XRP/USD daily chart

XRP price is battling rising selling pressure like the rest of the market led by a Bitcoin price drop from highs around $25,000. The tussle between bulls and bears has seen the largest international money transfer token, lose 4.9% of its value in a week to trade at $0.3776 at the time of writing. Support at $0.37 keeps bears in check, with XRP likely to reclaim the ground above $0.40 before pushing to $0.55 in March and $1.00 in Q2 2023.

Will Ripple and the SEC Agree To A Settlement?

The outcome of the Ripple vs SEC lawsuit is looking blurry with every step taken toward the expected summary judgment. Both parties filed their final submissions and are awaiting the court’s ruling in the summary judgment. However, the focus has been digressing toward the Securities and Exchange Commission’s (SEC) ability to provide the oversight needed in crypto in addition to the push for the regulator to unseal key vital documents.

Questions have been arising regarding a comment made by the SEC’s chair, Gary Gensler, which claimed all cryptocurrencies are securities except for Bitcoin. The SEC alleges that Ripple sold unregistered XRP tokens to investors, thereby breaking US securities laws.

However, John Deaton, a renowned crypto lawyer argues that “there’s no consensus everything other than Bitcoin is a security.” ‘Deaton was responding to a claim by Michael Saylor on a consensus building to classify every crypto as a security apart from Bitcoin.

(1) John E Deaton on Twitter: “Not true. Outside of @GaryGensler’s 🧠 and #BTC Maxis, there’s no consensus everything other than #Bitcoin is a security. There certainly isn’t a consensus w/in the legal community. Software code is NOT a security. It, like any other asset, can be offered and sold as a security.” / Twitter

Deaton has laid out a scenario where Ripple and the SEC can agree to settle the matter, with the latter likely to pay the regulator $100 to $250 million. However, the SEC may have to agree to not classify the ongoing and future sales of XRP as securities.

However, the SEC is unlikely to agree to such an offer, considering it has recently heightened its surveillance over the crypto industry. Robinhood, one of the leading crypto trading applications in the industry is the latest company singled out by the SEC for crypto listings. Still, in February, Kraken exchange was forced to pay a $30 million fine to the regulator for not registering its staking-as-a-service program.

On the other hand, Ripple’s lead counsel, Stuart Alderoty recently chimed in saying the SEC was unlikely to win the case at the Supreme Court as far as past outcomes go. The regulator has lost 4 out of its 5 recent cases in court.

(2) Stuart Alderoty on Twitter: “The SEC has lost 4 of its last 5 cases in the Supreme Court, thanks to the few that had the courage and resources to fight back against the SEC’s bullying and clinging to stretch legal positions that were not faithful to the law.” / Twitter

XRP Price On The Cusp of Exhausting February’s Pullback

Support at $0.37 has been respected since XRP price was rejected from January’s high of around $0.4330. The cross-border money remittance token has printed two consecutive daily green candles implying a rebound could be gaining momentum.

However, XRP price would remain vulnerable to bearish advances as long as it has not broken the hurdles at $0.3877 and the falling multi-month trendline at $0.40. The former seller congestion area at $0.3877 is a confluence formed by the 50-day Exponential Moving Average (EMA) (line in red) and the 100-day EMA (line in blue).

XRP/USD daily chart

For XRP price to ease into an uptrend in March, a sell signal presented by the Moving Average Convergence Divergence (MACD) indicator must usher in a buy signal. Traders would be looking out for the MACD line in blue to cross below the signal line in the red to validate the bullish outcome above $0.40.

On the downside, failure to uphold support at $0.37 could trigger another sell-off with the MACD dropping further below the mean line at 0.00. In this case, traders would be looking out for new entries at $0.35 or $0.30, levels respectively.

A win for Ripple in the lawsuit against the SEC would be a game changer. Experts believe it would give XRP more validation as a mature coin in the market, resulting in a rally not only to $1.00 but one that might propel XRP to a new all-time high above $3.40.

Buy XRP Now.

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