Ripple’s cryptocurrency XRP continues to face challenges as regulatory uncertainty and legal battles weigh on its price performance. Despite the ongoing controversy, some analysts remain optimistic about XRP’s long-term potential.
Ripple CEO slams SEC for ‘overreaching’ in regulating XRP
Ripple CEO Brad Garlinghouse has stepped up his criticism of the U.S. Securities and Exchange Commission (SEC), accusing the agency of ignoring a court ruling that XRP is not a security. accused of deviating from the His remarks came after Bitnomial Exchange filed a lawsuit against the SEC challenging the regulator’s authority over XRP futures.
Garlinghouse said on social media: The SEC now believes it can act above the law by ignoring court rulings that XRP is not a security. ”
The ongoing legal battle between Ripple and the SEC continues to bring uncertainty to the XRP market. Earlier this month, the SEC filed a formal notice of appeal against its July 2023 ruling that programmatic sales of XRP on public exchanges are not securities. Ripple then filed a cross-appeal.
XRP/USD Technical Analysis: XRP has reached a critical crossroads
XRP is currently trading at $0.5377, almost unchanged over the past 24 hours. After the SEC decided to appeal, the cryptocurrency struggled to recover, with the price dropping from $0.66 to $0.51.
Crypto analyst Amonics suggests that XRP is testing a key resistance level that could shape price behavior in the coming weeks. He points to a possible rising bull pennant pattern that has been forming since June 2018, which could signal increased buying pressure.
If XRP breaks above this resistance, Amonics predicts it could soar to $70 and even an ambitious target of $500. However, given current market conditions and regulatory uncertainties, these predictions should be made with caution.
On the downside, if XRP fails to sustain above the $0.51 support level, it could test lower support levels at $0.42 and even $0.31.
Long term: Ripple’s vision for XRP
Despite the current price struggle, Ripple remains optimistic about the future of XRP. CEO Brad Garlinghouse recently predicted that XRP could reach $10,000, citing increased adoption of cross-border transactions by banks and financial institutions.
Garlinghouse argues that XRP’s focus on efficiency in international finance will increase its value and could potentially capture a portion of the vast amount of payments currently processed by traditional systems such as SWIFT. I am doing it.
