Impact

<p>The post <a href="https://coinpedia.org/news/top-lawyer-challenges-theory-on-ripple-lawsuit-impact-on-xrp-price/">Top Lawyer Challenges Theory on Ripple Lawsuit Impact on XRP Price</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The recent developments surrounding Ripple and its digital currency XRP have sparked intense discussions. Notably, a leading crypto researcher, 3TGMCrypto, suggested that XRP could be forming one of the largest bull flags in crypto history, despite trading below its all-time high of $3.84 for over 2,165 days.&nbsp;</p> 
<p>This prolonged underperformance was largely attributed to the U.S. Securities and Exchange Commission (SEC) labeling XRP an “unregistered security” back in December 2020. This lawsuit had sent ripples across the crypto industry, allegedly suppressing XRP’s price during the 2021 crypto bull run and causing various trading and liquidity challenges.</p> 
<h2 class="wp-block-heading" id="h-expert-insight-challenges-the-belief"><strong>Expert Insight Challenges the Belief</strong></h2> 
<p>Contrary to popular belief, Bill Morgan, a top lawyer and cryptocurrency enthusiast, has raised a critical point regarding XRP’s market behavior. He responded to the notion that the lawsuit and the preceding two-year investigation were the reasons behind XRP’s prolonged consolidation.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Subscribers to the theory that the lawsuit (and prior 2 year investigation) is the cause of this consolidation, or the reason for its length, need to explain why the finding of Judge Torres that XRP itself is not a security, (which finding the SEC said it would not appeal to make… <a href="https://t.co/9WV0SSFQiJ">https://t.co/9WV0SSFQiJ</a></p>— bill morgan (@Belisarius2020) <a href="https://twitter.com/Belisarius2020/status/1735053699238781103?ref_src=twsrc%5Etfw">December 13, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Morgan highlighted the fact that despite Judge Torres ruling XRP as not a security—a decision the SEC chose not to appeal—XRP’s price did not see a sustained upward trajectory. Instead, any gains were short-lived, with the prices returning to lower levels within a month, therefore the impact was barely there.</p> 
<h2 class="wp-block-heading" id="h-current-xrp-price-market-dynamics"><strong>Current XRP Price Market Dynamics</strong></h2> 
<p>At press time, XRP is valued at $0.62. Recent market observations noted attempts by bulls to halt XRP’s downward trend at the 50-day Simple Moving Average (SMA) of $0.62 on December 10th and December 11th. However, these efforts fell short of lifting the price over the 20-day Exponential Moving Average (EMA) of $0.63. Yesterday, the selling pressure increased, and bears pushed the price below the 50-day SMA.&nbsp;</p> 
<p>Market analysts anticipate the bears might try to lower the price to a critical support level at $0.55, where substantial buying interest is expected. The 20-day EMA appears to be stabilizing, and the Relative Strength Index (RSI) is hovering near the midpoint, suggesting a potential sideways movement in the near term. A decisive move by bulls pushing the price above $0.65 could change the market dynamics, potentially leading XRP to an overhead resistance at $0.75.</p>

Top Lawyer Challenges Theory on Ripple Lawsuit Impact on XRP Price

Table of Contents

CoinPedia News

Other articles published on Dec 14, 2023

Revolutionizing finance: How flatcoins are leading the way

Martin Thibeault: Pioneer And Visionary For The Bridge Between Blockchain And Network Marketing

UMA Coin Analysis: Features and Price Aspects of the Crypto

Bitcoin and Solana holders considering this crypto project

SOL Price Resumes Rally, Here’s Why Solana Could Pump 20%

Shiba Inu: Can SHIB Hit $0.0001 by December's End?

Join our free newsletter for daily crypto updates!