Ripple’s cross-border remittance token, XRP, is expected to struggle above $0.51 and test support at $0.48. This increase in XRP was part of a general trend across most cryptocurrency assets, which was sparked by a notable increase in Bitcoin that surpassed $66,000.
Latest developments in the SEC v. Ripple
The Securities and Exchange Commission (SEC), the plaintiff in their long-running lawsuit, and Ripple, the defendant, have had some significant events over the past few months. In the wake of the remedies phase, Ripple and the SEC moved to seal relevant documents.
Ripple’s legal team argued that, particularly during the remedies phase, the SEC had previously expressed no issues with the company sealing portions of the records.
Although it may fight some parties, the SEC has granted some of Ripple’s requests. The overhaul of audited financial statements is one of the items Ripple is hoping for that could jeopardize its operations. A more limited document seal is intended to protect future plans, as Ripple wants to keep information about costs and expected revenue streams under the wraps, consistent with what CNF previously revealed.
Ripple expects the judge to approve its request to preserve information about its employees, customers and important business partners. The judge, whom Ripple requested to give the privacy of all parties involved as first priority, will now make the final call.
XRP Price and Market Trends
Starting from mid-April, XRP developed bullish and bearish fractal patterns, with strong support at $0.48 and resistance at $0.56. Each time the price approached the support level, the token recovered only to lose steam at $0.56. Although XRP did not fall below $0.48, the trend moved towards $0.49, suggesting that this will see the emergence of another bullish fractal.
