Ripple has taken aim at the US regulatory approach to the crypto industry, arguing that it focuses on enforcement rather than establishing clear rules.
The company cites examples of enforcement actions, such as the SEC issuing Wells Notices to Coinbase and Paxos, rather than creating regulations.
For context, the SEC sued Ripple and two of its executives, Chris Larsen and Brad Garlinghouse, in December 2020, alleging that they offered unregistered securities in the form of XRP.
The SEC has faced backlash over its lack of clarity regarding what constitutes a security, and the ongoing Ripple case is expected to provide more insight.
Despite repeated inquiries, SEC Chair Gary Gensler has not provided a definitive answer, including on the status of Ethereum (ETH).
<oembed url="https://twitter.com/JohnEDeaton1/status/1652727287568117761[/embed]Ripple’s Business and On-Chain Metrics Amid Legal Uncertainty Despite the ongoing legal proceedings, Ripple has continued to demonstrate strong on-chain activity in the first quarter of the year.
Transaction volumes increased by 9% to 116 million, up from 106 million in the previous quarter.
Additionally, decentralized exchange (DEX) volumes surged by 34% to $115 million compared to the prior quarter.
As the Ripple-SEC legal saga unfolds, its impact on XRP’s price remains uncertain.
However, Ripple’s resilience in the face of adversity may offer some reassurance to markets – with that said lets dig into XRP price prediction.
Ripple (XRP) Price Analysis As Ripple (XRP) continues a -21% slide from topside resistance above $0.55, bulls are reeling to find support in the current consolidation zone above $0.45.
With XRP currently trading at $0.46 (24hr change of -0.37%), many are wondering whether double-bottomed support into the highly anticipated summary judgment (tipped for May 6) could ignite a rally back above the MA 20 resistance level.
TradingView / XRP USDT With steadfast support from the MA 200 holding strong, XRP’s MACD remains sat on the fence.
The RSI, however, has cooled off rapidly during this consolidation period.
With an oversold signal at 43, there is plenty of capacity for the price to push up here.
On the upside, XRP is targeting a break back above the MA 20 to push up to the next resistance zone around $0.50 (representing a +8.6% move).
With strong consolidatory footing, the downside risk is minimal, with feet at $0.45 (a potential -2.25% move).
This leaves XRP with a Risk: Reward ratio of 3.85 – an attractive entry heading into May 6.
However, Ripple remains exposed to unique risk structure due to the impending summary judgment, if things turn sour here XRP could plummet to new lows.
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