XRP Prices Eyes 32% Upswing After Crypto Lawyer’s Blow To The SEC

Ripple price was holding above $0.50, a crucial psychological level that must be defended to abate the downside. The XRP price painted two green candles over the two daily sessions as bulls sought to recover from the recent downturn after buying the dip. If history repeats itself, the 6th largest cryptocurrency by market cap could mimic recent price action and produce a significant move higher.

Ripple price is also bolstered by the recent remarks by crypto lawyer and XRP advocate John Deaton who slammed the US Securities and Exchange Commission (SEC) and other regulators for threatening crypto holders.

While testifying before Maine's Financial Services Committee on April 4, the lawyer said that the SEC, its Chair Gary Gensler and other agencies are threatening "the state's right and ability to pass legislation like a Bank accepting custody of crypto w/100% reserves."

Deaton replied to Gensler's recent tweet, linking his testimony for the crypto community and XRP holders to read.

Deaton is widely known as an ardent XRP and Ripple proponent and for his pro-Ripple stance in the SEC's lawsuit against the cross-border remittance firm. 

In December 202, the US SEC charged Ripple Labs, the company behind the XRP token, its CEO Bradley Garlinghouse and co-founder Christian Larsen for raising more than $1.3 billion through an unregistered securities offering. The lawsuit has dragged on for over two years now, amassing criticism from the "XRP Army" and the wider crypto community.

XRP price reacted positively to the Ripple proponent's remarks and is trading 2.5% above the level it was before Deaton's tweet. The technical setup shows that Ripple is readying for another upswing.

Ripple Price Seeks A Return To $0.63

XRP price has made two significant shifts in its recent uptrend, resulting in 32% gains each time. As seen in the daily chart below, the XRP price jumped from $0.37 to $0.49 and again from $0.44 to $0.58 in two swift moves in the past two weeks.

 If XRP's bullish momentum is sustained, another uptick from the $0.488 level could see the cross-border remittances token rise to the optimistic target at $0.63.

XRP/USD Daily Chart

Supporting the bullish outlook for XRP was the position of the Relative Strength Index (RSI) in the positive region. The price strength at 60 suggested that there were still more buyers than sellers in the market, favoring the upside.

Also validating the positive narrative for the international payment's token were the upward facing moving averages. Note that XRP was trading way above these SMAs, a sign that there were stronger defence zones on the downside, leaving the path with the least resistance to be northward.

On the downside, if selling pressure escalates, XRP could drop toward the $0.480 support level. A decisive close below this level would invalidate the bullish thesis.

In highly bearish cases, Ripple could drop further to seek solace from the $0.443 support level. Failure to use this base as a launch pad could see the price cushioned by the 50- 200- or 100-day SMAs at $0.416, $0.411, and $0.399, respectively,.