It appears that Ripple Labs is gathering more supporters for its case after the former Securities and Exchange Commission chair defends the company’s digital asset XRP and its platform. The ex-SEC chair doubled down on this defense and called the lawsuit a blunder. As seen from her statement, she said that the Securities and Exchange Commission is ‘dead wrong, legally, and factually’ on this case.
However, it should also be noted that Mary Jo White is currently acting as Ripple’s attorney on the matter. Other than her, other noteworthy top US lawyers like Matt Stankiewicz also noted that Ripple has enough funds and resources to push the case even if the lawsuit reaches the long game. This means that the SEC will find it difficult to win this lawsuit against the company.
Photo Credits: Pixabay | Ripple XRP crypto coin physical visualization
After this development on the case went public, the Ripple XRP just experienced a quick breakout past $0.56. On the 4-hour chart, the cryptocurrency went on to a breakout from a symmetrical triangle and is poised to reach a target of $0.64. However, Even though XRP went through an early breakout to $0.58, it quickly fell to $0.54 before it recovered.
Ripple’s price is now aiming for an upswing of 15% towards $0.64 based on the triangular pattern’s maximum height as a reference point. It should also be noted that the resistance level ahead is relatively weak. A breakout above the 50-SMA level at $0.56 will confirm the bullish outlook of the coin. However, this level appears to be difficult to break out from, as previously seen from the coin.
On the other hand, if XRP bulls lose the previous resistance trendline at this point. XRP holders could see the price of Ripple XRP will fall to lower trendline support at $0.527. The may mean a dive towards a local low of $0.44 in the long-term.