Exchanges Want to list XRP, Yet Fear of SEC lawsuit Continue

Jesse Powell Cautions Exchanges!

The ongoing SEC-Ripple lawsuit has been in the spotlight in the entire crypto space. Many believed some flaw as the lawsuit was filed amid the XRP bull run. As the SEC filed the lawsuit, the price slashed like never before shedding the maximum of the gains.

Many exchanges announced delisting of the asset fearing any negative rounds around the exchange functioning. In the recent update, SEC’s lawsuit appears to have faded a little with Ripple’s stand becoming stronger and many expect the case may also be closed very soon.

As the XRP price is showcasing some signs of a bull run, now exchanges rethink to list

XRP, yet fearful with the SEC’s proceedings. Jesse Powell, CEO, and CO-founder of Kraken Exchange cautioned the other exchanges before listing XRP.

Huge asymmetrical risk for exchanges. Have to assume SEC’s case is in good faith. Judges tend to side with agencies. If XRP found to be a security, SEC would say that exchanges should have known. Safe harbor pending outcome would have been responsible if only purpose is to “test” https://t.co/KnA71Bebg0

— Jesse Powell (@jespow) March 6, 2021

XRP Price Analysis

The XRP price since the start of the month has entered a strong consolidation phase, trending in a very narrow range. Yet failed to break the lower resistance levels below $0.4, however also failed to break the upper resistance levels at $0.49.

Interestingly, since the previous trading day, it is trending in the upper levels of the parallel channel, indicating a probable break out any moment from now.

At the time of writing, XRP price is $0.4674 with a jump of more than 1% in the past 24 hours. Currently, it is mandatory to break the upper resistance levels at $0.5 without declining the price below the support levels.

Technical Specification