- Ripple calls out the SEC for neglecting over 30,000 requests for admission that would push the case toward a rapid consensus.
- The payments giant announced partnerships with Nelnet Renewable Energy and Qatar National Bank on clean energy and remittance projects, respectively.
- Analysts predict a final suppression in XRP price before the altcoin makes a massive recovery.
The SEC v. Ripple legal battle continues, and XRP holders expect a positive outcome. Ripple buried the SEC in paperwork following the recent proceedings.
Ripple turned the heat up in the SEC v. Ripple case, XRP holders now bullish
The US Securities & Exchange Commission’s (SEC) battle with Ripple has intensified over the past ten months.
The tussle started back in January 2021, and the courtroom battle dribbles on as Ripple attempts to bury the SEC in paperwork and arrive at a consensus. The SEC alleged that Ripple sold $1.38 billion worth of XRP, an unregistered security, and the payments giant is defending by stating that the sales did not constitute securities.
In the latest update, Ripple has filed a letter to Judge Netburn, a US Magistrate, calling out the SEC for neglecting their requests for admission. Ripple made 30,000 requests, of which the SEC has responded to less than 300.
Ripple’s attorneys have flagged concerns over SEC’s dismissal of requests of admission. The transcript of the proceedings reads:
That [that ROAs need responses as they relate to SEC’s previous statements] contention puts centrally at issue the express terms of more than 1,700 separate contracts. Yet the SEC now complains that it would be unduly burdensome to ‘require the SEC to review’ the contracts it alleges are unlawful securities offerings.
Since the SEC has repeatedly failed to identify contractual provisions that support the claim that the sales were “investment contracts” under the Howey Test, there is a higher likelihood of Ripple’s win, according to XRP proponents.
Ripple’s moves have convinced XRP holders that the resolution is likely to favor the payments giant. Interestingly, Ripple has lined up several partnerships, working on central bank digital currencies, remittances and clean energy, boosting its engagements and collaborations with centralized institutions.
Ripple is currently working with Qatar on a remittance project and with Bhutan’s central bank (Royal Monetary Authority of Bhutan) on their CBDC project among other notable partnerships that are underway.
FXStreet Analysts have evaluated XRP price and predicted a rally to $2 in light of the exploding on-chain activity.
XRP constricts before breaking out to $1
- XRP price begins to move above the consolidation it has experienced post flash crash.
- A key test of the $.90 value area would be the final hurdle before XRP hit $1.
- Bullish entry setup is now present on XRP’s Point and Figure chart.
XRP price, like almost every other cryptocurrency, showed strong signs of recovery after the shock of this past Saturday’s flash crash wore off. The past three days of congestion after a strong rally from the lows may begin a new uptrend for XRP.
XRP price ready to test $0.90, $1.00 next
XRP price has held a strong level of support near the $0.83 value area every since Sunday. Concerns about further downside pressure remain, but the bullish behavior of XRP during the NY lunch hour showed evidence of some substantial buying volume.
There is a hypothetical long trade opportunity on the $0.05/3-box reversal Point and Figure XRP price chart. The entry is a buy stop at $1.05, a stop loss at $0.85 and profit target at $1.75. The entry is based on a Point and Figure pattern known as a Bearish Shakeout. This pattern is valid only when a trend reversal is anticipated and positioned to do so. A two-box trailing stop would help protect any implied profits.
XRP/USDT $0.05/3-box Reversal Point and Figure Chart
If the hypothetical long entry triggers, traders should expect some resistance at the $1.15 and $1.25 value areas before any substantial rise occurs. Additionally, a pullback to the entry zone after $1.50 is another likely scenario that traders should watch out for.
However, bulls should be aware that downside risks remain for XRP. The biggest cloud hanging over XRP remains the unknowns with the ongoing SEC case, which will have ramifications market-wide.
XRP Forecast and Analysis December 8, 2021
XRP/USD are trading at 0.8206 and continue to move as part of the correction and the downward channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $39,508,554,960. Moving averages indicate a short-term bearish trend for Ripple. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the asset and the potential continuation of the XRP rate decline in the market already from the current levels. At the moment, we should expect an attempt to develop asset growth and test the resistance level near the 0.8565 area. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.4955.
XRP Forecast and Analysis December 8, 2021
In favor of falling XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of a decline in asset quotes will be a rebound from the upper border of the descending channel. Cancellation of the option of falling cryptocurrency will be a strong rise and closing of quotations above the level of 1.1005. This will indicate a breakdown of the resistance area and continued growth of XRP/USD to the area above the level of 1.1565. Confirmation of the fall in the digital currency rate will be a breakdown of the support area and closing prices below 0.7245.
XRP Forecast and Analysis December 8, 2021 implies an attempt to test the resistance level near the 0.8565 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.4955. An additional signal in favor of a decline in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations will be a strong growth and a breakdown of the 1.1005 area. In this case, we should expect a continuation of the rise in the digital currency with a target above 1.1565.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets recover, but BTC could ruin the party
- Bitcoin price continues to stride with $53,687 and $56,276 as its short-term targets.
- Ethereum price pauses before retesting the $4,659, followed by the $4,777 hurdles.
- Ripple price to face a declining resistance level before it retests $0.956.
Bitcoin price has been on a steady recovery phase after the recent flash crash. Ethereum and Ripple follow big crypto and are on their trajectories of retracement. The upswing for BTC is likely to continue, but investors need to note that a downswing might emerge such that a range forms.
Bitcoin price eyes higher highs
Bitcoin price is recovery from its December 4 crash and is currently hovering around $50,000 psychological level. This ascent comes as BTC tries to flip the inefficiency left by the bears during the recent sell-off.
While $53,687 is still the short-term resistance barrier BTC wants to tag, investors need to know that BTC might sweep the swing low at $46,698 and set a trading range. Although this might result in a brief correction, it can serve as an opportunity to accumulate for sidelined buyers.
Clearing $53,687 will open the path for Bitcoin price to tag the next level at $56,276. In total, this run-up would constitute an 11% ascent from the current position.
BTC/USD 4-hour chart
On the other hand, if Bitcoin price retraces to the extent that it produces a lower low below the December 4 swing low at $40,867, it will invalidate the bullish thesis.
Ethereum price promptly follows BTC
Ethereum price has rallied roughly 30% from its December 4 swing low at $3,370 and shows signs that it wants to go higher. The $4,493 resistance barrier is the first level ETH will encounter. Clearing this level will place $4,659 and $4,777 hurdles in its path.
Ethereum will easily tag these levels, but the holders should keep a close eye on the all-time high at $4,878, as ETH might revisit. In a highly bullish case, Ethereum price could extend beyond its record level and set up a new one at $5,000.
ETH/USD 4-hour chart
While things are looking up for Ethereum price, a failure to breach through the $4,493 hurdle could indicate a weakness among buyers. If ETH retraces lower and produces a lower low below $3,890, it will invalidate the bullish thesis.
Ripple price faces two hurdles
Ripple price has seen a considerable recovery, similar to Bitcoin and Ethereum. As it stands, the XRP price looks ready to tackle the bear trend line extending from November. Any uptick in buying pressure pushes the remittance token toward this barrier.
A decisive 4-hour candlestick close above this trend line at roughly $0.87 will set a higher high and confirm an uptrend. This move could attract sidelined buyers and propel XRP price to retest the $0.956 barrier.
In total, this climb would represent a 15% gain from the current position.
XRP/USD 4-hour chart
On the contrary, if Ripple price fails to slice through the declining trend line, it will suggest that the sellers are not done offloading. In this situation, the XRP price will knock on the $0.764 support level.
A breakdown of this barrier that produces a lower low will invalidate the bullish thesis for XRP.