Popular Crypto Analyst Calls for Caution While Trading Ripple.
Despite the major win Ripple recorded on Friday March 11, 2022 that saw the price of its native cryptocurrency skyrocket above 15%, popular pseudonymous crypto analyst and trader Credible Crypto still requested traders to exercise caution in the coming days.
According to a recent tweet shared by the trader, XRP is yet to hit a key level of resistance, which is vital to keep its value afloat.
“I will add- this news is GREAT for the case but from a technical perspective we are still under local resistance [at the moment] so don’t fomo into anything here just because of this positive fundamental development. Best to wait to see PA develop at this time. $XRP,” Credible Crypto tweeted.
I will add- this news is GREAT for the case but from a technical perspective we are still under local resistance atm so don't fomo into anything here just because of this positive fundamental development. Best to wait to see PA develop at this time. $XRP https://t.co/cYJyegG6aI pic.twitter.com/5zxOZAFv2T
— Credible Crypto (@CredibleCrypto) March 11, 2022
Per the chart shared by Credible Crypto, the crypto trader expected the price of XRP to convincingly break a key level of resistance around $0.83.
Traders Optimistic Amid Favorable Ruling
It is worth noting that moments after news of Judge Analisa Torres’ denial of SEC’s motion to prevent Ripple from using the “Fair Notice Defense”, the price of XRP surged tremendously, as many traders expected the case to continue going in the blockchain company’s way.
The price surged as high as $0.83 but fell below the range almost immediately below $0.8. Investors are still flocking to purchase the cryptocurrency despite the dip as they expect more wins for Ripple in the coming weeks, which is a major catalyst for a price surge.
At the time of writing, XRP is trading around $0.75, according to data on Coingecko.
Will There Be a Clear SEC Regulation?
With Judge Torres striking out SEC’s motion on Friday, Ripple could use the Fair Notice Defense to its advantage, arguing the Securities and Exchange Commission did not give any prior warning that its offering could breach U.S. securities laws.
The SEC has been accused by several blockchain companies of lacking regulatory clarity that resulted in the breach of its rules.
However, with president Joe Biden signing the crypto executive order, it is expected that the issue will be addressed in the coming weeks.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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