Ripple Coin (XRP) Progresses Higher Cautiously, Elrond Coin (EGLD) Moves Up In Waves
Skerdian Meta • 2 min read
Elrond is a DeFi blockchain network, which came out in 2019 and the mainnet in 2020. It is an extremely fast network, with high transaction speed which uses sharding which is also usable for the Internet of Things (IOT). The smart contracts platform executes 15,000 transactions per second, with six-second latency and a $0.001 transaction cost.
Such parameters are keeping the demand high for this network, as well as for the eGold. It is one of a handful of coins that remain clearly bullish even during the September decline in cryptos. EGLD/USD continued the upside even after the crash in September, making new all-time highs, peaking just above $300.
The upside has unfolded in waves for this crypto, with the pullbacks being supported by the 50 SMA (yellow) on the daily chart. The latest retrace lower which is underway might end at this moving average as well, after finding support at it, while stochastic is becoming oversold.
Ripple Coin Price Prediction
Ripple coin was feeling great back in April/May, but it has been feeling the weight of the SEC (Securities and Exchange Commission). But, there have been some positive developments recently in Ripple. On Saturday we saw the volatility pick up after Ripple’s legal team went after the SEC with strong evidence from William Hinman’s speech. Hinman did not consider Ethereum as security back in 2018.
The 50 daily SMA might turn into support for Ripple
Ripple’s lawyers discovered an email chain between the SEC and a third party where SEC doesn’t consider such crypto coins securities. So, the news has now left the ball on SEC’s side and the lawsuit can go in Ripple’s favor. This has brought back the buyers which sent the price in XRP/USD above $1.20, after several sessions of hesitant moves and limited volatility, while some other cryptos such as Bitcoin were surging.
Besides that Ripple’s legal team also raised attention about the SEC neglecting to review nearly 30,000 Requests for Admission. These RFAs could potentially have picked up the pace of the legal battle, which means that the agency may have delayed that on purpose. If these latest developments hold up in court, then Ripple might attract more buyers and investors, which would send the price higher, so we’re keeping an eye on this issue.