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XRP continues to be the talk of crypto town, given new developments in the lawsuit pitting Ripple against the US Security and Exchange Commission (SEC).
After a legal battle that took more than three years, a US court ruled that XRP is not a security. The latest development shows that Ripple has filed a cross-appeal to challenge the SEC’s legal action in the controversial XRP case.
Nevertheless, Ripple is calling for no stone unturned when it comes to regulatory clarity across the crypto industry, as a settlement with the SEC could have a major impact on the overall market.
The outcome reached will have ripple effects on how other cryptocurrencies are treated by regulators.
What does the cross of death mean?
As major developments continue in the XRP ecosystem, the seventh-largest cryptocurrency is attempting a bullish breakout to no avail, given that the altcoin is stuck in a symmetrical triangle.
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As a result, XRP finds itself staring at the cross of death, a bearish sign that could spell doom.
Source: TradingView
A death cross occurs when a short-term moving average, such as the 50-day moving average, falls below a long-term moving average, such as the 200-day moving average. Therefore, XRP could fall into such a scenario and lose $0.5, which is the altcoin’s psychological price.
According to data from CoinGecko, XRP was trading around $0.5383, with a wait-and-see approach taking center stage.
In the meantime, all hope is not lost. Renowned crypto analyst Armando Pantoja recently admitted that XRP has been experiencing a seven-year bullish pennant formation, which is a stepping stone to a major breakout.
