Credible Crypto, a popular pseudonymous analyst and trader, is tracking the trajectory of the digital token XRP after a crucial ruling in favor of Ripple in the ongoing lawsuit with the United States Securities and Exchange Commission (SEC).
On Friday, Judge Analisa Torres denied the attempt of the SEC to prevent Ripple from using a “Fair Notice Defense.”
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The latest development, which Brad Garlinghouse described as a big win for XRP, implies that Ripple will be able to argue that the regulator failed to give adequate notice on the status of XRP in terms of the securities law of the United States.
Credible Crypto Issues XRP Price Warning
After the news of the crucial ruling in favor of Ripple went viral, the price of XRP embarked on an independent surge. Within a few hours, XRP spiked over 15%, leaving Bitcoin (BTC) and the rest of the market to struggle.
However, the crypto analyst Credible Crypto thinks XRP is not ready for a magnificent uptrend yet. He said in a tweet that the crypto is yet to push through a key area of resistance.
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Credible Crypto tweeted, “This news is GREAT for the case but from a technical perspective we are still under local resistance at the moment. So don’t FOMO into anything here just because of this positive fundamental development. Best to wait to see price action develop at this time.”
I will add- this news is GREAT for the case but from a technical perspective we are still under local resistance atm so don't fomo into anything here just because of this positive fundamental development. Best to wait to see PA develop at this time. $XRP https://t.co/cYJyegG6aI pic.twitter.com/5zxOZAFv2T
— Credible Crypto (@CredibleCrypto) March 11, 2022
The popular analyst is waiting to see XRP convincingly break above a line of resistance at around $0.83. At the time of filing this report, XRP is trading at $0.7913, with a relatively 6% price downtrend in the last 24 hours.
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