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Mike Novogratz Claims Ripple’s SEC Lawsuit Hasn’t Affected XRP Price

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Galaxy Digital CEO Mike Novogratz believes that the SEC hasn’t managed to suppress XRP’s price action, but some community members disagree

Galaxy Digital CEO Mike Novogratz has shared some observations about the performance of the XRP cryptocurrency in a recent tweet, pointing to the fact that its price has managed to triple since the U.S. Securities and Exchange Commission sued San Francisco-based blockchain company Ripple.

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Novogratz, who has been very critical of XRP in the past, believes that this highlights how resilient cryptocurrency communities can be.

In a follow-up tweet, he went on to mention GameStop, the company whose stock was pushed to high heaven by an army of retail traders from Reddit in early 2021, as well as meme cryptocurrency Dogecoin in order to prove his point.

While XRP initially plunged over 60% following the SEC lawsuit due to a slew of trading suspension announcements from exchanges, it managed to rebound quicky as Ripple embraced the fight.

The XRP community didn’t remain on the sidelines and recently scored a minor win, with the judge allowing its members to submit legal briefs as amici curiae (friends of the court). Yet, they won’t be able to directly participate in the litigation process as third-party defendants.

Despite recovering from the initial drop and soaring higher, XRP remains down over 67% from its Jan. 7 all-time high. Some community members believe that the price action has been suppressed by    

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In April, Novogratz tweeted that the XRP rally didn’t make a lot of sense to him after the controversial token witnessed a four-fold increase in price in just one month.

After facing attacks from the community, Novogratz compared the XRP Army to unhinged conspiracy theorists.

Last year, Ripple CEO Brad Garlinghouse took aim at Novogratz’s seemingly poor price prediction record.

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Bitcoin

Top 3 Price Prediction Bitcoin, Ethereum, XRP: Crypto markets may hit the brakes

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  • Bitcoin price congestion and indecision continue, but opportunities on both sides develop.
  • Ethereum price fails a bullish breakout above its bear flag, threatening continuation moves south.
  • XRP price is positioned at a make-or-break point, hovering above final support that could thrust Ripple below $0.80

Bitcoin price remains inside the Cloud within the Ichimoku Kinko Hyo system, indicating continued volatility and uncertainty. Ethereum price failed to close above the bear flag on Tuesday, but the bullish structure remains. XRP price barely holding support, could drop lower.

Bitcoin price develops opportunities on its Point and Figure charts

Bitcoin price remains stuck inside the Cloud on the daily Ichimoku chart, providing little opportunity or guidance when viewed from that chart style. However, Point and Figure charting reduces the ‘noise’ associated with Japanese candlestick charts and focuses only on price action, giving a clearer picture of Bitcoin’s behavior and what kind of trading opportunities exist.

A theoretical long trade setup exists with a buy stop order at $60,000, a stop loss at $58,000, and a profit target at $66,000. This hypothetical entry is exceptionally bullish for two reasons. First, the entry is a breakout above a triple-top, and second, the entry confirms a powerful bullish reversal pattern in Point and Figure known as a Bearish Fakeout.

BTC/USD $500/3-box Reversal Point and Figure Chart

The theoretical long idea is invalidated if the current O-column moves below $55,000.

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On the short side of the trade, a hypothetical short idea is a sell stop order at $53,000, a stop loss at $56,000 and a profit target at $44,000. The entry confirms one of the most sought-after short entry patterns in Point and Figure, a Bearish Catapult. In addition, a trailing stop of one to two boxes to protect any implied profits would help mitigate any whipsaws in price action that may occur.

BTC/USD $1,000/3-box Reversal Point and Figure Chart

The hypothetical short setup is invalidated if the long idea above is triggered.

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Ripple

Will Ripple Be Intrigued, In Its Legal Tussle Against The U.S SEC?

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The crypto space is now heading towards stormy weather. As the deadline for the SEC to comply with aspects of the court nears. The proceedings in the courtroom are of vital importance to not just XRP holders but also the firm. But to the crypto town as a whole, as a regulatory clarity to Ripple would mean a pavement for other cryptos to follow.

Consecutively, attorney John Deaton brings to notice that it is unlikely for the public to get insights into the hearing. Which is a thing of concern for the XRP community. The community has been wishing the proceedings to not follow the guidelines of Hinman’s deposition.

Will Ripple Lose Hold Of Its Legal Stance Against The U.S SEC?

The legal proceedings of the lawsuit against Ripple have been treacherous for the firm, and to the holders of XRP. Investors have collectively lost billions of dollars in the wake of the SEC’s allegations against Ripple. The 6th of December, 2021 is the deadline for the SEC to comply with most aspects of the court. Which is from 21st October 2021, regarding the two discovery disputes

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Successively, the attorney John Deaton edifies that it is unlikely that the public will hear or see anything on the 6th of December. The SEC has to provide discovery responses to Ripple, howbeit the responses won’t be publicly filed. If the SEC fails to comply, then a motion would be filed for the same. Crypto enthusiasts have been expressing concerns over Ripple losing its stance against the SEC.

Will The Case Take A Turn About To Outcomes of Hinman’s Deposition?

The community has been wishing the outcome to not prevail as that of Hinman’s deposition. Judge Sarah Netburn had ordered Hinman to be deposed on the 19th of July 2021. Following heated debates over Hinman’s speech, which is now widely known in the industry. The repercussions even saw Ripple CEO requesting to file a number of exhibits including the deposition of Hinman. 

The Ex-SEC Director William Hinman’s testimony had censored parts. The public still has no clarity of the deposition of Hinman. The SEC’s stand in the case has not been firm, which is now known to masses in the industry. Despite the SEC’s desperate efforts to shield Hinman from being deposed. The SEC had earlier made claims that Hinman does not have first-hand knowledge of the crypto market.

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Collectively, the regulating authority’s baseless stand and the censoring of the proceedings has been a concern for the XRP community. If the hearing does not turn in favor of Ripple, it could weaken the stance of Ripple in the case. While hampering the community’s backing to Ripple against its lawsuit filed by the SEC.

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Ripple

XRP Price Prediction: Ripple Price Could Drop 14% To $0.8405

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XRP price dropped below the $1.0 psychological level on November 26, unravelling a possible bearish forecast. This provided a buying opportunity for investors who bought the dip, but the uptrend hit a wall and got stopped by the upper boundary of the descending parallel channel. This chart pattern continues to govern XRP’s price action pointing to further losses.

XRP Price Bears Contemplate A 14% Decline To $0.8405

Ripple price fell below the $1.0 psychological level on November 26, paving the way for further losses. The bulls of the international remittances token attempted to undo the losses in four straight bullish sessions between November 27 and 30, but their efforts were curtailed by resistance from the upper boundary of the governing chart pattern.

XRP price is trading at upper boundary of the descending parallel channel around $0.9787 as seen on the daily chart. A descending parallel channel is a significantly bearish chart pattern that suggests a continued bearish leg as long as the price of an asset remains within the confines of the falling channel.

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If Ripple price fails to rise above the falling channel, it may drop towards the middle boundary of the channel at $0.9094. A further drop past this level could see XRP/USD drop to tag the lower boundary of the channel at $0.8425, a 14% drop from the current price.

The down-sloping moving averages and the position of the Relative Strength Index (RSI) indicator at 38.97 close to the oversold region suggest that Ripple is firmly in the hands of the bears, accentuating this bearish outlook.

XRP/USD Daily Chart Live Chart

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XRP price daily chart

On the upside, the bearish thesis could be invalidated if XRP price overcomes the immediate resistance at $0.9844 embraced by the upper boundary of the governing channel. If this happens, XRP price may potentially undo the losses that began on November 08 by breaking out to regain the $1.00 level.

A movement further up could take Ripple towards the $1.09 level where the 50 and 100-day SMAs coincide.

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