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

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

This follows recent reports that both Ripple and the SEC have requested a court to settle the current case between them.

The crypto community as a whole is generally optimistic about the outcome of the lawsuit. If a settlement can be made, there are many who believe the price will rise over $0.40.

In addition, despite the fact that Ripple Labs is asserting that there is no investment contract in existence, the parties remain upbeat about the prospect of reaching a compromise and resolving the dispute. As a consequence of this, the request for summary judgment is regarded as a strategic move that has the potential to result in the SEC reaching a settlement.

Where Does XRP’s Price Stand In The Long Run?

Since it hit bottom in March of 2020, XRP has been following an upward support line. This trend is expected to continue. More recently, in June and August, the line received two validations, each represented by a green checkmark. The validity of the support line is increased by the fact that it corresponds with the horizontal support area located at $0.315.

XRP Price

Immediately following the second bounce, XRP began an upward advance, and it has now arrived at a long-term descending resistance line that has been in place since April 2021. Since the weekly RSI has already broken out from 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 takes place, the nearest region of resistance would be at $0.60.

XRP Breakthrough from Long-Term Resistance

According to the daily chart, XRP has already broken out of a shorter-term symmetrical triangle. This can be seen in the chart on CoinMarketCap. After that, it was successful in reclaiming the $0.38 resistance region, which is currently anticipated to offer support for the price. In addition, the daily RSI has crossed above the 50 level, which is an indication that the trend is now positive.

XRP Resistance

As a result, the readings from the daily time frame are supported by the findings of the daily chart, which indicates that a breakthrough from the long-term resistance should be anticipated.

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