It appears like there isn't a day that goes by without a big development in the ongoing lawsuit between Ripple Labs and the Securities and Exchange Commission. In the most recent such development, the Court has granted Ripple's request for assistance in obtaining XRP data from a list of offshore cryptocurrency exchanges. This means another fighting chance for the company to prove that the United States Securities and Exchange Commission [SEC] lacks jurisdiction over the sales of XRP which majorly took place in other countries.
On Thursday (June 17), Switzerland-headquartered crypto startup SwissBorg announced its support for XRP. SwissBorg’s mobile app (which is available for iOS and Android) lets you buy, sell, and exchange cryptocurrencies (sixteen including XRP), with support for 15 fiat currencies. SwissBorg’s “Smart Engine” tries to get “the best liquidity and rates” by “connecting to Binance, HitBTC, LMAX and Kraken exchanges.”
Technically, because we find ourselves in a downtrend created by the big moves to the downside in April and May we think XRP has a higher probability of a continuation to the downside. However, because the price is in a consolidation right now, a break of the red trendline and a test of the resistance is not out of the picture. We advise caution.
Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.