Is XRP ready to be a big row jump?

The XRP was traded at $ 4.9 on Friday and has remained in the same range for the past few days. This price is approximately 1 % above its lowest level this month.

XRP may experience a major ascending defeat after Bryan Armstrong, CEO of KevinBis, on the case of the Stock Exchange and Exchange Commission (SEC). KevinBis has agreed with SEC staff to cling to the company’s lawsuit. If the deal is approved by the Commission next week, charges against the currency will be rejected.

SEC had accused Kevinbis of submitting unregistered securities, activity as a non-licensed broker and sticker service. It considers sticker as an unregistered securities that are subject to its regulations.

The end of the Kevinbis case is good news for Ripple and the price of XRP. It is likely that the SEC will reclaim its appeal against Ripple, especially given that the Trump administration is expected to take a more friendly approach to Ramsar.

Ripple and SEC have been involved in a legal battle since year 4, when it accused Ripple of selling unregistered securities. Judge Analiza Torres ruled that analysis was not a securities when selling to currency exchanges, but the organizational sales have violated those securities laws. He sentenced Ripple to pay $ 5 million, much less than the initial $ 2 billion in SEC.

Both parties have applied for appeal, but the SEC may abandon the case. Trump, Paul Atkins, has named a supporter of Ramsar as the next Secretary of the SEC. Most analysts predict that he will retrieve the appeal against Ripple.

XRP analysis

The weekly chart shows that XRP has not had a specific trend over the past two months. The movement of this price has been in line with most Altoins, which has declined over the same period.

The positive aspect is that the XRP remains higher than the key support level of $ 1.2. This surface acts as an important rotation point in April and formed the upper range of the Cup-and-Handle pattern, a pattern known as an uptrend signal.

In addition, the XRP is still above a 5 -week moving average and its point of rejection is traded in the Murrey Math tool. Accordingly, the XRP may experience a strong return for $ 1.5, which was the highest in November. This target is equivalent to a 5 % increase in the current level. A sudden price leap above this level can be a sign of greater growth and is likely to reach the price of $ 5.