Ripple at Risk of Possible Enforcement – Seeking Class Action suit StatusNovember 4, 2019
Ripple is at $0.2880 versus the USD. The struggle for a sustained price trend was seen in oscillation near $0.2940 and $0.2950 levels. Resistance is seen near $0.2945 on the XRP/USD pair.
Ripple has been facing resistance near $0.3000. XRP started with a downward move below the $0.3000 support area, moving for a short term into the bearish zone. The 100 hour SMA showed a close below the $0.3000 level.
The price has been trending below the $0.2950 support area, and it tested the support zone at $0.2880. Recent lows were seen near $0.2889, and the price is currently trending higher.
A major bearish trend line is formed. Resistance is seen near $0.2945 on the XRP/USD hourly charts. The trend line is coinciding with the Fibonacci retracement level with the decline from high to low from $0.2981 to $0.2889.
If the bulls should take over, an upside break is required beyond the $0.2950 zone. And, Ripple might recover and trade near the $0.3000 resistance level. The next major resistance is seen at the $0.3050 and $0.3060 levels.
Primary support is seen in the $0.2900 area. The major support is seen in the $0.2880 level. If there should be a daily close below $0.2880, then the price might move towards $0.2850 and $0.2840 in the short term.
When looking at the chart, it is clear that Ripple has been facing several hurdles on the upside at $0.2950. There are chances for a fresh increase beyond the $0.2950 zone, and eventually, the price will decline towards $0.2840 or even $0.2800. If there is no close at $0.2880 support area, there is a probability for the price to increase beyond the $0.2950 zone.
The MACD for XRP/USD is moving back to the bullish area. Major Support Levels are seen at $0.2900, $0.2880, and $0.2850; and, Major Resistance Levels are seen at $0.2940, $0.2950 and $0.3000 respectively.
One of the long-running and closely monitored lawsuits versus ripple is likely to be subject to enforcement by regulators. At the heart of the dispute, which claims class-action status, there is a question that is not sorted.
Whether XRP, the cryptocurrency that Ripple periodically sells to fund its operations, is a security that should have been registered under U.S. law. If it is, as the plaintiff’s complaint argues, Ripple could be at risk of possible enforcement actions by regulators.
However, the current suit will not in any way sort this question. None of them are finding out if Ripple is security any time suit.
Ripple’s statement about XRP not being security as it is a currency will not necessarily hold up.