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XRP News Today: Will the SEC Settlement Trigger the Next Bull Run?
In a recent development, Ripple has reached a settlement with the US Securities and Exchange Commission (SEC) over allegations of an unregistered securities offering. This milestone is crucial for XRP’s future prospects, but we’re not just stopping there. We’ll dive deeper into the implications of this settlement on the price action of XRP.
Firstly, let’s talk about Ripple’s new strategy following the settlement. The company has decided to seek an “indicative ruling” from Judge Torres, which would essentially modify her earlier judgment in a way that clears the path for private XRP sales. This is a crucial move as it will determine the feasibility of an Initial Public Offering (IPO) in the near future.
If Ripple succeeds in achieving this modified ruling, it could unlock new business opportunities and pave the way for listing shares on US markets. Without it, their IPO prospects would be severely limited, leaving them with limited options for scaling the company further.
Now, let’s turn our attention to the price action of XRP. Over the past week, the token has surged by 20%, reclaiming the $2.00 level and hinting at a potential new bullish trend. According to technical analysts, an inverse head-and-shoulders pattern is forming on the four-hour chart, which would suggest a 27% breakout to $2.78 if resistance at $2.20 is broken.
However, there are some immediate hurdles that XRP needs to overcome before making any significant moves. The token is currently faced with stiff resistance from the 50-day and 100-day Exponential Moving Averages (EMAs), which are holding strong at $2.07 and $2.09 respectively. For the bulls to remain in control, they would need to continue pushing the price above these levels.
Additionally, we’re seeing a downward-sloping Relative Strength Index (RSI) at 46.37, indicating potential sell pressure lurking around the corner. In order for XRP to avoid another pullback, it’s crucial that bulls maintain their momentum and create more buying interest.
Moving on to the performance of XRP against Ethereum (ETH), we’re witnessing a remarkable turnaround in recent months. From November onwards, XRP has seen six consecutive months of positive returns against ETH, which is a significant shift from last year when XRP suffered seven consecutive months of losses against this benchmark.
In conclusion, while the settlement with the SEC is undoubtedly positive for Ripple’s future prospects, it remains to be seen whether the market will continue to support XRP in the long run.
Source: https://coincentral.com/xrp-news-today-will-the-sec-settlement-trigger-the-next-bull-run/
