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Considering a slowdown caused by the ongoing battle between Ripple Labs and SEC, the investors wonder when Ripple price Can hit $1. In December 2020, the Securities and Exchange Commission (SEC) filed a complaint against the blockchain tech business and two of its senior executives. The banking authority has charged them with trading $1.3 billion in XRP tokens as securities without registering the assets.
The legal struggle between the SEC and Ripple is not going away anytime soon. The battle between Ripple and SEC will continue into 2023, according to a new timeline published on April 22. Since April 21, the price of XRP has dropped 26%, with a sell-off throughout the cryptocurrency markets adding to the pressure.
Back then, the Ripple price rose significantly due to the news as XRP traded near $1. Investors expected the litigation to be resolved shortly based on remarks made by Ripple Labs CEO Brad Garlinghouse in March.
The SEC answered with a one-liner, saying:
Plaintiff respectfully takes no position on Defendants’ motion to reopen fact discovery to serve non-party subpoenas for the purpose of obtaining video recordings for authentication.
Following the market decline in March, XRP plunged sharply to trade at $0.28 in August. What variables will impact the future value of XRP? Can the currency establish a bottom and begin to rise in the next months?
SEC Receives Fresh Blow
The US SEC suffered a significant blow when Magistrate Judge Sarah Netburn allowed Ripple’s petition to serve subpoenas and authenticate videos of public statements by SEC officials. At least seven SEC officials will be served with two subpoenas from the payment giant.
The Judge presiding over the high-profile Netburn case dismissed the SEC’s contention that the defendants were attempting to reopen fact discovery.
The SEC has recently suffered a succession of setbacks, and verifying the statements made by regulator officials is expected to help Ripple’s defense against the plaintiff’s allegations. Despite the length of the litigation, Ripple CEO Brad Garlinghouse expects a resolution will be reached by the end of the year.
When Ripple Price Can Hit $1 – Technical Outlook
As illustrated on the XRP chart, the price of XRP began 2022 at $0.8313 and fell to $0.5587 on January 24, 2022, as cryptocurrencies sold off. XRP soared to $0.91 on February 8 but could not hold its gains, plummeting to $0.63 on February 24 as global markets plunged.
Ripple Price Chart – Source: Tradingview
XRP reached $0.9081 on March 28th but could not hold that level, plummeting to $0.56 on May 8th. On May 10th, the coin was worth $0.5263. But later, the price continued its sharp downtrend, falling to $0.2852 in June. That’s where XRP gained support and now showing signs of life.
XRP has recovered a bit to trade at $0.3730, and now it’s heading north to complete a 23.6% Fibonacci retracement at $0.4370. A break above the $0.4370 level can expose the XRP price towards the $0.5274 level.
On the support side, XRP may gain immediate support at the $0.2852 level. A break below this could expose Ripple price towards the next support level of $0.1840.
Time To Buy XRP or Tamadoge?
Considering the ongoing fundamentals and technical side of XRP, I don’t think Ripple will hit $1 anytime soon. However, meme coin Tamadoge is currently in the spotlight, and we may have a good opportunity with Tamadoge.
TAMA’s pre-sale has already raised more than $4.2 million, with only $30.1 million tokens remaining before the currency’s price skyrockets. Currently, one USDT equals 66.67 TAMA, and after raising the remaining $30.1 million, the price of TAMA will rise to one USDT equals 57.14 TAMA.
Tamadoge’s pre-sale will be finished in the next weeks. The pre-sale has a hard cap of $10 million, which should allow the project ample time to achieve the following objectives on the roadmap. TAMA is the ultimate Play-to-Earn meme currency platform; obtaining the token during the pre-sale couldn’t be easier. You must use a debit/credit card, USDT, or ETH from your wallet to pay.
Later on in the roadmap, a smartphone app that can artificially visualize your Tamadoge, in reality, will be developed. Then, point your phone at your Tamadoge to see how it works. The community believes that the convergence of artificial reality and the real world will benefit the area of earn gaming and help drive mass adoption.
Learn more about how to create a crypto wallet to buy Tamadoge.
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