XRP Defies Market Downturn, Eyes New All-Time High Amid SEC Appeal Delay

Cryptocurrency समाचार

XRP Defies Market Downturn, Eyes New All-Time High Amid SEC Appeal Delay
XRP,Ripple,SEC

XRP rallied over 4% last week, outperforming other cryptocurrencies despite the wider market decline. Increased buying activity and a bullish technical outlook suggest continued growth potential. However, the SEC's delayed appeal filing and a key resistance level at $2.90 remain hurdles for further price gains.

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 115 sec. here
  • 11 min. at publisher
  • 📊 Quality Score:
  • News: 77%
  • Publisher: 72%

XRP defied the downward trend gripping the wider cryptocurrency market last week, fueled by increased buying activity from both retail and institutional investors. The token surged over 4% in the past week, marking a stark contrast to the performance of other digital assets. This bullish momentum comes despite the Securities and Exchange Commission's (SEC) delay in filing their opening brief for the appeal against Judge Analisa Torres' decision in the Ripple vs SEC case.

While some XRP supporters speculate that the agency might abandon the appeal due to the delay, retired securities lawyer Marc Fagel clarifies that such postponements are common in litigation.According to Fagel, it's not unusual for lawyers to wait until the deadline to submit a brief. He emphasizes that the SEC's actions are not indicative of any particular stance on the appeal. Fagel further notes that even if the SEC files its brief by the January 15th deadline, a new SEC administration under President Trump's inauguration could choose to dismiss the appeal, though this would be an atypical move.XRP's price surge is also reflected in its exchange net flows. Data from Coinglass reveals significant outflows from major cryptocurrency exchanges like Binance, Bybit, and OKX, totaling $82 million, $63 million, and $59 million respectively. This suggests growing bullish sentiment among investors. However, US-based investors appear more cautious, as Coinbase recorded over $65 million in inflows. XRP's technical analysis paints a positive picture. The token recently broke above the upper boundary of a bullish pennant formation that began in early December. If this breakout is sustained and the pennant's upper boundary holds as support, XRP could potentially rally above $3.55, setting a new all-time high near $4.5 in the coming weeks. However, it faces a key resistance level at $2.90, its highest price in six years. Failure to overcome this hurdle could see XRP retest its lower support line near the $2.00 psychological level.Indicators like the Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are currently above their neutral levels, further supporting the bullish outlook. However, a daily candlestick close below the $1.96 support level would invalidate this bullish thesis. The Ripple vs SEC lawsuit continues to be a significant event for the cryptocurrency industry. The July 14, 2023 court ruling clarified that XRP is classified as a security for institutional investors and over-the-counter sales, while retail investors who purchased the token through programmatic sales on exchanges are deemed not to have engaged in a security transaction. The ruling resulted in Ripple paying a $125 million civil fine for breaching US securities law

हमने इस समाचार को संक्षेप में प्रस्तुत किया है ताकि आप इसे तुरंत पढ़ सकें। यदि आप समाचार में रुचि रखते हैं, तो आप पूरा पाठ यहां पढ़ सकते हैं। और पढो:

FXStreetNews /  🏆 14. in İN
 

इंडिया ताज़ा खबर, इंडिया मुख्य बातें



Render Time: 2025-01-15 23:18:46