XRP has been trading at or slightly below the $0.4 resistance
Gene Hoffman expects SEC to win the case against Ripple
XRP awaits further triggers for a breakout or drop
Ripple (XRP/USD) is still in waiting mode. The cryptocurrency clings to the $0.4 resistance as if buyers are not sure if to break above. They are, however, relentless in letting bears take the price below this level. Who wins?
Of course, Ripple’s case with the SEC is a dilemma yet to be solved. Despite Ripple making small wins and many believing it will triumph against the regulator, a crypto pundit thinks otherwise. Gene Hoffman, the COO of Chia network blockchain company, expects SEC’s assertion that XRP is a security to hold.
Hoffman says that an excerpt from the summary judgement filing of the SEC supports the view. He says Bill Hinman, its ex-director of corporate finance, informed Ripple in 2019 that XRP was a security. Hoffman says apart from the Hinman statement; the court knows that people bought XRP expecting its value to surge. Consequently, the judge is likely to argue that Ripple’s sales of XRP made the token a security.
In further emphasis, Hoffman says there are no notable differences between the Ripple and LBRY Credits cases. In the latter, the regulator won. He asserts that SEC has never lost a case involving section 5 for a long time.
XRP holds to the $0.4 resistance
XRP/USD Chart by TradingView
From the technical outlook, XRP’s trading depicts a wait-and-see approach. Bulls are holding to the $0.4 resistance hoping that Ripple’s case will go in their favour. That would see a breakout at the crucial level.
On the flip side, bears are also waiting for an opportune moment to crash XRP. That is shown by a shift of the RSI to below the midpoint, implying that bears are increasing at the resistance. It could also signify the exit of bulls at the crucial level.
Which way, XRP?
The next price action for XRP will depend on developments or speculations around the case with SEC. Investors should keep watch of the developments before buying XRP.
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