FXOpen
The ruling was announced by Judge Analisa Torres of the Southern District of New York. The litigation that lasted more than three years between the US SEC regulator and Ripple Labs ended in favor of the latter, to the great joy of the entire cryptocurrency community.
The head of Ripple Labs, Brad Garlinghouse, thanked everyone who helped the company win the lawsuit. And the Coinbase exchange announced that the XRP token will be allowed to trade again.
The price of the XRP token rose sharply in price against the backdrop of a positive court decision (we pointed out the likelihood of this event back in winter), while:
→ the capitalization of Ripple exceeded $40 billion;
→ “shortists” (those who bet on the price decrease) lost about $31 million, as evidenced by the total data on the liquidation of positions on the largest cryptocurrency exchanges;
→ the sharp rise in the price of the XRP token led to an increase in the price of BTC/USD, ETH/USD and other cryptocurrencies.
The XRP/USD chart shows that the price of XRP/USD has broken the important 0.555 level from below, which previously worked as both support and resistance. After a sharp surge in volatility, as is usually the case, a period of protracted consolidation may follow. Therefore, it is possible that over the next weeks we will be able to observe the formation of a narrowing triangle in the upper half of the ascending channel, shown in blue.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.
*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Weekly Market Wrap With Gary Thomson: Nasdaq, EUR/USD, USD/CHF, Brent Crude Oil, Googl Shares
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- Nasdaq Composite: Worst Session
Analysis of AUD/USD: Exchange Rate Falls to Early May Low
As indicated by the 4-hour AUD/USD chart today:
→ the rate fell below 0.652, a level last seen on May 2;
→ the RSI indicator dropped below 15, a level last seen during the panic over the spread of COVID-19
Analysis of AMZN Stock: Price at 1.5-Month Low
As shown in the AMZN chart, the stock price dropped below:
→ the psychological level of $180;
→ the mid-June interim low.
The last time AMZN traded below $180 was in early June.
Thus, AMZN has faced sell-offs, similar to other tech