A recent tweet from prominent crypto analyst Dark Defender has renewed enthusiasm within the XRP community. In his post, Dark Defender expressed unwavering confidence in the token, noting, “We trust in XRP and don’t know why people mess with us. Everything will be escalated, soon. Above $0.6649 is our key. God Bless.”
This tweet has generated discussion around the potential for XRP’s price action, with many community members reinforcing their trust in the cryptocurrency despite current market fluctuations.
One respondent, Jenny, who echoed this sentiment stated, “We firmly believe in the value of XRP and will continue to maintain our confidence. Market fluctuations are normal and we will wait patiently for the right time.” Jenny’s comments reflect a broader resilience within the XRP community, which has endured significant regulatory scrutiny and market volatility over the past few years.
Price Levels and Key Resistance
Dark Defender’s mention of the $0.6649 level as a key resistance point has not gone unnoticed. Breaking above this level could signal a bullish trend, and many believe this will act as the first step in a broader rally.
However, the crypto market remains volatile, and significant price movements depend on technical indicators, and the broader regulatory and macroeconomic environment.
Another community member, Doc Delucci, commented, “Yes, as soon as we fully know that the SEC will not appeal, I believe XRP will make its next rally to $0.86 and will start its journey from there slow and steady.”
His statement highlights the influence of ongoing legal battles between Ripple and the U.S. Securities and Exchange Commission (SEC). The outcome of these legal proceedings is seen as a critical factor that could either propel XRP forward or continue to suppress its price.
Legal Uncertainty and Market Sentiment
XRP has been entangled in a lengthy legal dispute with the SEC since December 2020, when the SEC filed a lawsuit against Ripple Labs, accusing the company of selling the digital asset as an unregistered security. While Ripple has won several important rulings in the case, uncertainty remains regarding whether the SEC will appeal the most recent decision, which favored Ripple.
Crypto lawyer Fred Rispoli has offered important insights into the situation, stating that Ripple and the SEC have agreed to hold 111% of the monetary judgment in trust.
According to Rispoli, this agreement is a precautionary measure to ensure that funds are available for payment to the SEC under specific circumstances. These circumstances include the 30 days after the appeal deadline passes without any appeal being filed or the conclusion of an appeal, should one be initiated.
While this agreement does not definitively indicate that an appeal will be filed, Rispoli noted that setting aside such a significant amount of money suggests uncertainty, particularly on the SEC’s part. The move to hold the funds in trust reflects the possibility that the regulatory body is considering its options carefully.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
What Comes Next for XRP?
In light of these developments, the XRP community is watching closely for any signs of an appeal from the SEC, which could further delay any significant price movement. On the other hand, if the SEC does not pursue an appeal, the token may begin to regain momentum, as many traders, like Doc Delucci, believe a rally could start once the legal uncertainty lifts.
The enthusiasm expressed by both Dark Defender and Jenny reflects a broader confidence in the underlying value of XRP. Despite the legal hurdles, market fluctuations, and regulatory scrutiny, the digital asset maintains a loyal following of investors and traders who see long-term potential in the cryptocurrency.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
