- The judge presiding over the SEC case denied the regulator’s request to seal important documents.
- XRP
’s price is showing a very important breakthrough today.
Bitcoin and cryptocurrencies have fallen, but XRP continues to stay in positive territory – the latest on XRP price!
Bitcoin is Falling But XRP is Staying Positive!
XRP’s price has risen 5% in the last 24 hours after the judge presiding over Ripple’s case with the SEC denied the regulator’s request to seal important documents. At the time of writing, XRP is trading at $0.4441.
XRP has risen 4% in a week but has fallen 13% in the last 30 days, and today’s increase is reversing the losses the altcoin has experienced in the past few weeks.
And with Ripple and the court now able to access documents related to the famous William Hinman speech in 2018, the company is expected to be in a very good position to secure a positive summary judgment or settlement.
If so, XRP could rise much higher in the coming weeks and months and potentially become one of the best-performing major tokens of the year.
Meanwhile, Bitcoin is trading below $27,000 at $26,850, down 0.60%. Although Bitcoin has seen a sharp drop, XRP’s price continues to stay in positive territory.
Will XRP Reach $1 When the Judge Rules in Favor of Ripple?
Unsurprisingly, XRP’s price is showing a very important breakthrough today, something that could be argued as a delayed reaction to how oversold the altcoin has been and undervalued in recent weeks.
XRP/USD Hourly Price Chart
XRP’s relative strength index (purple) briefly hit almost 90 early this morning before falling back, but maintaining momentum above 50 and increasing the likelihood of further gains.
Also contributing to this likelihood is the 30-day moving average (yellow), which has yet to pass the 200-day (blue) level and reinforces the impression that XRP is in the middle of an explosive rally.
Especially with the expectation that the Ripple-SEC case will end soon, such a rally has been long awaited. And with Judge Analisa Torres denying the SEC’s motion to seal the Hinman documents, Ripple now appears to have a very good chance of coming out of the case with something positive.
The reason these documents are so important is that they shed light on the regulator’s stance on cryptocurrencies and securities; the aforementioned Hinman speech allows the regulator’s (corporate finance division) former director to declare that Ethereum is not a security.
It is assumed that these documents may be related to Ripple and XRP and potentially show that the regulator does not view the latter as a security.
If this turns out to be true, it would significantly weaken the SEC’s case while strengthening Ripple’s long-standing claim that it did not have fair warning that the regulator intended to view XRP as a security.
And for some observers, Judge Torres’ rejection of the SEC’s motion is a strong indication that a summary judgment is imminent.
While it is not clear how positive such a judgment would be for Ripple, yesterday’s development and the general progress of the case in recent months suggest that it would mostly be positive.
Therefore, it is now entirely credible to believe that XRP is ready for a big rebound when the case is resolved.
From the current level of about $0.445, it could easily return to $1, a price it has not seen since November 2021.
Of course, given that the case has been ongoing for about a year, XRP’s price could also exceed $1 in the months following the resolution of the case.
And if the wider cryptocurrency market enters a further bullish phase when the case ends, XRP could test its all-time high of $3.40 set in January 2018.
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