An SEC settlement on its lawsuit against Ripple could support XRP’s recently-engineered campaign to $0.45.
The Ripple community expects a settlement from the United States Securities and Exchange Commission (SEC) on its case against Ripple. Such a promising turn of events can provide ample support for XRP’s recent campaign to $0.45 following the conquest of the $0.40 price level.
As the broader cryptocurrency community anticipates the details of the reply briefs from Ripple Labs and the SEC on November 30, XRP has been making silent moves amidst a bearish market. Along with a few other risk tokens, the asset has been sustaining its winning steaks as it staged another gain for the fourth consecutive day on Thursday. The asset rose by 5.38% yesterday.
The case between Ripple Labs and the SEC remains one of the major determinants of XRP’s price direction, especially at such a pivotal stage, as recently highlighted by The Crypto Basic. In five days, both entities are expected to file reply briefs to each other’s Summary Judgement motions, as the next court date has been fixed for November 30.
These reply briefs will be made under temporary seal, as the public will have appropriate access to them on December 5, following proper redactions.
Following a series of motions and back-and-forths, the SEC was finally demanded by law to hand over documents about Bill Hinman’s speech at the 2018 FinTech Week Conference. Judge Torres had overruled the agency’s objections and ordered them to hand over the appropriate documents to Ripple two months back.
Having the documents, Ripple has leverage against the SEC regarding settlement negotiations, members of the crypto community assert. US lawyer and crypto advocate Bill Morgan recently noted that the financial watchdog could go for a settlement in favor of Ripple Labs to keep the documents relating to Hinman’s speech confidential.
Additionally, the numerous amicus briefs filed in Ripple’s favor could contribute to the technology company’s victory depending on how significant Judge Torres finds them. Out of 11 recently-filed amicus briefs, nine were in Ripple’s favor, as several entities sought to highlight XRP’s utilities and why it does not qualify as a security.
XRP Campaign to $0.45 Zone
These pointers suggest that the lawsuit might be leaning in Ripple’s favor. Consequently, XRP’s positive sentiments have picked up, overshadowing the panic dumped into the markets by the ongoing FTX saga as the contagion loses momentum. This has contributed to the asset’s recent gains, as it soared by 9.14% in the past week, per data from CMC.
With a 24-hour gain of 8.59%, XRP remains the only asset on the top 15 list of cryptocurrencies by market cap with gains in the past day. The asset is only second to LTC in terms of appreciation in the past seven days amongst the top 15 assets.
Furthermore, as a testament to the surge in positive sentiments, Lunar Crush recently revealed that XRP ranks top amongst the 3,994 assets assessed with its AltRank tool in terms of social activity. Social engagements for XRP in the past 24 hours have hit a value of 24.7M, with a social volume of 8,883.
Price +8.349% to $0.4139
Social volume 8,883
Social engagements 24,722,309
— LunarCrush (@LunarCrush) November 25, 2022
Meanwhile, XRP currently trades above the $0.40 level, sitting pretty at a value of $0.4137 as of press time. Despite starting the day on a bearish note, the asset has staged a comeback, seeing a game of 8.59% in the past 24 hours. The asset recently conquered the first significant resistance point at $0.4132, as it staged a breakout following the reclamation of the high of $0.40475 yesterday.
The asset seems primed for a rally to the second crucial resistance level at $0.4244, which would be its next destination if the bulls can sustain the recently-engineered rally. Hopes of an SEC settlement could then provide ample support for the asset’s journey to the third major resistance at $0.4551.
Notwithstanding, a contrast of anticipated events is likely to introduce a rejection at the $0.4244 resistance. In this case, the asset’s first major support remains at $0.3825. If further unpropitious reports could cause a switch in investor sentiment, a break below $0.38 could cause a free fall that would bring XRP to the second significant support at $0.3629.
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The Crypto Basic