Market Analysis: XRP Is Not a Security!

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.

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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.

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