This is what XRP holders can do right now on the back of SEC v. Ripple
‘I have cities, but no houses. I have mountains, but no trees. I have water, but no fish – What am I?’
Can you guess the answer to this riddle? It’s difficult. Well, that is exactly what the SEC v. Ripple case is. Interestingly, the future of cryptocurrency and blockchain technology could well be decided by this lawsuit filed at the end of 2020.
Notably, the SEC claimed that XRP is classifiable as a security because it was used to finance Ripple’s platform, which facilitates money transfers for retailers. At the outset, the case looked like a child’s play. But, later on, the legal jargon dominated the scene leaving half of the investors muddled.
However, on 10 February 2022, Ripple filed its Sur-Reply regarding the SEC’s motion to strike the Fair Notice Affirmative Defense. This, mainly to oppose “the SEC’s inappropriate request” for judicial notice.
In fact, the past two weeks have been pretty eventful for the crypto-community as investors saw the case going in favor of Ripple. Interestingly, some (very optimistic) analysts believe that had it not been for the SEC’s case, XRP might have been competing against ETH on the rankings chart right now.
However, the price analysis doesn’t seem to affirm that narrative. At the time of writing, XRP was changing hands at $0.8438, up by 1.21% over the last 24 hours. The rally started on 3 February and found strong support at $0.7692. Unexpectedly, the demand seems to have kicked in within the $0.9102 and $0.7692 range. Investors can, therefore, capitalize on the buying opportunity.
Furthermore, the RSI seemed to be in favor of the bulls. A short consolidation can see more buyers stepping in with high hope. Trendlines forming a rising wedge can be seen on the chart too.
Undoubtedly, it’s a
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