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Confidence For Ripple Mounts as XRP Holds Key Support Level

2 mins
Updated by Kyle Baird
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In Brief

  • Lawyers are calling out the SEC for wrongdoings.
  • Confidence over a positive outcome for Ripple is growing.
  • XRP has claimed a key resistance turned support level.
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Ripple’s cross-border payments coin XRP has held above the psychological $0.40 level. Furthermore, confidence over a Securities and Exchange Committee (SEC) victory is mounting.

The crypto community has been busy over the weekend, especially those supporting the fintech firm Ripple.

Crypto Law founder and XRP advocate John Deaton suggested that the judge presiding over the case could give the firm an outright win. The comments were made on Jan. 21, using a previous case as an example.

The argument revolved around the premise that the SEC did not prevent Ripple from selling XRP after its legislators reviewed its documents.

Furthermore, Deaton was back on Jan. 22, stating that he didn’t see “sensible crypto regulation being passed into law anytime soon.”

“The market will continue to receive guidance only through judicial results from the SEC’s Regulation by Enforcement policy.”

Ripple Support Grows

Industry experts are now calling for an investigation into the investigators. They’re asking for a probe into the SEC for misleading Congress and markets.

The ‘Digital Asset Investor’ told his followers:

“This is an unprecedented case where the SEC has literally actively harmed the XRP investors they claim to protect for over two years.”

Furthermore, Ripple General Counsel Stuart Alderoty also took to Twitter at the weekend to quote from a WSJ article lambasting the SEC.

Late last week, Ripple CEO Brad Garlinghouse expressed confidence that the battle will be over in the first half of 2023.

When asked about a settlement, he added: “We have always said that we would love to settle, but it requires one very important thing, and that is that, on a go-forward basis, it’s clear that XRP is not a security.”

Garlinghouse emphasized that a negative outcome for the firm will impact the entire crypto industry in the United States.

Price Outlook

XRP prices have again breached the psychological $0.40 barrier and held above it. Furthermore, it hit a two-month high of $0.415 on Jan. 22.

At the time of press, XRP was trading at $0.406, following a gain of 18% over the past two weeks.

XRP/USD price 1 month - BeInCrypto
XRP/USD price one month – BeInCrypto

The next level of resistance for XRP is just above $0.45. However, it is still way down from its January 2018 peak price of $3.40.

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...