The XRP price has risen by almost 3% over the past 24 hours. These increases mainly occurred after Ripple, the company behind XRP, announced a cross-appeal against the US Securities and Exchange Commission (SEC).
In addition, crypto exchange Bitnomial sued the American regulator.
Ripple refuses to bow to the SEC
With this, Ripple indicates that it refuses to bow to legal pressure from the SEC, which appealed against the judge’s negative decision earlier this week.
On October 2, the SEC appealed a decision by Judge Analisa Torres fining Ripple $125 million for breaking securities laws. That’s a fraction of the $2 billion the SEC was hoping for.
Now Ripple is going against this again and that seems to benefit the XRP price. XRP picked up the positive momentum after Ripple’s legal action and seems to be on the way up today.
Still a chance of price drops?
Despite this Friday’s good start for XRP, sales are still looming. That’s what it looks like, according to Cointelegraph analysts bearish flag to arise in the chart of the currency.
That’s essentially an inverted flag, like the one you see in the graph above. If XRP breaks through the support of that flag, it could have disastrous consequences for the price.
If the bearish flag breaks and XRP starts a nosedive from here, it could theoretically take the price to $0.465, according to Cointelegraph’s analysis. That would mean a drop of almost 14% compared to current prices, and of course a major dampener for the fanatical XRP army.
Source: https://newsbit.nl/waarom-stijgt-de-xrp-koers-vandaag-2/
