XRP Remains Exempt from Security Label in Recent SEC Litigations – Is a $10 Milestone within Reach for XRP?

XRP is in the news lately as its summary judgment in the U.S. Security and Exchange Commission approaches alongside the release of the infamous Hinman documents.

Notably, the outcome of this case will have either a positive or negative impact on its price moving forward. A victory for XRP will likely move the token to a bullish phase and reawaken the bulls in the general crypto market.

XRP Price Has Seen Fluctuations In June 2023

XRP traded at $0.5073 on June 1, increasing to $0.5254 on June 2. By June 4, it had moved to $0.5359. Days leading to June 9, XRP lost its gains to trade at $0.5082. However, it closed at $0.5212 yesterday, representing an increase of 2.56%.

Today June 12, XRP currently trades at $0.5165, gaining almost 2% on the price chart today as the bulls seek to rally once again in the market. 

XRP Daily Charts Shows Volatility In Its Market  

XRP is fluctuating in the market today, momentarily gaining 1.22% on its price at press time. It is trading at the $0.51 price level. However, the red candle formed on the chart shows that the bears are active in the market.

Also, its Relative Strength Index (RSI) is 54.20 in the neutral zone. The RSI is moving downwards, showing bearish pressure, although a decline to the oversold region of 30 is unlikely since it is close to its support level.

XRP’s Moving Average Convergence Divergence (MACD) is below its signal line and is currently bearish. Also, the Histogram bars are changing to red, noting the current state of the market.

Notably, XRP’s trading volume is up by 32.79%, an encouraging sign for the asset hinting at the possibility of an uptrend ahead. Also, the long lower wick on the candle suggests that the bulls are still interested in driving XRP into its next rally.

XRP is still trading above its 50-day and 200-day Simple Moving Averages (SMA), a bullish sentiment for the asset denoting a possible price increase in the short and long term. The mix of bullish and bearish signals today reflects the volatility present in the market as the bulls and bears battle for control.

XRP Support And Resistance Levels 

XRP is close to its nearest support level of $0.50617. It looks unlikely that the bears can move it below this point. XRP will likely recover and retest its closest resistance level of $0.53860.

A break above this level will see XRP reclaim the $0.54424 price level. However, if the bulls prevail, a return to $0.58464 is the next optimistic target. If XRP successfully reclaims this level, then $1 is a likely destination in the short term.

Note that XRP’s all-time high is $3.8419. XRP will likely surpass its all-time high value if it emerges victorious in its ongoing case with the Security and Exchange Commission.

Factors Affecting XRP’s Price 

Several factors could contribute to XRP’s price action. These factors include supply and demand, investor sentiment, regulations, and adoption and innovative trends on the network.

Recent Trends On XRP Network That Could Influence Its Price 

SEC vs XRP Case

The ongoing legal drama between Ripple Labs and the US SEC continues.  June 13 is the proposed date for the long-awaited revelation of the unredacted Hinman documents.

Pro-crypto groups believe that the speech by former SEC executive Hinman where he admitted that Ethereum was not a security, will give Ripple an advantage and likely secure a victory.

Victory for Ripple could signal a major bull run to surpass its all-time high value. However, $1 is the realistic target if the Hinman documents are finally released.

Pro-XRP Legal Counsel John Deaton stated on Twitter that everyone must remember that only the court decides if an asset is a security or otherwise. 

DeeLance (DLANCE) Posits As an Interesting XRP Alternative

While XRP tries to reclaim its past gains, DeeLance presale is an exciting project promising to connect freelancers worldwide with quality jobs. 

DeeLance (DLANCE)

DeeLance is a platform that creates a bridge for freelancers to connect with quality employers securely. Also, its Escrow-feature protects freelancers’ payments, thereby eliminating unnecessary disputes. Its user-friendly features rank it high among the top crypto projects with a future promise based on investors’ interest.

DeeLance smart contracts help boost efficiency in executing transactions, thereby providing freelancers with maximum protection and reliability.

DeeLance is currently at the presale stage for $DLANCE, the platform’s utility token. It has surpassed the 1.3-million-dollar benchmark and continues to rise as more investors acquire the tokens. The current presale stage has 11 more days before another price increase to $0.043. 

The token is worth $0.038 each and continues to showcase positive moves in the market. After the presale, DLANCE will list on several crypto trading exchanges, with a minimum price of  $0.057 per token. 

Notably, the DLANCE token might experience a price surge when it eventually lists on exchanges. Also, DLANCE is hosting a $100,000 giveaway to reward its users after they complete some tasks.