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SEC vs. Ripple Case: Rapid Decision Anticipation Skyrockets XRP’s Price

SEC vs. Ripple Case: Rapid Decision Anticipation Skyrockets XRP’s Price

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Ripple’s defense attorney, James K. Filan, tweeted on September 18 that Ripple Labs CEO Brad Garlinghouse has filed an early motion for summary judgment. They met the next day, and Brad Garlinghouse was represented by Caroline D. Pham, who is a commissioner of the Commodity Futures Trading Commission.

This follows recent reports that both Ripple and the SEC have asked the court to settle their current case.

The crypto community as a whole is generally optimistic about the outcome of the trial. If a settlement can be reached, many believe the price will rise above $0.40.

Furthermore, despite Ripple Labs’ claim that there is no investment agreement, the parties remain hopeful of the possibility of reaching a compromise and resolving the dispute. Because of this, the motion for summary judgment is considered a strategic move that could lead to a settlement by the SEC.

Where does the price of XRP stand in the long term?

Since bottoming in March 2020, XRP has followed an upward support line. This trend is expected to continue. Recently, in June and August, the line received two confirmations, each of which is represented by a green check mark. The validity of the support line is enhanced by the fact that it corresponds to the horizontal support area located at $0.315.

XRP price

Immediately after the second bounce, XRP started moving upwards and has now reached a long-term bearish resistance line that has been in place since April 2021. Since the weekly RSI has already broken out of its own downward resistance line, it is likely that the price will do the same in the near future. In the event that a breakout occurs, the nearest resistance area is $0.60.

XRP breakout of long-term resistance

According to the daily chart, XRP has already broken out of the shorter-term symmetrical triangle. This can be seen in CoinMarketCap’s chart. After that, it managed to regain the $0.38 resistance area, which is currently expected to provide support to the price. Additionally, the daily RSI has crossed the 50 level, which is a sign that the trend is now positive.

XRP resistance

As a result, readings on the daily time frame are supported by observations on the daily chart, suggesting that a breakout from long-term resistance should be anticipated.

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