Ripples XRP Faces Imminent Death Cross As SEC Lawsuit Takes New Twist
XRP continues to be the talk of the crypto town, given that the lawsuit pitting the United States Security and Exchange Commission (SEC) and Ripple is taking a new twist.
Following a legal brawl that took over three years, a US court deemed XRP not a security. The latest development shows that Ripple has filed a cross-appeal to challenge the SECs controversial legal move in the XRP lawsuit.
Nevertheless, Ripple is asking for all stones to be unturned regarding regulatory clarity for the entire cryptocurrency industry because any settlement with the SEC could have a major impact on the entire market.
This is because the outcome reached will have a ripple effect on how regulators treat other cryptocurrencies.
What Does a Death Cross Mean?
As major developments continue in the XRP ecosystem, the seventh-largest cryptocurrency has been trying in vain for a bullish breakout, given that the altcoin is gridlocked in a symmetrical triangle.
As a result, XRP finds itself staring at a death cross, a bearish sign that could spell doom.
A death cross materializes whenever a short-term moving average, such as the 50-day MA, crosses below a long-term one, like the 200-day MA. Therefore, XRP finds itself in such a scenario, which could cause the altcoin to lose its psychological price of $0.5.
Per CoinGecko data, XRP hovered around $0.5383 as a wait-and-see approach that took center stage.
Meanwhile, all hope is not lost. Renowned crypto analyst Armando Pantoja recently acknowledged that XRP was experiencing a 7-year bullish pennant formation, which is a stepping stone toward a massive breakout.
Read more: https://zycrypto.com/ripples-xrp-faces-imminent-death-cross-as-sec-lawsuit-takes-new-twist/
Text source: ZyCrypto
