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XRP Price Finds Support At $0.366 On SEC vs. Ripple Ruling, But Is It Enough To Fuel A New Bull Run?

XRP price forecast.
XRP price forecast.

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XRP price is up 2.5% in the last day as bulls push to record more gains for investors. The token has been trading with a bearish bias since February 20, after a massive influx of bears into the market.

Nevertheless, the XRP price recorded an intra-day high of $0.372 on Tuesday, pushing the market cap up almost 4% to $18.89 billion. The positive sentiment in the Ripple market has excited traders, who have increased their trading activity. Resultantly, XRP was showing a 19% increase in 24-hour trading volume to $1.098 billion at the time of writing.

XRP Enjoys A Bullish Start Of The Week

The Monday session was eventful after the Court made a partial ruling on the ongoing case between the Securities and Exchange Commission (SEC) and Ripple. In a March 7 Twitter post, defense attorney James Filan shared the latest of Judge Torres’s decision, saying:

BREAKING: Judge Torres issues Ruling on Parties’ Motions to Preclude Expert Testimony.

The ruling came after Judge Torres granted and denied motions from either party. Interestingly, some denied motions were from the regulator asking the Court to disregard certain testimony that would improve the defendant’s case. Nevertheless, Amicus Curiae attorney John Deaton was quick to object:

The regulator filed a Motion to Redact certain content after failing to defend the entirety of the documents under the attorney-client privilege. Significantly, a ruling against the SEC could raise speculation of a settlement. As it stands, consensus stipulates that the documents could impact the SEC and its case against Ripple. Ripple CEO Brad Garlinghouse has since opined on the speech-related documents, saying:

When those come to light, I think you will see more kind of like, how is it possible for the SEC to decide to bring a case against Ripple given what they were saying within their own walls.

From the rulings, it appears that the presiding judge would not be waiting until the tail end of the cases. So far, he has started ruling on other pending motions, including the Hinman Documents, which could have a bearing on the case and XRP price.

More updates and executive comments from both sides of the case should have more influence on XRP than other events in the cryptocurrency industry. Similarly, the absence of updates would also leave the price in the hands of the crypto news wires.

Ripple Is Live In 70+ Countries

It is worth mentioning that Ripple (XRP) is already functional in more than 70 countries, courtesy of its value-adding partnerships.

This revelation follows a February 28 interview with Ripple SVP Brooks Entwistle hosted by Forkast News. From the report, Ripple has been working with these partners for a long time. During the same interview segment, the Ripple executive also disclosed that they are in discussions with over 20 Central Banks across the globe.

Meanwhile, the Ripple community has interpreted the ruling as a win for Ripple, as the price of XRP at press time stood at $0.374. This was a 3% increase over the last day, according to the data retrieved by InsideBitcoins on March 7 for traders looking to buy XRP.

XRP Price Gains 2.5% On A Perceived Positive Ruling

XRP price has reacted to the perceived positive ruling, soaring by a commendable margin to find support at the $0.366 level. As bulls looked to record more gains, the price was confronting the immediate resistance at $0.376. An increase in buyer presence in the market could see the price flip this level into support. If this happens it could play a role in helping the token tag the next hurdle presented by the 100-day Simple Moving Average (SMA) at $0.38.

If buying momentum is strong enough to flip this supplier congestion zone, bulls could use it to target the next roadblock at $0.384. This would be before confronting the 50-day and 200-day SMAs at $0.392 and $0.396, respectively.

XRP/USDT 1-Day Chart

XRP 1-Day Chart
TradingView Chart: XRP/USDT

The upward movement of the relative strength index (RSI) adds credence to the bullish thesis. Notice that this indicator was about to send a ‘buy XRP’ signal, which would be confirmed once the RSI (blue) crossed above the Stochastic RSI (yellow).

Similarly, the red histograms were fading, a sign that bears were losing phase as the market steadily shifted in favor of bulls.

On the downside, if investors decide to book early profits, the XRP price could resume its weekend downtrend. In such a case, the price could plunge below the $0.366 support before nosediving to find a temporary residence lower.

Such a scenario would send the price to the $0.3605 level, followed by the $0. 3557 level and, in dire cases, the $0.3436 level before an attempted recovery.

The moving average convergence divergence (MACD) indicator was still in the negative zone below the mean line. This showed the presence of bears in the market.

XRP Alternatives

As the Ripple community continues riding the news of a perceived positive ruling, consider FGHT, the ticker token for the Fight Out ecosystem. The token is currently in the presale stage, with $5.21 million collected thus far.

Fight Out is a move-to-earn (M2E) platform where users receive token rewards for their workout activities. Investors can take advantage of early-stage discounts to profit from a low-cost asset. All they have to do is lead an active lifestyle.

Once the presale ends on Marche 31, the price of FGHT will increase to a maximum of $0.0333. While the developers only allocated 9.5% of the entire token supply of 10 billion to the presale phase, the remaining 4.5% went to bonus allocations. Investors can acquire this bonus lot depending on how much they purchase and the vesting period chosen.

Anyone interested in easy and direct access to affordable assets should move swiftly.

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