>As the price of XRP rises over $0.55 and reclaims the 50-day exponential moving average (EMA), a similar upward trend can be seen in motion. The price has once again faced strong resistance at $0.58 level.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="630" height="380" src="https://thenewscrypto.com/wp-content/uploads/2023/10/XRP_7D_graph_coinmarketcap-3.png" alt="" class="wp-image-84860" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/XRP_7D_graph_coinmarketcap-3.png 630w, https://thenewscrypto.com/wp-content/uploads/2023/10/XRP_7D_graph_coinmarketcap-3-300x181.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/XRP_7D_graph_coinmarketcap-3-150x90.png 150w" sizes="(max-width: 630px) 100vw, 630px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>If the price manages to go past this level then it will likely surge all the way till $0.42 resistance level. Contrarily, if the bears pull the price below the $0.54 support level, then the price will fall all the way till $0.51 support level. Further decline will likely see price testing the $0.48 level.</p>

XRP Price Likely Poised To Continue Ongoing Bullish Momentum

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