Ripple Stabilizes Above $ 0.50, XRP / USD Prices May Retest $ 1 If Bulls Recover $ 0.70
Ripple's price is relatively firm as bears take a break. Reading on the daily chart, the XRP / USD price is stabilizing in the last week of trading, adding three percent.
Still, despite last week's losses, there are positive developments that may influence the price of the seventh largest crypto asset.
One of them is the hype around the Flare Network tokens that will soon be distributed.
Before the December 12 snapshot, the price of XRP spiked higher ahead of the deflating news from the SEC in late December 2020.
XRP holders will receive tokens from the Flare Network as the project is eager to introduce DeFi to Ripple.
XRP is not necessarily a security despite the SEC's lawsuit
Meanwhile, there was positive news from Hester Peirce, the SEC commissioner and one of the loudest crypto advocates.
In an interview with Bloomberg, he said that a coin / token does not necessarily convert to a security, even if the commission sues the founding company.
XRP followers interpreted this as a reference to the ongoing court case between Ripple and the SEC.
Ripple Labs, the issuer of XRP, is being sued by US regulators for allegedly selling unregistered securities. However, the case seems to be turning in Ripple's favor.
In the interview, she said:
“When we think of a cryptoasset as a security, what we do is say that it is sold as part of an investment contract, which means that promises are being made around the sale of this asset. It does not mean that the asset itself must necessarily be a security. It means that it was sold as a security «.
Ripple price analysis
The ripple price it remains stable in the last week of operations, adding three percent against the dollar.
From the daily chart, the path of least resistance remains to the south, reading the candlestick arrangements.
Specifically, XRP is trading within a bearish breakout pattern, following the close below the bearish flag.
In a continuation of the bearish continuation pattern of the second half of May and throughout June, sellers are liquidating the pullbacks.
However, XRP may find support after the double bar bullish reversal pattern at the end of last week and stable price action over the weekend.
Gains above $ 0.70 confirm gains from early last week, setting the stage for an increase to $ 1.
Chart courtesy of Trading View
Divulgation: opinions expressed are not investment advice. Do your research.
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