An analyst in the digital currency market said that clarifying the status of the complaint of the US stock exchange against Ripple could lead to a jump in the price of this token. However, he believes that before this issue is clarified, the price of Ripple may experience a deeper decline.
According to Credible Crypto, a digital currency market analyst, Ripple’s technical analysis now shows that the downward trend in the digital currency will continue.
He said in an interview with the YouTube channel Thinking Crypto:
Ripple is one of those digital currencies that is not doing well right now. In my opinion, the price of this digital currency could fall to $ 0.50 and put pressure on its current weekly demand. This level is very important; Because Ripple had already started a big upward movement after about 6 months of stabilization in this area.
This level becomes support or resistance after the limited trend of price fluctuations is interrupted; Whether it is an upward or a downward failure. Therefore, if we look at a longer period of time as we approach this area, we can expect this area to act as a support, as in the past.
Cordable Crypto says there are many main reasons to keep Ripple. According to him, the lawsuit between Ripple Labs and the US Securities and Exchange Commission will ultimately increase the transparency of regulatory issues related to Ripple. On the other hand, the regulatory situation of other digital currencies remains unclear. The lawsuit was filed in December 2020, during which the US Securities and Exchange Commission sued Ripple Labs for selling rappel as an unregistered security.
Creditable Crypto continued:
As Ripple’s price fluctuations show, this token can serve as a hedging tool for investing in other market currencies. That’s why I still hold so much of this digital currency. In my opinion, if this lawsuit ends (which I think is happening, I just don’t know when), the ruling will be in Ripple’s favor. In this case, Ripple is the only token whose legal status in the United States is well defined.
He said at last:
Once this is allowed, the price of Ripple will rise indefinitely. Rest assured that if you wait to enter the Ripple market after the announcement of the result of this case, you will be excluded from the market. If you buy Ripple now and your risk pays off and Ripple Labs wins, the price of this digital currency will rise rapidly. After that, everything will be under the control of the US Stock Exchange Commission and it is not clear what will happen.
The publication of Digital Currency Analyst: Determining the status of the Ripple case will lead to a jump in the price of this token. Appeared first in Digital Currency.