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XRP Eyes Recovery in the Wake of Recent SEC Case Development

Gaurav Roy by Gaurav Roy
February 22, 2022
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The XRP price is poised to make a bold recovery. While the market is showing volatility, the token could form a bullish flag as the crypto space eagerly waits for major developments in the lawsuit filed by the United States Securities and Exchange Commission against Ripple. 

As of writing, the XRP price is on a downtrend. If this continues, the pressure from the declining market support for the token will likely see XRP testing lower support levels at $0.756. Moreover, in the last 24 hours, the token’s price has been dancing around the $0.76 to $0.82 range. This is seen as a signal for the volatility of the coin.

XRP Eyes Recovery in the Wake of Recent SEC Case Development

However, the current price shows that buyers have stepped in again to support the token. This may be due to the speculation for the uptrend of XRP. If the Ripple XRP can make an upswing from this level, the next resistance level lies at $0.836. If buyers keep supporting the token, the token price will pass the major hurdle at the $0.86 level.

This buying pressure will likely push the price of XRP over the $0.91 mark and prime it to pass the $1.00 level. If the digital currency hits this level, XRP will make a 35% gain. However, if the coin fails to make an upswing, it is expected to drop to $0.67 and dip further before it settles down on $0.54.

XRP Eyes Recovery in the Wake of Recent SEC Case Development

The price movement for XRP will likely be greatly affected by the unsealing of two memos in the SEC vs. Ripple Lawsuit. The unsealing was scheduled for February 17, 2022, and the wider crypto space is eagerly waiting to know what it contains. 

The opposing parties are claiming different things. The SEC claims that the memo will show that Ripple’s chairman, Chris Larsen, knew that the XRP could be classified as a security according to market regulations. On the other hand, Ripple and Larsen claim that the SEC lies about the memo’s contents. The company claims that its lawyers concluded that XRP was a token and not a security. 

Only time will tell how this case will pan out. For now, the crypto space is waiting for the next development. And whatever the decision on the case will be, it is likely to become a precedent for future cases regarding cryptocurrencies.

gaurav roy xrp news | XRP & Ripple News
Gaurav Roy
Tags: XRP lawsuitXRP lawsuit updateXRP predictionXRP priceXRP SEC news
Gaurav Roy

Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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