The United States Securities and Exchange Commission (SEC) is facing criticism from Ripple, the company behind the XRP cryptocurrency. In a recent blog post, Ripple slammed the SEC for filing a lawsuit against it without first evaluating claims made by third parties.
Ripple pointed to two amicus briefs filed by I-Remit Inc. and TapJets Inc. in support of its argument that the SEC did not properly evaluate all relevant information before taking legal action. The SEC had previously opposed both motions, arguing that they were improper attempts to offer evidence outside the constraints of discovery restrictions and the rules of evidence.
In its blog post, Ripple accused the SEC of selectively leaking information to the media to paint the company negatively. Ripple also accused the SEC of changing its position on what constitutes security, which has created confusion in the industry.
Ripple called on the SEC to drop its lawsuit and allow the company to continue operating without fear of regulatory action. Ripple also called on the SEC to clarify its position on cryptocurrencies and digital assets.
What does technical indicators suggest on XRPUSD?
The Relative Strength Index (RSI) is flirting with the overbought territory. This suggests that the market may be due for a pullback soon. However, if the bulls can maintain market control, we could see further upside potential. Traders may want to watch for price action around key support and resistance levels to see if the market does indeed continue higher.
Source: Tradingview
The Bollinger Bands indicate that the market is in a period of consolidation. However, the upper Bollinger Band is starting to move higher, indicating that the bulls are beginning to take control of the market. If this trend continues, we could see a breakout to the upside soon.
The MACD is currently in a strong uptrend, indicating positive momentum. However, the MACD is beginning to diverge, indicating that the market is due for a pullback. Traders may want to watch for price action around key support and resistance levels to see if the market does indeed continue higher.
Ripple price analysis: Conclusion
Overall, the current technical indicators suggest that the XRPUSD may soon be headed for a bullish breakout. However, it is important to keep in mind that there is still potential for a pullback. Traders should watch for key support and resistance levels to see if the market does continue higher.
