A popular cryptocurrency analyst and investor is tracking the trajectory of XRP after a key ruling in the SEC’s lawsuit against Ripple.
On Friday, Judge Analisa Torres denied the U.S. Securities and Exchange Commission’s attempt to prevent Ripple from using a “Fair Notice Defense.”
One of Ripple’s core arguments is that the SEC did not give adequate notice that it believed Ripple was selling XRP as an unregistered security.
Analyst Credible Crypto warns his 362,000 Twitter followers that although the news triggered an immediate spike in the price of XRP, the altcoin has not yet pushed through a key area of resistance.
“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.”
Credible is looking to see XRP convincingly break above a line of resistance at about $0.83.
As for Bitcoin, the analyst says a real change of momentum will occur if BTC can push above $42,500.
On the downside, he’s looking to see if BTC can post a higher low in the $36,000 region.
“We were unable to push back to 42.5k so this count is still in play. Movement up to 40-41k (RED) is noise, a break of 42.5k IS STILL very bullish/significant if we get it. If we do go lower expecting a higher low at 36k”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Mia Stendal