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Polygon (MATIC) price is among the best-perming assets in the market, up 5% over the last 24 hours bolstered by news that the US Securities and Exchange Commission (SEC) had decided to drop charges against Ripple’s top executives.
The development is a big deal for MATIC, an Ethereum layer 2 scaling protocol, as the agency claimed that it is a security token along with other tokens like Solana (SOL) and Cardano (ADA) in June.
Polygon Price Sprouts 5% To $0.547
Ripple’s executives believe that the development is a sign of surrender for the agency following a court battle that has dragged on since December 2020. The court ruled in early July that XRP was partially not a security as long sales were programmatic. In other words, conducted via third-party platforms like exchanges.
Meanwhile, sales of XRP made directly to institutional investors such as hedge funds constituted security tokens, with the SEC intending to sit down with Ripple regarding “Section 5 violations with respect to its institutional Sales of XRP.”
A win for XRP and Ripple could set precedence for the more than 60 tokens implicated by the SEC, including MATIC. This could also explain the brief rally to $0.547, although the token has retreated to trade at $0.533 on Saturday.
If bulls heed the call to buy MATIC as reinforced by the Moving Average Convergence Divergence (MACD) indicator, the path with the least resistance is bound to remain to the upside.
Polygon price also retesting support at the double-bottom pattern neckline support, which after an initial breakout, pointed MATIC to a 6.4% target of $0.568.
Traders cannot ignore the possibility of the declines overwhelming the bullish outlook, especially with MATIC price trading below the 200 Exponential Moving Average (EMA) on the four-hour chart.
Profit booking will likely take precedence with Polygon price showing weakness below the 200 EMA and may trigger a sell-off if support at the neckline—$0.534 breaks with the first support expected at the 100 EMA —$0.527 and the second at $0.52.
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