2021-1-31 23:23 |
Ripple (XRP) price is trading over 40% higher at the moment after it initially exploded 90% to tit a 5-week high.
Fundamental analysis: Ripple responds to SEC lawsuitIn December, the US Security and Exchange Commission (SEC) filed a lawsuit against Ripple over the alleged violation of federal securities laws in selling the XRP cryptocurrency to retail consumers.
“Over a years-long unregistered offering of securities (the ‘Offering’), Ripple was able to raise at least $1.38 billion by selling XRP without providing the type of financial and managerial information typically provided in registration statements and subsequent periodic and current filings,” the filing said.
“Ripple used this money to fund its operations without disclosing how it was doing so, or the full extent of its payments to others to assist in its efforts to develop a ‘use’ for XRP and maintain XRP secondary trading markets.”
A month later, Ripple hits back. The company sent a preliminary response to SEC asking the regulator to explain how is XRP not security, while BTC and ETH are?
“We’re just asking for the rules to be stated clearly and for those rules to be applied consistently across the board. We sent a FOIA request to the SEC asking for more information about how the determination was made, in hopes of gaining more clarity on how they came to the initial conclusion about ETH,” it is said in the statement.
It adds that the SEC complaint is “full of cherry-picked quotes taken out of context,” as the company seeks more information.
Technical analysis: WSB at work?Given that Ripple’s statement came out yesterday and yielded a mini-rally in the XRP, it is likely that today’s explosive move in XRP is a product of WSB investors going back to work. As a group of investors that is fighting the establishment, they may have picked the XRP as Ripple is fighting the SEC in courts.
XRP/USD daily chart (TradingView)In any case, the XRP price soared about 90% today to hit $0.5157, which is the highest price traded in the past 5 weeks. The price action has pulled back in the most recent hours on profit-taking activity. Any daily close above $0.37 will be seen as an opportunity to buy Ripple as the old resistance becomes support.
SummaryRipple price is trading over 40% higher at the moment after it soared about 90% on WSB support.
The post Should I buy Ripple? WSB sends XRP 90% higher appeared first on Invezz.
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