- In the middle of continuous SEC legal disputes, Ripple’s attempts to seal private documents are essential to XRP’s chances of reaching $1.
- Despite present market difficulties, Ripple wants to see a robust rise over $0.56 and eventually $1 for XRP.
Ripple cross-border remittance token, XRP, is expected to struggle above $0.51 and test support at $0.48. This increase in XRP was part of a general trend across most cryptocurrency assets, which was sparked by a noteworthy Bitcoin surge that exceeded $66,000.
Latest developments in the SEC v. Ripple case
Both the Securities and Exchange Commission (SEC), the complainant in their long-running lawsuit, and Ripple, the defendant, have had significant events in the last few months. In the wake of the remedies phase, Ripple and the SEC moved to seal pertinent paperwork.
The legal team of Ripple contended that, especially during the remedies phase, the SEC had previously expressed no problems with the company sealing parts of the records.
Though it might fight some parts, the SEC granted some of Ripple’s requests. Redacting audited financial statements is one of the papers Ripple hopes to redact that could compromise its operations. A more limited seal of documents is intended to safeguard future plans since Ripple wants to keep information about anticipated costs and income streams under wraps, in line with what CNF previously disclosed.
Ripple is expecting that the judge would approve its request to keep information on its employees, clients, and significant business partners confidential. The Judge, whom Ripple has asked to give the privacy of all parties concerned first priority, will now make the final call.
Price of XRP and Market Trends
From the middle of April, XRP has developed bullish and bearish fractal patterns, with strong support at $0.48 and resistance at $0.56. Every time the price has approached the support level, the token has recovered only to lose steam at $0.56. Though XRP just fell short of $0.48, the trend turned around at $0.49, suggesting that May will see the emergence of another bullish fractal.
But as the Relative Strength Index (RSI) retraced after hitting resistance at 64, there is clear selling pressure in the air. XRP may therefore fall to $0.5 if confluence support at $0.5112 by the 20-day EMA and the 50-day EMA fail. Till a robust rally builds above $0.56, aiming for a debut above $1, a further fall to $0.48 cannot be ruled out.
According to CoinMarketCap data, XRP is currently valued at about $0.5171, down 0.43% over the previous 24 hours. This also reflects a 0.25% drop for the last seven days. The continuous swings emphasize how erratic the cryptocurrency market is and how continuing legal disputes affect the value of XRP.
The continuous dispute between Ripple and the SEC keeps things unclear in the market, which affects the price movement of XRP. The market will be watching intently for any major developments that could affect the price dynamics of XRP as the case develops.
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