The legal dispute between the cryptocurrency blockchain company Ripple and the Securities and Exchange Commission (SEC) has been lingering for a long time now. Even though the ongoing legal dispute has been ongoing for more than two years, the intensity of debate concerning the subject matter keeps increasing within the cryptocurrency community.
Recently, Mike Belshe, the current Chief Executive Officer of BitGo, inferred that should the outcome come out favorable for Ripple, the global crypto market might experience a significant positive impact. According to Belshe, regulatory changes in the cryptocurrency world might ensue as a result of the outcome. While Belshe’s influence on Ripple’s case is yet unknown, XRP, the native token of Ripple, has since the prediction been in recovery mode.
Key XRP Levels To Watch – June 18
Resistance Levels: $0.5850, $0.7500, $0.9660
Support Levels: $0.4900, $0.4200, $0.3400
The overall trend is bullish despite a decline in price in the last few days. The market is currently in recovery mode as prices face upward pressure after hitting the daily bullish order block. The daily bullish order block was created on June 11, 2023, during an expansion to the upside.
A win for @ripple is a win for the whole industry. https://t.co/8KTqzf0Vfu
— Mike Belshe (@mikebelshe) June 16, 2023
According to the Stochastic Oscillator, the market was already underpriced. However, XRPUSD seems to be heading upward in the same direction signaled by the MA Cross. The price might keep heading upward until the intermittent high of $0.5850 is invalidated.
XRP Key Levels
Total Market Capitalization: $1.07T
XRP Market Capitalization: $25.55B
XRP Volume: $0.57B
Market Rank: #6
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