Crypto Industry News:
After 933 days of arduous battle with the SEC, the U.S. Securities and Exchange Commission, Ripple ($XRP) has finally won a crucial victory. The federal judge overseeing the case ruled that the XRP token "is not necessarily a security." Still, this is not yet a complete victory for the company. However, the mere use of these words is a milestone in the Ripple vs. SEC process, to which alternative cryptocurrencies (altcoins) reacted instantly. XRP increases by 30%, ADA, SOL and others 10%.
There has been a legal dispute for years over the status of Ripple's cryptocurrency, $XRP, as an alleged unregistered security. The US Securities and Exchange Commission (SEC) then took legal action against Ripple CEO Brad Garlinghouse and co-founder Christian A. Larsen, claiming that XRP was an asset traded illegally. This lawsuit had significant ramifications for Ripple and the wider cryptocurrency industry, in particular altcoins.
However, a ruling by U.S. Judge Analisa Torres has brought some clarity to this unfortunate situation. Judge Torres ruled that XRP is not a security, putting finally an end to the SEC's claims regarding its status.
Technical Market Outlook:
The ETH/USD pair has been seen trading above the level of $2,000 with the last high made at the level of $2,027 (at the time of writing the analysis). The intraday technical support is seen at $1,974 and the intraday technical resistance is located at $2,027. Please notice, that the market conditions on the H4 time frame chart are extremely overbought, so the market might pull-back soon. Nevertheless, the next target for bulls is seen at the level of $2,140, which is the yearly high.
Weekly Pivot Points:
WR3 - $1,897
WR2 - $1,877
WR1 - $1,867
Weekly Pivot - $1,856
WS1 - $1,847
WS2 - $1,835
WS3 - $1,822
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
