In a recent interaction, the CEO of Ripple Labs, Brad Garlinghousefor a settlement of the two-year-long Ripple vs SEC lawsuit in the first half of 2023. He stated that Ripple was optimistic about its chances given the law and facts on the ground.
Interestingly, XRP breached the key resistance at $0.39 following Garlinghouse’s claim on the settlement resolution date. At the time of writing, the price faced resistance at $0.4076. This level has limited XRP’s ascent in the past hence bulls will be hoping to go beyond this to strengthen the idea of an FTX reversal.The Relative Strength Index and Awesome Oscillator suggested that bulls were still in control. However, the On Balance Volume faced resistance.
Investors’ confidence remained low as weighted sentiment proceeded in the negative territory over the past week.According to Coinalyze, XRP’s Open interest remained flat while the price recorded gains. This divergence signaled a possible decline from $0.4076.The verdict of the SEC’s case against Ripple over the status of XRP could have significant implications for the cryptocurrency market in the United States.
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