Crypto YouTuber Blockchain Backer took to Twitter to analyze Ripple’s (XRP) recent price movements. He went on to state that XRP is approaching the $0.31 price mark (-25%) next.
Presenting his XRP analysis, Blockchain Backer tweeted:
XRP continues Wyckoff Spring, entering interesting prices.
— Blockchain Backer (@BCBacker) May 12, 2023
As mentioned on YouTube, there are several supports down here. I ABSOLUTELY could see a $0.31 XRP. Which is -25% from here.
With that, I've started nibbling and added today. 👍
I'm aggressive in the $0.30s, if offered. pic.twitter.com/Dz6AZAaVA9
XRP has been caught in a legal battle with the United States Securities and Exchange Commission (SEC), potentially limiting its price surge. While the SEC alleged that Ripple’s XRP cryptocurrency should be categorized as a security, Ripple maintains otherwise, stating it also does not meet the Howey Test criteria. The Howey Test is a legal test used in the U.S. to qualify a transaction as an investment contract for considering it as a security under federal law.
Blockchain Backer noted XRP could be approaching its support levels next with enough aggression in the $0.30s if offered. Earlier to that, Blockchain Backer tweeted on March 22 about XRP’s exciting price action, with subsequent tweets about XRP maintaining its upward price actions.
Reaching a higher price point of $0.50238 once, XRP is trading at $0.4276 at press time, as per CoinMarketCap (CMC). XRP’s 24-hour trading volume at press time is $651,981,293 (down 47.71%) with a market capitalization (MCAP) of $22,162,837,925, as per CMC.
Notably, Ripple CEO Brad Garlinghouse has said Ripple is looking to expand in Dubai since 20% of Ripple’s customers are based in the MENA region.
During an interview at the Dubai FinTech Summit, he said,
The judge in the United States has been fully briefed. She has a decision on her plate. A federal judge can operate on whatever timeline she would like, but I’m optimistic we’re going to see a resolution, I believe, before the end of Q3.
Further, Garlinghouse has reportedly predicted the SEC vs. XRP lawsuit (reportedly costing Ripple $200 million to defend), would reach a resolution by the end of Q3 2023. In related XRP news, cryptocurrency exchange Binance has announced the delisting of two XRP-leveraged token pairs—XRPUP/USDT and XRPDOWN/USDT.
