With-profit regulators filing allegations against the U.S. Securities and Exchange Commission, long-term investors expect a breakthrough in Ripple. Ripple’s success in a lawsuit filed by the US Securities and Exchange Commission could spark a bull market in altcoins.
Ripple Up 13% Over the Past Week, Despite SEC Lawsuit
In a recent report on December 14, The NGO Empower Oversight filed a lawsuit with the SEC, accusing regulators of bias against Ripple. In the event that the US Securities and Exchange Commission filed a lawsuit against the cross border payment company, Ripple.
Supporters hope that Empower Oversight can succeed and reach a compromise in the SEC vs Ripple case. The conflict of interest of the U.S. Securities and Exchange Commission to declare XRP a security and not take action against the largest altcoin, Ethereum, has attracted public attention.
Ripple’s price is up 13% over the past week and analysts are predicting that the upward trend in altcoins will continue. Analysts are optimistic about Ripple and could trigger a bullish sentiment due to the favourable outcome of the SEC case against Ripple.
A cryptocurrency analyst for the YouTube channel CoinsKid recently rated Ripple’s price development. Analysts believe Ripple mirrors the double floor pattern observed over the last two weeks of July 2021.
Ripple’s price broke the $0.83 resistance level, and the current trading price is at $0.89. Analysts predict that if Ripple’s price is in line with the current trend, a rebound could occur. “