Bitcoin is currently trading at just over $31,200in 2.20% increase over 24 hours and after hitting $31,700 earlier today. This remarkable surge in the price of Bitcoin coincides with the Legal triumph of Ripple Labs in its long three-year battle against the Securities and Exchange Commission (SEC) the United States. As news of Ripple’s partial success spread, Bitcoin saw a significant boost this Friday morning, breaking above the crucial resistance level of $31,000.
The market response reflects a improved general sentiment towards cryptocurrency, which Ripple’s victory against the SEC certainly influences. In this Bitcoin price prediction, we will explore the implications of this legal dispute and its possible impact on Bitcoin price movement.
BTC Surges and Overall Cryptocurrency Market Sentiment Improves After Ripple’s Win Against SEC
THE Ripple’s Chief Legal Officer gave an overview of the decision in the SEC case against Ripple this Thursday. In particular, he highlighted the importance of it, describing it as a “major victory” for Ripple Labs and stating that, from a legal point of view, XRP should therefore not be classified as a security. Furthermore, he said that sales on cryptocurrency exchanges should not be considered securities sales.
Ripple’s Chief Legal Officer emphasized the importance of judge’s decisionemphasizing that it signifies a limitation of SEC authority over cryptocurrencies and responds to many of the challenges facing the sector. He expressed his optimism that this decision could pave the way for constructive dialogue on cryptocurrency regulation in the country.
Gemini’s management also expressed satisfaction with the court’s decision against the SEC and its presidency, in favor of clear regulations on cryptocurrency. With the clarification of the court and the criticism of the existing exchanges by Ripple’s lawyer, Gemini has a strong rationale for its XRP listing projects : this is the direct consequence of the judgment of Judge Torre, distinguishing sales of tokens to institutional investors from sales to the general public.
As investors see this news as a pivotal step in Ripple’s legal battle against SEC, the price of Ripple (XRP) is showing a significant uptrend. Moreover, after the publication of the court judgment, the Ripple’s hourly trading volume punctually hit a record 2 billion of dollars. And, many exchanges like Coinbase, for example, are set to list and trade XRP after Judge Analisa Torres released her judgment, making a sharp distinction between token sales on exchanges and those on crypto launchpads.
Bitcoin Price Prediction
Analyzing the technical aspects of Bitcoin, it can be noted that it has encountered difficulties breaking through the resistance at $31,750. The presence of bearish candles closing below this level suggests weakening bullish biasestriggered when the $31,000 threshold is crossed.
Moreover, the relative strength index (RSI) has entered the overbought zone and the Moving Average Convergence Divergence (MACD) indicator indicates significant upward movement in Bitcoin. But, when Bitcoin entered the overbought zone, many investors started taking profitsleading to an influx of orders to sell Bitcoin
Currently, the support level for bitcoin is around $31,000. If this level holds, we can anticipate a bullish bounce that could propel the price back towards $31,750. A successful break above this level could then further expose Bitcoin towards resistance at $32,300.
On the other hand, a break below the $31,000 level can create room for additional selling pressure, making potentially drop the price towards $30,600 or even $30,200.
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