A million-subscribed Youtube analyst says the latest news about Ripple is bullish for XRP. XRP, the seventh-largest altcoin by market capitalization, has escaped major trouble causing panic.
Besides the ongoing lawsuit, there is important news for the altcoin
Coin Bureau host “Guy” says that former Ripple CTO Jed McCaleb has finally emptied his entire wallet. For those who don’t know, Jed McCaleb was one of the first founders of Ripple. He left a few years ago to found Stellar, a platform that openly rivals Ripple. A major point of contention since then has been Jed’s XRP sales. Jed received approximately 9 billion XRP, more than 18.5% of the total supply of XRP, as compensation for the split. XRPs that open in certain time frames have always caused concern among investors. As Kriptokoin.com, we have quoted McCaleb’s transactions in this article.
The analyst gives details on the subject in part of the publication. Guy says this development is positive for the altcoin in the long run:
Ripple made some sort of agreement not to sell them all at once. But basically it’s been selling for the past few years. But it looks like he’s finally finished doing that. This news hasn’t pushed the XRP price up because we’re still in a bear market, like it or not, but this is definitely good news for XRP in the long run.
Latest developments from the SEC and Ripple case
On the Coin Bureau analyst’s agenda was the latest developments from the SEC and Ripple case. The analyst says Ripple gained the upper hand in its legal battle with the SEC after federal judge Sarah Netburn denied the regulator’s request for attorney-client privilege to withhold Hinman documents that would answer positive questions for the San Francisco-based firm:
It is also coupled with the good news that XRP received last week when it won a major victory against the SEC. This lawsuit is still pending, it won’t be resolved anytime soon, but that’s two really good news for Ripple and XRP investors alike.
XRP price analysis
The above news is convincing investors to buy Ripple as a major XRP whale exits the market. From a technical standpoint, Ripple faces a few more hurdles. XRP price is currently trading at $0.3618. An important weekly trend channel is holding on the path of the next bullish target at $0.54.
On the intraday timeframes, the bulls are coming in to provide support at the 21-day SMA. Investments should pay attention to this level, especially as failure to move forward from the SMA will result in liquidation, which will bounce from the $0.33 to the 8-day SMA. Meanwhile, the 8-day failure will be the catalyst for the sweeping bottoms, targeting the July 13 low of $0.3020, according to analyst Tony Montpeirous.
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