Sohrab Khawas
As Bitcoin’s bullish momentum cools down, the altcoin market, led by XRP, has shown signs of rallying further in the coming weeks. Additionally, the XRP market has attracted massive social media attention, with some calling for Coinbase Global to relist the asset for spot, futures, and P2P trading.
However, centralized exchanges are under regulatory pressure as the United States SEC pursues crypto projects for raising funds from the public through unregistered securities.
Ripple Vs SEC
Ripple is accused of taking advantage of the secondary market by dumping billions of XRP to centralized exchanges through monthly sales. Notably, Ripple has insisted that the company would not be profitable without monthly XRP sales.
Additionally, Ripple has reiterated that XRP could not be this huge without its effort through RippleNet and On-Demand Liquidity. The symbiotic relationship between Ripple and XRP has attracted regulators’ attention, thus the ongoing lawsuit filed by the SEC two years ago.
XRP Price Analysis
The XRP market is retesting pre-lawsuit levels, thereby indicating that the end is around the corner. Having consolidated for the past two years, the XRP price has shown signs of going beyond 2021’s high of around $1.94 and retesting the ATH of about $3.4. However, the short-term bullish stance is pegged to the outcome of the ongoing Ripple vs SEC lawsuit.
Also Read: Ripple (XRP), Stellar (XLM), or Uwerx (WERX): Which Crypto is a Good Buy for 2023?
Despite the 200 WMA showing a strong bullish outlook, the bulls have been struggling on the short timeframes since XRP recently hit $0.58.
Trading around $0.524 on Wednesday, XRP’s bullish momentum will hold if the asset comfortably breaks above $0.57. From a technical standpoint, the XRP price is about to cross the 38 percent Fibonacci retracement level, which indicates that the bulls are slowly taking control.
