The fate of Ripple’s XRP token continues to hang in the wind, with differing indicators propelling two divergent communities of Ripple bulls and bears in different directions.
Pricewise, the cryptocurrency has taken a positive trajectory. XRP value has tripled within a month, and is still on a tear.
However, some analysts say, a “divergence between rising bids and decreasing momentum” may signal discord, with the coin’s relative strength indicator (RSI) suggesting floating values may not be built on bedrock.
Such commentary comes from Yashu Gola at NewsBTC looking at Ripple’s status this morning
“Technically, it is time for bullish traders to be proactive about risk assessment. That means using tighter stops, protecting options, or just reviewing their portfolio with assets that offset XRP’s overvaluation risks,” Gola writes. “It also looks ideal to short the XRP market by buying put options as a form of hedging exercise.”
However, Ripple fans would say that with various legal challenges effectively countered, the company is creating a reputation as something of a ‘Teflon Don.’
In addition to the efforts of the U.S. Securities and Exchange Commission, which have faltered in recent months, Ripple has worded off another case brought by Tetragon Finance Group, and new reports indicate the SEC suit may soon be done with.
“Ripple Labs’ XRP token reached its highest point in over three years on Tuesday morning after the cryptocurrency company’s executives filed motions to dismiss the US Securities and Exchange Commission’s lawsuit against them and the company,” writes Emily Graffeo at Markets Insider this morning. That’s a bold move, and a signal that Ripple feels confident about the eventual outcome. Also, exchanges and counterparties that divested or banned XRP are now considering re-acceptance and re-listing. Keep that in mind as you put your crypto playbook together.Ripple was once the third runner-up cryptocurrency, and it could soon reclaim that title again.