XRP, the native token of Ripple, the world’s leading encrypted cross-border payments network, is back on the upswing even as the rest of the market remains in a run-down state, led by Bitcoin, the largest digital asset, trading at $26,835 on Friday.
While Ripple Labs insists it has no close relationship with XRP, the token tends to react to developments both inside and outside the company, the latest of which was a federal judge ruling in a SEC case in favor of Ripple.
SEC's motion to seal Hinman's speech denied
The dispute between Ripple and the SEC has been going on for more than two years, with the SEC accusing the former of violating US securities laws when selling unregistered tokens to investors.
Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled earlier this week that the SEC may not seal documents related to William Hinman, the agency's prominent 2018 speaker.
The judge said the speeches about cryptocurrencies and securities were “relevant” to the judicial proceedings.
The acquisition of these documents could have a significant impact on the lawsuit, as Ripple's legal representatives can finally understand how the former official came to the conclusion that Ethereum and Bitcoin are cryptocurrencies, leaving XRP on the cusp of interpretation and even being considered a security.
The ruling was praised by experts and enthusiasts as a catalyst for potential XRP gains. XRP was trading at $0.4643 on Friday after rebounding from last week’s low of $0.4117.
“We saw XRP price jump double digits and gradually break through long-term resistance levels amid rumors that Ripple and the SEC may have reached a settlement,” Henry Liu, CEO of cryptocurrency exchange platform BTSE, said in comments to CoinDesk.
The unsealing of the Hinman documents brings the cryptocurrency community one step closer to the long-awaited final judgment. Attorney Fred Rispoli, founder of HODL Law, said in response to the development that the court now has a good idea of where the case is headed and expects the court process to wrap up in June, but it could also drag on until the end of the year.
"Under the rules, the judge can wait, she doesn't want to be on that list, she'll be on that list of late decisions. It doesn't matter if you're on the list or not, you can still delay the decision. So in theory, she could easily delay it until the end of the year," Rispoli said.
As Ripple heads toward its triumphant finish line, many, including legal experts, are optimistic about the blockchain startup.
“Others have speculated that Ripple may even emerge victorious from the court battle, regardless of which side is correct, and the expected resolution of Ripple winning the case is driving this positive momentum, regardless of which side is correct,” Liu added.
XRP Price Action – Targeting $0.52 at 61.8% Upside
Like many cryptocurrencies, XRP prices have been suppressed since early April. However, XRP’s bullish momentum managed to drive out the bears last week, with support at $0.4117 helping.
As XRP prices rebounded on news of the Hinman filing, investors reconsidered their holdings in favor of the $24 billion token.
XRP price is trading above all major applied moving averages, from the 200-day EMA (purple), 100-day EMA (blue) to the 50-day EMA (red).
As can be seen on the chart, this upside support is a breakout from a descending wedge pattern. If XRP can hold onto support at the 50-day exponential moving average, then the favor for a larger-scale bullish move would be expected, with a retracement to the 61.8% Fibonacci retracement level of $0.52.
That said, traders should be open to the possibility of XRP price retracing to test support at the 50-day exponential moving average, which is just above the Fibonacci retracement level at 23.6%.
If this move is followed by a rebound, it will provide a perfect entry opportunity for investors who are targeting above $0.5.
However, the opposite will occur if XRP fails to hold the 50-day exponential moving average and the 23.6% Fibonacci Retracement level.
In this case, a further decline is likely until support at $0.4 is found and a stronger rebound occurs due to the possibility of accessing huge liquidity.
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