• XRP has been on a short recovery after falling below $0.34
• The latest development in the Ripple case with SEC involves the filing of a motion to restrict the Hinman documents
• The future of XRP is tied to the ongoing legal tussles, and any win for the SEC will hurt the token’s price
Ripple (XRP/USD) has been attempting to mount a recovery after it fell below $0.34. Despite suffering an intraday decline of 3.20%, XRP still appears to be stable. This stability is largely attributed to the ongoing legal tussles between Ripple and the U.S Securities and Exchange Commission (SEC). The case between the two has been a major price driver for XRP, with investors adopting a wait-and-see attitude in recent months amidst speculation that the case may be drawing to a close.
To date, nothing has been confirmed, but the legal proceedings are undeniably shaping the price of XRP. The most recent development in the case saw the SEC filing a motion to restrict the Hinman documents. The SEC’s lawyers are of the belief that the documents need to be shielded from public access since they contain sensitive matters. It should be noted that Ripple has been calling for the documents to be made public.
Should the SEC’s motion be successful, this could be a blow to Ripple, as well as the price of XRP. The future of XRP is tied to the ongoing legal tussles, and any win for the SEC will hurt the token’s price. This could see the cryptocurrency resume its downward trajectory. On the other hand, a win for Ripple could increase speculation of the SEC being defeated and result in a surge in XRP price.
At the moment, the price of XRP is trapped between the $0.40 resistance level on the bull side and the $0.30 level on the bear side. If the token can break through the $0.40 level, it could be a sign of a bullish trend. However, should it break below $0.30, this could mean a bearish trend for the token. Regardless of the outcome, it is clear that the case between Ripple and the SEC will continue to shape the price of XRP.