FXOpen
At the Fintech Summit in Dubai, Ripple CEO Brad Garlinghouse revealed the amount that Ripple has spent to defend itself in a legal dispute with the US Securities and Exchange Commission (SEC). He said:
“With the SEC, [...] by the time all’s said and done, we will have spent $200 million defending ourselves against a lawsuit, which from its very beginning, people were like, well, this doesn’t make a lot of sense.”
According to Brad, attempts to regulate cryptocurrencies in the US have come to a standstill, and therefore Ripple is considering expanding in Dubai, where laws are loyal to cryptocurrencies.
On March 9, we assumed that the price of Ripple could show strong dynamics amid expectations of a resolution of the conflict with the SEC — and yes, on March 29, the price of the XRP token in USD set a maximum since the beginning of the year. However, the conflict remained unresolved, and the bitcoin market is showing signs of weakness around the psychological USD 30k mark.
Therefore, the price of the Ripple token has been in a downtrend since mid-April, having already broken through the support line (1). If the momentum continues, the value of the XRP token in USD may reach the lower limit of the price channel (shown in blue).
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*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 AFSL 412871 – ABN 61 143 678 719 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.
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