Ripple’s recent victory in court is not enough for a price jump
So far, positive things have happened in favor of the Ripple team during the Ripple trial and the US Stock Exchange Commission. However, analysts say that just a few bullish news is not enough for the recent XRP price spikes to continue.
To Report Daily Hoodel, a digital currency market analyst, has released his forecast for the future of the digital currency following the issuance of a key ruling in the US Stock Exchange Commission’s lawsuit against Ripple.
Judge Analisa Torres on Friday rejected a request by the US Securities and Exchange Commission to drop Ripple’s defense. Ripple’s lawyers have previously said that the government did not comply with the “fair information” law.
Fair information refers to a law according to which no one should be forced to guess the meaning of a law. The law must be clear enough that anyone can properly understand what is allowed and what is forbidden. In this case, Ripple claims that it does not know exactly whether selling XRP tokens means offering securities.
A market analyst nicknamed Credible Crypto recently told his 362,000 followers on Twitter that although the news caused a ripple in prices, the Altcoin still faces significant resistance on its chart.
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This is great news for the Ripple case; But from a technical point of view, the current price is still below the significant resistance on the chart. Therefore, FOMO should not be involved in these areas just because of a fundamental positive news. Now it is better to wait and see the price increase.
Crypto Crypto expects Ripple to break the resistance level in the $ 0.83 range. The analyst also said about Bitcoin that if it can climb above $ 42,500, there will be a real change in the movement of this great digital currency.
In addition, he is looking to see if Bitcoin could fall below $ 36,000 if Bitcoin enters a downtrend.
Credible Crypto said:
As the price has not been able to return to the $ 42,500 level recently, this may still happen. Nothing special happens when you reach the $ 40,000 to $ 41,000 range (red zone); But if the resistance level of $ 42,500 breaks, we will have a very upward trend. Also, if we are involved in another downtrend, we should expect a new floor to form around $ 36,000.
