Ripple Latest Update – Ripple Encounters Major Legal Setback that Might Influence XRP Negatively 

  • A Failed Bid To Stop The Security Lawsuit
  • What This Means For Ripple
  • XRP Price Analysis – XRP Price is bound to correct higher regardless of recent sell-off
  • XRP Price could encounter further price correction higher 

XRP News Now – The lawsuit against Ripple that accuses the firm of selling unregistered security has been permitted to proceed. Ripple’s motion to dismiss the lawsuit was dismissed by a federal judge in the state of California. XRP News Now – Previously in December 2019, Ripple attempted to stop the lawsuit from going further. Judge Phyllis J. Hamilton documented the motion under submission on January 16, 2020.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.565
-13.99%

XRP Executives – After analyzing Ripple’s motion for a dismissal, the judge ruled that Ripple’s argument was not convincing enough to dismiss the lawsuit. XRP Executives – notably, Hamilton dismissed some state-level assertions, though other complaints can be filed by defendants in the space of 28 days to further proceed with them.

What this means for Ripple

XRP News Now – Ripple was hit with its first class-action lawsuit by investors who alleged that Ripple deceived them into buying XRP as an unregistered security. If XRP is recognized as an unregistered security, it could affect the value of the asset negatively. Ripple Executives – also, US regulators have so far failed to bring more evidence when it comes to XRP’s security status. Earlier this year, CFTC chairman Heath Tarbert claimed that XRP could be considered a commodity or a security.

XRP Price Analysis – XRP Price is bound to correct higher regardless of recent sell-off

XRP Price Analysis – XRP price is still in a major downtrend from well above the $0.2650 level against the U.S dollar. XRP price tested the $0.2240 support level and it could correct higher in the short term. XRP Price Prediction 2020 – XRP price is currently down to 6% and it broke the $0.2350 support level against the U.S dollar.

XRP Prediction 2020 – Ripple XRP Price Prediction 

Also, the price is currently consolidating losses as it tested the $0.2240 support level. There is a contracting triangle establishing with resistance close to $0.23000 on the hourly chart of the XRP/USD pair. The pair must surge above the $0.2300 level to commence a recovery towards the $0.2450 level.

XRP Price could encounter further price correction higher

XRP Price Prediction 2020 – there was a massive decline in XRP price from well above the $0.2650 level. XRP price broke many support levels close to $0.2500 and $0.2450 levels to commence a short term downtrend. XRP Price Analysis – also, there was a break beneath the $0.2350 support level and the price is settled well beneath the 100 hourly simple moving average. The decline saw the price trading below the $0.2280 level.

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