XRP is racking up significant gains over the past few days. With a rise of more than 50% in the last 7 days, Ripple has managed to climb again to the top 4 of the market, in a boost mainly sponsored by the small victories of the Ripple association against the SEC’s lawsuit.
Recently a new SEC chairman was elected. This is Gary Gensler, a senior Bitcoin professor at the Massachusetts Institute of Technology, former Goldman Sachs banker, and former chairman of the Commodity Futures Trading commission.
Without a doubt, this is a very favorable profile for the crypto market. Gensler has a very good understanding of blockchain technology and the benefits that cryptocurrencies offer. He even called Bitcoin at some point as the modern form of gold.
Among the issues that the new president must face, is the lawsuit that the SEC filed against blockchain companies such as Ripple labs and LBRY, where it is ensured that they sold their unregistered securities.
Users call for the SEC’s war on Ripple to be dismantled
While the institution’s staff welcomed Gensler, in a public statement posted on the agency’s official website, users took advantage of the moment on Twitter to post their requests.
For example, the user Marconiocrypto congratulated the new president on his new position, and President Biden for selecting someone who knows the technology, while taking the opportunity to ask that the lawsuit against XRP be dropped.
Congratulations Gary and well done SEC and president Biden for selecting someone who knows the technology, the world is changing for the better and Crypto / blockchain is the future. Please drop the lawsuit, the investors & citizens demands / respectfully requests it.
– Marconio (@Marconiocrypto) April 14, 2021
The wave spread to Facebook, where Thomas Hodge petitioned Gensler to end the SEC’s war on Ripple. It points out that in recent months it has accumulated public evidence that raises serious doubts about the motivations for placing the lawsuit.
The case is not over yet, but for now Ripple has been gaining points in favor. Recently by an order of the SEC judge, private documents about BTC and ETH had to be shown.
On the other hand, the association’s executives were also refused to disclose their personal finances. The various factors together have been positively impacting the price as we will see below.
XRP price technical analysis
When we look at the monthly chart we realize that the long-term trend is being resumed.
With increasingly high lows and highs that began to be manufactured after picking up demand in the support near $ 0.16, now XRP is ready to go to set new records.
Currently the price is beginning to visit the resistance zone left by the previous all-time high. Although we are already seeing some depletion at these levels, supply there may not be a problem for a long time.
Even with price jumping above immediate resistance, we can see some friction in the upper wick zone. But because we are seeing a resumption of a great trend, the selling pressure that may exist there should not be a concern.
A correction may be on the way
After a big jump, the price of Ripple is already showing some depletion, even with the positive advance in the case against the SEC.
From the weekly chart we note that the momentum is quite developed, and it seems that it is already making way for a correction.
If we trace a Fibonacci from the lowest point of momentum, to the recent annual high, we have a healthy correction through visiting at least $ 1.35. In case of a slightly deeper pullback we can see the price visiting $ 1.00.
Either way, because the momentum and trend is totally bullish, after a drop we should quickly see the bulls regain control. In the near future XRP will likely seek at least $ 2.39. Higher up the next target is $ 2.94.
Ripple scores some wins against the SEC, pushing the price of XRP up. Chart Source: TradingView.
All our publications are informative in nature, so in no case should they be followed as investment advice.
Did you like the content? Share it