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XRP Price Soars as Ripple Gains Upper Hand in SEC Lawsuit

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XRP Price, Ripple vs SEC
XRP Price, Ripple vs SEC

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XRP, the token native to one of the world’s leading crypto cross-border payments networks, Ripple is back in the green despite the rest of the market staying in a dilapidated condition led by Bitcoin, the largest digital asset trading at $26,835 on Friday.

Despite Ripple Labs maintaining that it has no close relationship with XRP, the token tends to react to developments within and outside the company – the latest being a ruling made by a federal judge in the Securities and Exchange Commission (SEC) case, swinging in Ripple’s favor.

The SEC Motion to Seal The Hinman Speech Denied

Ripple has over two years now been battling with the SEC over allegations that the former violated the US Securities ACT when it sold unregistered tokens to investors.

District Judge Analisa Torres, of the U.S. District Court for the Southern District of New York, ruled earlier this week that the SEC will not seal documents connected to the famous speech by William Hinman, a former Director of Corporation Finance of the agency in 2018.

The judge said that the speech on crypto and securities was “relevant to the judicial process.”

Access to these documents could be a game changer in the lawsuit as Ripple’s legal representatives can finally learn how the former official came to the conclusion which identified Ether and BTC as cryptocurrencies, leaving XRP in the wind, subject to interpretation or even a security.

The ruling has been lauded by experts and enthusiasts as a catalyst for a potential XRP rally. XRP is trading at $0.4643 on Friday after rebounding from last week’s low of $0.4117.

“We’re seeing the XRP price jump by double digits and rally above its long-held resistance levels, as rumors filter through that Ripple and the SEC have possibly agreed to a settlement,” Henry Liu, CEO of crypto trading platform BTSE, said in a written comment to CoinDesk.

Unsealing the Hinman documents is a step closer to the summary judgment the crypto community has been anxiously waiting for. Attorney Fred Rispoli, the founder of HODL law chimed in on the development which shows the court now has a good idea of where the case is heading and anticipates the court process to conclude by June but is open to the possibility of the case dragging on to the end of the year.

“I think that it’s under the rules, you know, the judge could wait, you know, she doesn’t want to be on that list, and she’d be on that list of late rulings by September. It doesn’t matter if you’re on the list, you can still hold off, you know, ruling. So theoretically, she could easily go to the end of this year,” Rispoli said.

As cards roll in favor of Ripple towards the finish line many, including legal experts are bullish for the blockchain startup.

“Others are speculating that Ripple could even emerge victorious from the court battle, regardless of which faction is correct, the presumed resolution of the case in Ripple’s favor is driving this positive momentum,” Liu added.

XRP Price On The Move – Eyes a 61.8% Swing To $0.52

Like many cryptos, XRP price has been suppressed since the beginning of April. However, XRP bulls successfully weeded out the bears last week with support at $0.4117 coming in handy.

As XRP price rebounded propelled by the Hinman documents news, investors reconsidered their positions in favor of the $24 billion token.

XRP stepped above all major applied moving averages, starting with the 200-day Exponential Moving Average (EMA) (in purple), the 100-day EMA (in blue), and the 50-day EMA (in red).

XRP Price, Ripple vs SEC
XRP/USD daily chart

Backing the upswing was a breakout from a falling wedge pattern as illustrated in the chart. If XRP upholds support at the 50-day EMA, the odds are likely to stay in favor of a bigger bullish move, representing a 61.8% Fibonacci retracement to $0.52.

That said, traders should be open to XRP price pulling back to test support provided by the 50-day EMA which holds slightly above the 23.6% Fibonacci retracement level.

If such a move is followed by a rebound, it would present a perfect entry opportunity for those targeting the token’s move above $0.5.

However, the opposite would be expected if XRP fails to hang onto the guard rails at the 50-day EMA and the 23.6% Fibo.

In that case, declines may dig deeper into XRP investors’ fortunes before finding support at $0.4 and making a stronger rebound due to the possibility of tapping immense liquidity.

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