SEC vs. Ripple Issue: XRP Price Skyrockets Expected Fast Decision

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Ripple’s defense attorney, James K. Philan, tweeted on September 18 that Ripple Labs CEO Brad Garlinghouse filed a preliminary motion for summary judgment. The two met the next day, and Brad Garlinghouse was represented by Carolyn DeFam, the commissioner of the Commodity Futures Trading Commission.

This follows recent reports that both Ripple and the SEC have asked the court to resolve the current issue between them.

The crypto community is generally optimistic about the outcome of the lawsuit. Many believe that if a deal can be made, the price will rise above $0.40.

In addition, although Ripple Labs has stated that there is no investment contract in existence, the parties continue to hope to reach an agreement and resolve disputes. For this reason, the summary judgment motion is viewed as a strategic move that has the potential to lead the SEC to a settlement.

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Where does the XRP price stand in the long term?

In the year Since reaching the March 2020 low, XRP is following an upward support line. This trend is expected to continue. Recently, in June and August, the line received two confirmations, each represented by a green symbol. The accuracy of the support line increases as it meets the horizontal support area at $0.315.

XRP price

Right after the second bounce, XRP started moving higher and has now reached the long-term downward resistance line from April 2021. Since the weekly RSI has already broken out of its own downward resistance line, the price may do the same in the near term. In the event of a breakdown, the nearest resistance zone will be at $0.60.

XRP long-term resistance

According to the daily chart, XRP has broken out of a short-term symmetric triangle. This can be seen on the chart on CoinMarketCap. After that, it was successful in regaining the protection zone of $0.38, which is currently expected to provide support for the price. In addition, the daily RSI has crossed the 50 level, which indicates that the trend is now positive.

XRP resistance

As a result, the readings from the daily timeframe are supported by the daily chart findings, indicating that long-term resistance should be anticipated.

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