Former U.S. Securities and Exchange Commission (SEC) official, John Reed Stark, has issued a warning to the XRP Army regarding a recent development in the ongoing legal dispute between the SEC and Ripple Labs. The SEC sent a letter to the court citing a decision made on April 7th in the SEC’s case against Commonwealth Equity Services over alleged disclosure violations. Stark believes that the letter highlights Ripple’s weak “fair notice” defense and stresses that ignorance of the law is not a valid excuse. The SEC claims that the Commonwealth decision supports its position that Ripple should be registered with the SEC per the Howey Test.
Stark also observed that the SEC has gone to unprecedented lengths to make its views known about digital assets, using multiple channels to share concerns about crypto, digital trading platforms, and other digital asset products and services. He further suggested that claiming a lack of clarity and fair notice amidst the SEC’s concerted efforts towards crypto-related transparency would be “disingenuous” and “ill-advised.”
XRP (XRP) is currently ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 4.06% increase in price in the last 24 hours, taking its price up to $0.5286 at press time. This also puts its total market cap at approximately $27.366 billion at press time.
Over the last 24 hours, XRP was able to strengthen against the crypto market leader Bitcoin (BTC). Currently, XRP is up 1.47% against BTC. Unfortunately, XRP was outperformed by the leading altcoin, Ethereum (ETH), during this time period and weakened 4.57% against the largest altcoin in terms of market cap.
The 24-hour rise in XRP’s price has flipped the remittance token’s weekly price performance into the green at press time. As a result, XRP’s weekly price performance currently stands at +3.91%.
XRP’s price was able to break above the resistance level at $0.5252 over the last 24 hours. The altcoin’s price attempted to do the same with the resistance level at around $0.5492 but was rejected by the key price level. This rejection caused XRP’s price to pull back to trade at its current level.
The 9 EMA line on XRP’s 4-hour chart recently crossed bullishly above the 20 EMA line, which signals that XRP’s price has entered into a short-term bullish cycle and may rise in the next 24-48 hours. However, the RSI indicator on XRP’s 4-hour chart suggests that XRP’s price has reached a peak and may retrace further in the coming 24-48 hours. Should this retracement take place, XRP’s price will likely drop to the 9 EMA line level at around $0.5174.
Should XRP’s price proceed to lose the support of the 9 and 20 EMA lines on its 4-hour chart, then it will look to make a move towards $0.4964 in the next couple of days. A significant bullish flag has triggered on XRP’s daily chart recently, with the daily RSI line crossing bullishly above the daily RSI SMA line in the last 48 hours. With the RSI at around 62, there is still room left for the altcoin’s price to move up in the coming days.
XRP’s price is currently resting on the 9-day EMA line. If it closes below this level at the end of today’s trading session then it will look to drop down to the 20-day EMA line, which lies around the previously-mentioned support level at $0.4964. On the other hand, a close above the 9-day EMA line will see XRP’s price rise to $0.5485. XRP’s price overcoming this level will result in the remittance token’s price rising to $0.5918 in the coming 24-48 hours.
Later today, there is U.S. economic data being released. The first piece of economic data that will be released is the Retail Sales MoM. Then later this evening, the Michigan Consumer Sentiment will be released. Both pieces of economic data may only have a slight impact on XRP’s price in the next 24 hours.
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