XRP is back on the bullish track as it gains a significant value in the last few days. The native token of Ripple Labs continues to witness positive sentiments as a crypto proponent, Blockchain Association has recently filed an amicus brief in supporting Howey’s interpretation in the SEC Vs Ripple lawsuit. Ripple Gets Backed By Crypto ProponentsRipple gets closer to victory against the SEC in the lawsuit as the crypto community supports the payment giant. Moreover, the Blockchain Association, a prominent crypto firm, has made an amicus brief in the court against the US regulator SEC. Elaborating on this, the Blockchain Association said, “The securities laws do not contemplate how an asset that may have been issued as a security can exist when it is no longer attached to any form of investment contract, a crucial consideration when attempting to apply Howey.”1/ Today we announced we filed an amicus brief supporting a correct interpretation of Howey in the SEC’s two-year legal battle against @Ripple. A judge now has the opportunity to issue a substantive opinion on how Howey applies to digital assets. Here’s what’s at stake🧵🧵🧵— Blockchain Association (@BlockchainAssn) October 28, 2022 The Securities and Exchange Commission (SEC) filed a case against Ripple Labs in December 2020 for distributing its native and governance token XRP as an unregistered security. The case has witnessed several filings and motions since then, and now the case currently favors Ripple Labs. XRP Price May Build A Strong Bullish Potential!According to Ripple’s latest earning reports, the payment giant holds less than 50% of XRP’s total token supply. Brad Garlinghouse, CEO of Ripple, said, “Below 50% – a huge milestone! For 10 years, Ripple has focused on using XRP & the XRPL within our products for its speed, security, and scalability for the movement of value. As more customers use XRP in their payment flows, it’s clear there is real utility here.”XRP Price AnalysisXRP’s recent bullish candles may be an indicator of its initial phase of a strong bull run. In the last month, XRP gained over 60% in value, adding bullish vibes to its community and investors. According to CoinMarketCap, XRP is currently trading at $0.47 with an uptrend of 0.97%. The daily price chart of XRP reveals that it traded in a consolidated range between $0.54 and $0.42. XRP’s trading volume also saw an increase, indicating its bullish future potential. However, the current uptrend is forming a countertrend pattern in the price chart where a downtrend is poised to take place. If XRP breaks its immediate resistance level at $0.55, it may reach the Bollinger band’s upper limit at $$0.67. If XRP holds above $0.66, the uptrend may continue and hit $1. The RSI-14 continues to trade above the 50-level, indicating bullish territory for XRP in the upcoming weeks. However, a downtrend may appear if XRP fails to follow the predicted pattern. XRP may witness a downward retracement to $0.34, a 30% sell-off from XRP’s current price. The Bollinger band’s lower limit is $0.42, below which XRP can experience a sharp fall and trade at $0.3. Was this writing helpful?
