Ripple’s XRP rallies 10% after another win. Is the token now bullish?

2022-11-16 22:13

Ripple token (XRP) continues to send clear signals. It is ready for takeoff once it is confirmed that XRP is not a security, as alleged by the US SEC. On Tuesday, the token surged by 10%, becoming the top gainer among its peers. The gains come after positive cryptocurrency news.

According to the November 14 announcement, Ripple has been granted motions to file amicus briefs in the case with SEC. The amici status allows individuals and other interested parties to be included to assist in the proceeding. Coinbase could be the first “friend of the court” to file the amici briefs. The US crypto exchange has supported Ripple’s argument that XRP should not be classified as a security. The exchange and other firms are expected to file by November 18.

The development is positive for Ripple since amici briefs have been a source of contention for a while. It will shed more light on the case and allow Ripple to build a stronger argument against the regulator. In particular, Coinbase has been vocal against SEC’s rulemaking targeting the crypto industry.

The court’s go-ahead brings a new perspective, dealing a blow to the regulator. SEC has so far been losing the battle against Ripple. If you are seeking to buy XRP in light of the developments, you need to look at the technical bits.

XRP hit a resistance level as price pumps

Source – TradingView

Technically, XRP trades at a key resistance zone. The momentum is weak, considering that the token is recovering from the recent slump. The MACD indicator remains in the bear zone. The level around $0.38 should be watched.

When to buy XRP?

The development around Ripple’s case with SEC is positive for XRP. The price could build on the news to continue rising. A bullish momentum will be confirmed if XRP clears the area around $0.38-$0.40. 

On the flip side, bears could outwit the bulls at the current resistance level and force a correction back to $0.30. Both outcomes are likely given the mixed crypto outlook. So, buy after confirmation of the upside.

Where to buy XRP

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy XRP with eToro today Disclaimer

Bitpanda

Bitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.

Buy XRP with Bitpanda today

The post Ripple’s XRP rallies 10% after another win. Is the token now bullish? appeared first on CoinJournal.

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Ripple (XRP) на Currencies.ru

$ 0.516 (-0.16%)
Объем 24H $649.387m
Изменеия 24h: -1.19 %, 7d: 4.80 %
Cегодня L: $0.5077 - H: $0.5177
Капитализация $28.528b Rank 7
Цена в час новости $ 0.3837 (34.48%)

xrp token ripple sec security alleged becoming

Источник: coinjournal.net

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