XRP Price Rallies 10% As Ripple Enjoys A New Win Against the SEC

Join Our Telegram channel to stay up to date on breaking news coverage

XRP trades at $0.44, up 5.55% on the day, as the price of the token reacts positively to the latest Ripple win against the SEC in the ongoing lawsuit. In the latest development, Judge Analisa Torres has denied the regulator’s motion to seal the controversial Hinman speech documents.

Ripple’s New Victory Against The SEC

Ripple has recorded a new victory in the XRP case against the US Securities and Exchange Commission (SEC) after the judge in charge of the case, Analisa Torres, denied the agency’s motion to seal the documents regarding the William Hinman speech.

Judge Torres made it very clear in the Daubert motion decision that the issue she must decide is whether Ripple sold XRP as a security despite the SEC taking broader positions at times in this litigation that seemed to suggest any sale of XRP was an investment contract or /1 https://t.co/HL1mclv8Xg pic.twitter.com/BrcHGAQlG9

— bill morgan (@Belisarius2020) May 8, 2023

For the record, Hinman Speech Documents refer to the speech given by former SEC Corporation Finance Division Director William Hinman at the Yahoo Finance All Markets Summit in June 2018, where he reportedly stated that Ether, the native token of the leading Layer 1 Ethereum blockchain, is not a security.

Ripple believes it is a vital piece of evidence to help them with its case against the US regulator.

In December 2020, the US SEC sued Ripple Labs, the blockchain payments company behind XRP, and its current and former chief executives, alleging they conducted a $1.3 billion unregistered securities offering for the token.

The regulator then filed a motion asking the Court not to allow the contentious Hinman Speech documents to be opened, arguing that “its mission outweighed the public’s right to access documents that have no relevance to the Court’s summary judgment decision,” among other reasons.

It also requested that any references to the Hinman Speech Documents be “redacted” from the papers of the defendants.

In the detailed 57-page ruling on May 16, Judge Torres ruled:

[The Hinman Speech] documents are judicial documents subject to a strong presumption of public access.

As indicated in the excerpt, Judge Torres articulated that the Hinman Speech Documents “would reasonably tend to influence the Court’s ruling on a motion”.

The ruling is a clear victory for the San Francisco-based crypto company and the ‘XRP Army’ in the long-standing legal battle against the SEC.

The win comes a few weeks after Ripple Labs filed its final submission against the SEC on December 2, leading many to believe that the two-year lawsuit may soon come to an end.

XRP Price Positively Reacts To The Win

XRP price turned bullish on this development, rallying as much as 9.8% in just a few hours from $0.42 to set a swing high at $0.4613 on Tuesday.

The 24-hour trading volume also soared 175% from $386 million to the current value of around $1.06 billion, according to data from Coingecko. This is a sign of increasing investor interest.

The cross-border payments token has shattered key barriers in its recovery to trade above major moving averages as shown in the hourly chart below.

The Relative Strength Index (RSI) is moving in the positive region and its value at 61 suggests that there are still more buyers than sellers in the market, currently controlling the price.

In addition, the parabolic SAR indicator was still positive. This chart overlay trend-following indicator flipped bullish when it moved below the price on May 16. As long as this indicator closes below the price, it will continue rising.

Therefore, if bulls sustain the bullish momentum, the XRP price could scale higher past the current market value of $0.445 to shatter the barrier provided by the $0.450 psychological level to reclaim the early May highs.

XRP/USD Hourly Chart

XRP price Chart - May 17 — TradingView Chart: XRP/USD

On the other hand, the RSI shows that XRP was recently oversold as buyer exhaustion and profit-taking on the recent rally kicked in. This has triggered a selling spree that would see the international remittances token lose most of the gains bagged yesterday if extended.

The worst scenario would be a return below May 16 lows around $0.42. This would undo all the gains and completely invalidate the bullish narrative.

Alternatives to XRP

Investors who missed out on XRP’s rally could turn to new crypto with a low profit-to-risk ratio and with a potential to make more than 10x returns in 2023.

One such crypto is yPredict whose native token $YPRED’s presale is experiencing rapid sales as investors flock to secure their shares.

🚀💥Seeking the secret sauce for a successful venture?

Combine the power of AI Prediction with a pinch of #YPREDToken, a generous portion of community spirit, and there you have it – #yPredict in its full glory! 🌟

But don't dawdle! The $YPRED presale is zooming towards a… pic.twitter.com/5cDnKHa8xA

— yPredict.ai (@yPredict_ai) May 15, 2023

The presale has raised over $1.25 million, with over 90% of the current stage already purchased.

Investors are keen to participate in the price growth potential, as completing this stage will cause a 28.57% increase in the value of YPRED. Investors can buy YPRED using ETH, USDT, BNB, MATIC, or a credit card to participate in the presale.

Visit yPredict here for more information on how to participate in the presale.