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XRP Only Assets In Green Among Top 15 As Positive Social Activity And SEC Settlement Weigh In

Updates on FTX Saga and SEC Case Major Determinants of XRP $0.40 Reclamation

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The SEC’s settlement of the lawsuit against Ripple may support XRP’s newly planned campaign to $0.45.

SEC settlement

The Ripple community is hoping the US Securities and Exchange Commission (SEC) settles its case against Ripple, as such a promising turn of events could provide ample support for XRP’s recent campaign to $0.45 after conquering $0.40. price level.

As the broader cryptocurrency community awaits the details of Ripple Labs and the SEC’s Nov. 30 responses, XRP has been making quiet moves amid a bearish market. Along with a few other risk signals, the asset has maintained its winning streak as it posted another gain for the fourth consecutive day on Thursday. The assets rose by 5.38 percent yesterday.

The case between Ripple Labs and the SEC remains one of the main determinants of XRP’s price direction, especially at such a pivotal time as recently. highlighted author Crypto Basic. Within five days, both sides are expected to file response letters to each other’s summary judgment motions, as the next court date is set for Nov. 30.

These response texts will be temporarily sealed as the public will have proper access to them on December 5th after appropriate redaction.

After several presentations and back-and-forths, the SEC was finally required by law to release documents from Bill Hinman’s speech at the 2018 FinTech Week conference. Judge Torres had repealed the agency’s objections and ordered them to hand over the relevant documents to Ripple two months ago.

Members of the crypto community claim it has documents Ripple has leverage against the SEC in settlement negotiations. US attorney and crypto advocate Bill Morgan recently considered that the financial watchdog could make a settlement in favor of Ripple Labs to keep documents related to Hinman’s speech confidential.

Additionally, the numerous amicus briefs filed in Ripple’s favor could contribute to the tech company’s bottom line, depending on how significant Judge Torres deems them to be. 11 recently filed amicus briefsnine were in favor of Ripple, as several parties tried to highlight XRP’s utilities and why it doesn’t qualify as a security.

XRP campaign for $0.45 zone

These references suggest that the lawsuit may lean in favor of Ripple. As a result, XRP’s positive sentiment has picked up, overshadowing the panic caused by the ongoing FTX saga as market contagion loses momentum. This has contributed to the asset’s recent gains, which rose 9.14% last week, according to CMC data.

XRP, with a 24-hour gain of 8.59% by market cap, is the only asset in the top 15 cryptocurrencies that has gained over the past day. The asset is only second to LTC in the last seven days among the top 15 assets.

Additionally, as an indication of the uptick in positive sentiment, Lunar Crush recently revealed that XRP ranks among 3,994 commodities rated by the AltRank tool based on social activity. Social engagements on XRP in the last 24 hours have reached a value of 24.7 million and a social count of 8,883.

Meanwhile, XRP is currently trading above the $0.40 level, sitting at a pretty low $0.4137 at press time. Despite starting the day down, the asset has made a comeback, with the game up 8.59% in the last 24 hours. The asset recently captured the first major resistance at $0.4132 as it staged a breakout after hitting a high of $0.40475 yesterday.

The asset looks poised to rally to another key resistance level at $0.4244, which would be its next target if the bulls can sustain the recently planned rally. Hopes of an SEC resolution could then provide plenty of support for the asset’s trip to the third major resistance level at $0.4551.

Nevertheless, the contrast of expected events is likely to lead to a rejection at the $0.4244 resistance. In this case, the asset’s first major support is at $0.3825. If new unfavorable reports could change investor sentiment, a break below $0.38 could trigger a free fall that would push XRP to another major support at $0.3629.

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