Despite the SEC’s support in the ongoing lawsuit against Ripple, XRP surged by 7%. NSEI and InvestReady are the entities seeking to file amicus briefs supporting the SEC. The news comes as a relief to the XRP community which has been on the edge since the lawsuit was filed.
The ruling is still pending and it is unclear when it will be made. However, the SEC’s support gives XRP a fighting chance. The community is hopeful that the lawsuit will be dismissed and that XRP will be able to continue trading freely.
Meanwhile, NSEI’s brief focuses on the difference between cryptocurrencies and traditional financial instruments. The organization said it wants to provide the court with a unique perspective on the suit by identifying key aspects of cryptocurrencies.
InvestReady, on the other hand, is a website that provides opportunities for people to invest in digital assets. The company said it wants to join the case because the SEC’s decision will have a profound impact on the industry.
It is still unclear how the court will rule on the matter. However, the support from NSEI and InvestReady is a positive sign for the XRP community.
What does technical indicators suggest about XRP?
The Relative Strength Index or RSI for XRP is currently at 52.17 which suggests that the digital asset is neither overbought nor oversold. The MACD or the Moving Average Convergence Divergence is also in the neutral territory. These technical indicators suggest that XRP is currently range-bound and it is unclear which direction the digital asset will take in the near term.
The Ichimoku Cloud is one of the most popular technical indicators used by traders. The Ichimoku Cloud for XRP is currently in neutral territory. The cloud has two components, the conversion line, and the baseline. The conversion line is currently at $0.36 and the baseline is at $0.31.
The Stochastic Oscillator is another popular technical indicator used by traders to find momentum in the market. The Stochastic Oscillator for XRP is currently at 73.65 which suggests that the digital asset is currently in overbought territory.
Overall, the technical indicators suggest that XRP is currently range-bound and it is unclear which direction the digital asset will take in the near term.
In the short term, XRP is expected to continue trading sideways as the market awaits a clear direction from the SEC. The digital asset could see some volatility in the near term as the ruling on the SEC’s lawsuit against Ripple is pending. However, the long-term prospects for XRP remain positive as the SEC’s support gives the digital asset a fighting chance.
Conclusion
However, the support from NSEI and InvestReady is a positive sign for the XRP community. Overall, the technical indicators suggest that XRP is currently range-bound and it is unclear which direction the digital asset will take in the near term. In the short term, XRP is expected to continue trading sideways as the market awaits a clear direction from the SEC.
