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April 21, 2024
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XRP Price Regaining Crucial Levels; Is It a Sign of the Beginning of a Bull Run?

The post XRP Price Regaining Crucial Levels; Is It a Sign of the Beginning of a Bull Run? appeared first on Coinpedia Fintech News

The XRP price is closely watched by many due to the tussle between Ripple and the SEC approaching its closure. Despite a massive drop in volume, which is causing the price to remain under-consolidated, the price continues to manifest its strength by trading above $0.5 levels. Now that the price is approaching some crucial levels, the bulls are required to maintain acute strength to raise the price beyond interim highs. 

Trading View

The XRP price continues to trade along the lower trend line with an aim to rise toward the upper crucial resistance. Unfortunately, the volume has been slashed to a large extent, which may slow the pace but may still maintain the bullish momentum.

Presently, XRP is considered one of the most promising cryptos in the market, and a close upswing may attract enough liquidity to raise the price above the resistance. 

But will the price receive the required liquidity before the Ripple vs SEC judgment or remain consolidated until then?

Now that the XRP price rally is largely dependent on the Ripple vs SEC judgment, the ruling may play a crucial role. Basically, the SEC accused Ripple of selling XRP all these years as illegally as they believe XRP to be a security. If this claim does not hold any substance, then the ruling could easily be in favor of the company. 

How can it be proven that XRP is not a security?

Jereme Hogan, Partner at Hogan and Hogan and an attorney closely following the Ripple vs SEC lawsuit offer a list of arguments that substantiated the claim of the company.

Hogan considered the official definition of ‘security’ and says that XRP can only fit under the definition of an investment contract. As it is neither a stock nor a bond, it may not be considered a security. 

“In the Ripple case, the SEC has failed to argue that there was an implied or explicit contract of investment. Instead, it argues that the purchase agreement is all that is required  – and that is all it proves,”

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