The SEC v. Ripple case continued to be a source of concern for XRP holders, and the coin lagged behind the leaders on Wednesday. However, it appears as XRP has finally found its footing as XRP showcased its first “golden cross” in 15 months.
A strong price signal for an asset occurs when its short-term moving average crosses above its long-term moving average. Golden crosses have the ability to predict significant price increases. The 50-day and 200-day moving averages of XRP crossed each other to create a bullish golden cross pattern.
The golden cross has previously appeared on XRP charts a few times. It last happened on July 17, 2021, and was followed by a 176% price increase. XRP Price reached a high of $1.41 before reversing the direction.
In other news…
Whale Alert, a cryptocurrency whale tracker, reports that in just three transactions, Ripple (XRP) whales have moved more than 158.71 million tokens. According to the tweet, there are currently over 68 million XRP coins in motion, with the highest transaction valued at over $32.63 million.
In addition, Whale Alert’s records show that the second-largest transaction in the previous six hours was valued at about $28.4 million and involved 60 million tokens. Whale Alert claims that the first two transfers were made from the Bitstamp bitcoin exchange in Luxembourg to anonymous wallets.
XRP VS SEC
There were no new developments in the SEC v. Ripple lawsuit on Tuesday that could serve as guidance. Investors adopted a cautious attitude as a result of the lack of news. The more important question is whether the SEC and Ripple will settle or go to court as the parties negotiate.
Recent Amicus brief submissions have provided the Court with a new perspective on the applications of XRP. Companies like I-Remit, TapJets, and SpendDBits submitted Amicus briefs outlining how XRP does not pass the Howey Test’s third requirement.
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Source: https://coinpedia.org/ripple/bullish-sentiments-hovers-xrp-price-will-it-hit-1-by-end-of-2022/