Why XRP Remains Attractive Despite Downturn

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  • Ripple and SEC have called for a summary judgment on XRP’s classification.

  • Ripple argues that the SEC has not provided sufficient evidence.

  • XRP has slipped back into the consolidation zone, but remains attractive.

There is finally some light at the end of the tunnel for Ripple’s XRP/USD case with the US SEC. In a Sept. 17 filing, both sides asked for a summary judgment on the protracted battle. Normally, summary judgments are handed down by parties when they believe they have sufficient evidence. Thus, the case is called without the need to go to the final trial.

As in the past, Ripple is confident it will win the case. They argue that the SEC has not provided sufficient evidence to substantiate its claim that XRP should be a security. A ruling in favor of Ripple would be a bullish trigger for XRP. Caution is advised, however, as the outcome remains questionable.

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XRP Rises Above Moving Averages Amid Market Correction

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XRP has been in consolidation mode since June. The price has barely surpassed $0.38. The extended consolidation points to bear depletion as XRP has been bearish before. It also indicates that buyers should be careful when bragging about the token at a low level.

Source – TradingView

A technical outlook shows that XRP has risen above the 20-day moving average. It also trades on the 50-day MA. The MACD indicator is bullish. Previously, XRP tried to move above the USD 0.38 zone before staging a correction. It suggests buyers want to take XRP higher but don’t have the volumes to do so.

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closing thoughts

While the outcome of the Ripple vs SEC case is unknown, investors want to buy XRP. The extended correction is indicative of a suppressed bear market. A breakout above $0.38 is in the cards if there is any indication of a Ripple profit.

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