XRP Rallies Amid Recent NewsJanuary 13, 2022 7:49 am
XRP has rallied over 10% this week on the stream of news that continues to favor Ripple, mainly regarding the SEC case.
XRP prices have taken a pummeling recently, primarily on the news of the SEC response papers against Ripple. However, with Ripple’s filings and some media attention on both sides, people appear to regain confidence in XRP.
Most recently, the rumors of the SEC pushing back hearings a month because of new COVID infections appear to be in Ripple’s favor.
Pushing back the hearings in favor of in-person hearings is seen as a benefit to Ripple, as the depositions can be more effective being there is a seven-hour limit, which is harder to accomplish over Zoom.
I've been told it's hard to depose via Zoom because there are LOTS of documents lawyers want the experts to reference. They get 7 hours with each witness which sounds like a lot but imagine the time wasted if screen sharing malfunctions, the font is too small or wifi is spotty! https://t.co/FvaGtL41Ri
— Eleanor Terrett (@EleanorTerrett) January 12, 2022
The requested delay is until February 28th, giving both sides just over a month to further get their respective cases in order.
BREAKING: @Ripple's legal team sees value in the covid-related delay of the SEC's #XRP case. They want to grill witnesses for the entire 7-hour deposition limit in person as opposed to via zoom, where it's less effective. With @LizClaman @CGasparino on @FoxBusiness #XRP pic.twitter.com/8mqRF1ba9F
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) January 12, 2022
In addition, the judge is expected to rule soon on whether or not Ripple can access the large volume of documents relating to whether or not Ethereum and Bitcoin received a ‘free pass’ in SEC scrutiny. The extension gives the Ripple attorneys time to gather and more completely review the documents to provide a stronger case.
There are also rumors of imminent legislation in Congress that may pass in the meantime regulating crypto, thus bringing an end to the whole debacle.
If congress passes a law giving clarity to XRP, what is the impact of Ripple and the SEC still be in discovery VS discovery being over!
PLEASE RETWEET to help this get seen!!#XRP
— Mickle Markets (@MarketsMickle) January 12, 2022
However, this is very unlikely for several reasons:
- The current level of dysfunction in Congress is making passing anything complicated.
- There is no talk by Congress of such impending legislation.
- If such legislation were imminent, there would be months of meetings with tech and finance, town halls, and other water testing before putting together and voting on something as massive as regulating an entire industry.
In addition, even if such regulation were to pass soon, applying it retroactively would be unlikely.
Congress can pass a law retroactively and it would end the case. But that is very rare. More likely, new legislation would be proactive only and clarify sales of XRP from that point forward. That likely means re-listing, etc. and John D. is out of the case and satisfied.
— Jeremy Hogan (@attorneyjeremy1) January 13, 2022
As of late January 12th, FX Empire reports:
XRP Rallies by More Than 7% in 24 Hours
XRP has been rallying over the past 24 hours and is currently up by more than 7% during that period. At press time, XRP is trading at $0.795 per coin. The technical indicators are bearish at the moment but are improving, thanks to XRP’s ongoing rally.
XRP is trading below its 50-day moving average. Source: FXEMPIRE
The MACD line is below the neutral zone but is slowly moving into the positive territory. The RSI of 46 shows that XRP is now out of the oversold region. If the rally continues, XRP could break past its 50-day moving average price of $0.8620 soon.
However, since then, Ripple has continued to rise another almost 5%. With the news rapidly evolving on the case, and a lot of the speculation being positive, the chances are good of a continued rise.
Also, not everyone is bullish. FX Street also reports:
XRP price in an uphill battle
XRP price bounced off the $0.700 to $0.752 demand zone, preventing a steep correction. The resulting upswing has propelled Ripple by 13% to where it currently trades – $0.792. Although there might be a minor retracement, investors can expect the uptrend to continue.
The initial resistance level at $0.817 is the first barrier XRP price needs to clear. Doing so will allow the remittance token to face a formidable level at $0.861 as it coincides with the 50-day Simple Moving Average (SMA).
If buyers band together, there is a chance XRP price might venture higher and retest the $0.944 hurdle, coinciding with the 200-day SMA. This move would bring the total gain for XRP price to 22%.
Any further attempt at moving higher seems unlikely given the uncertain nature of BTC.
At this time, while the numbers are looking good, any news at any time can rocket XRP another 10% in either direction.
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