- The price has once again faced strong resistance at $0.58 level.
- If the price manages to go past this level then it will likely surge all the way till $0.42 mark.
Joseph Grundfest, a former U.S SEC commissioner and current professor at Stanford Law School, has been revealed to have strongly opposed the SEC’s action against Ripple due to the far-reaching consequences of the case.
In a letter dated December 2020, Grundfest urged former SEC commissioner Jay Clayton not to sue Ripple due to the systemic, worldwide harm that such a lawsuit may pose to a large number of naive XRP holders.
The letter was shared by John E. Deaton of Crypto Law US in a post on twitter, where he also discussed the hypocrisy and unethical behavior of Jay Clayton and other SEC members.
According to Grundfest, if the steps were initiated, all involved parties and intermediaries would stop dealing with XRP, leading to a liquidity crunch and a subsequent price drop that would result in multi-billion dollar losses for unknowing third parties.
Bitcoin has been fighting hard to break beyond the $35,000 mark and other cryptocurrencies are still cautiously hopeful and hinting at a significant recovery.
As the price of XRP rises over $0.55 and reclaims the 50-day exponential moving average (EMA), a similar upward trend can be seen in motion. The price has once again faced strong resistance at $0.58 level.
If the price manages to go past this level then it will likely surge all the way till $0.42 resistance level. Contrarily, if the bears pull the price below the $0.54 support level, then the price will fall all the way till $0.51 support level. Further decline will likely see price testing the $0.48 level.