• XRP price has remained tied to the ongoing Ripple case with SEC.
• SEC recently filed a motion to restrict the Hinman documents.
• $0.40 is the level to watch on the bull side or $0.30 on the bear side.
Ripple (XRP/USD) has been on a roller coaster ride as of late, with its price tied to the ongoing case between the cryptocurrency and the US Securities and Exchange Commission (SEC). The SEC recently filed a motion to restrict the Hinman documents, which Ripple has called for to be made public. This could be a blow to Ripple, and consequently to the XRP token, if the SEC’s wish is granted.
XRP has been trading around $0.38 as of press time, with traders watching the $0.40 level on the bull side and $0.30 on the bear side. For a long time, the SEC’s case has been a price driver for XRP, with investors adopting a wait-and-see attitude amid speculations that the case was nearing an end.
Ripple’s court case with the SEC has been ongoing since December 2020, when the regulator filed a lawsuit against the company and two of its executives, alleging that they had sold unregistered securities. The SEC has sought to impose millions of dollars in fines, as well as other penalties.
The latest development in the case involved the SEC filing a motion to restrict the Hinman documents, which contain sensitive matters. The documents were originally produced by Ripple’s lawyers in the case, and were meant to show how the SEC had come to its conclusion that XRP was an unregistered security. If the SEC’s motion is granted, then it is likely that Ripple will come under bear pressure.
On the other hand, if Ripple is successful in its defense, then there will be speculation that the SEC is losing the case and this could potentially boost XRP. This could see the cryptocurrency resume its uptrend and push it past the $0.40 level on the bull side or the $0.30 level on the bear side.
In conclusion, XRP price has been largely driven by the ongoing case between Ripple and the SEC. The latest development in the case is the SEC’s motion to restrict the Hinman documents. If the SEC’s wish is granted, then it could be a blow to Ripple and consequently to XRP. Conversely, if Ripple is successful in its defense, then the cryptocurrency could potentially resume its uptrend. Investors should watch the $0.40 level on the bull side or the $0.30 level on the bear side to get a better understanding of the direction of the cryptocurrency.