If you have been following diligently XRP and the legal battle of Ripple-SEC, you will be pleased with the latest developments. More importantly, XRP investors can gain another confidence following the recent legal ruling.
According to recent reports, the judge who presided over the case has allowed several third parties to join the lawsuit. This finding was reportedly disputed by the Securities and Exchange Commission because approved parties are biased against Ripple.
#XRPCommunity #SECGov Fifth. #ripple #XRP Judge Torres, over the objection of the Securities and Exchange Commission, approved requests from I-Remit and TapJet to provide friendly briefs in support of Ripple. pic.twitter.com/07kyBi7NYj
James K. Phelan 120K (Beware of Scammers) (FilanLaw) October 11 2022
The community of XRP supporters saw this development as favorable to defending Ripple against the Securities and Exchange Commission. Investors should note that this does not necessarily guarantee that the final valuation will favor Ripple.
However, it underscores the strong defensive narrative that Ripple has maintained thus far.
Previous decisions in favor of Ripple raised positive sentiment among investors, but will history repeat itself this time?
The pressure time price position of XRP showed increasing pivot opportunities in favor of the bulls. Notably, the alt has been bullish since mid-September, recently peaking at $0.55 before testing a bearish bounce.
It should be noted here that XRP is down about 11% from its weekly high in the past two days. It was trading at $0.488 at the time of writing, just below the 0.236 Fibonacci retracement line.
It has already shown a slight uptick in the last 24 hours with high chances of further upside. This view can be maintained by the current price level near the Fibonacci line.
This is the AMBCrypto price prediction for Ripple (XRP)
Increased investor confidence may also boost XRP bulls in the coming days thanks to the positive legal ruling.
The metrics side of things has already seen some changes. For example, XRP weighted sentiment has increased over the past three days. At press time, it was at its highest level in the past four weeks.
A change of sentiment is as good as the power of the attendant volumes he can command. We noticed a decrease in active titles over the past 3 days, but the last 24 hours resulted in a slight increase in the same metric.
Active addresses have increased by about 5,000 in the last 24 hours. This was enough to remove most of the current selling pressure but not enough for a significant bullish rally.
Well, whales often have the greatest influence on price action. The number of electoral transactions for transactions over $1 million has not been out of the ordinary in the past 24 hours.
The shift in sentiment thanks to Ripple’s latest legal ruling could trigger another build-up wave.
This will depend on whether it can secure enough bullish demand.
On the flip side, XRP could extend its downside if market factors continue to decline in the cryptocurrency market.