By Shelly Melancon (Switzerland)
The SEC-Ripple case continues with various twists and turns. The latest ruling on the case by judge Torres is for unsealing some confidential communications between Ripple CEOs, Larsen and Garlinghouse.
A new Twist And Turn
Jeremy Hogan, one of Ripple’s attorneys, opines that the new ruling by judge Torres is set to change the course of this case. Hogan further revealed via Twitter that major rulings are being painstakingly prepared ahead of the next few months.
Attorney Hogan Tweet. Source: Twitter
Part of the judge’s ruling was an unsealing of:
- Garlinhouse’s SEC deposition notice
- Several email communications involving Chris Larsen
- An email conversation involving Brad Garlinghouse
However, the SEC and Ripple have since filed an order of “public release of documents.” the judge has approved Ripple’s request to ensure that the defense’s hearing is fair. Ripple had filed the order almost immediately after the judge ruled that the unsealed documents needed to be provided by February 9.
Even though the SEC continues to seek approval on proposals that will enable it to perform oversight functions over the crypto market, it remains to be seen how the final ruling on this case will affect its ambition.
XRP Is Bullish
After Judge Torres’s ruling was made public knowledge and Ripple announced a new collaboration with Modulr, the XRP market bias has become positive. Popular crypto analyst on Twitter (@defenddark) predicts that Ripple’s governance token will likely surge towards the $0.75 price level within the next five days, resulting in 35% gains for traders. He further said that the premise of his forecast lies in the fact that XRP has created a symmetrical triangle and cut the $0.58 support, which signals that an uptrend is about to start.
@darkdefend tweet. Source: Twitter.
The crypto market has been bullish in the past day, with BTC, ETH, and XRP recording 8.96%, 5.49%, and 7.9% gains during this period. XRP showed huge volatility on the daily chart as it trades between $0.6074 and $0.6838.
XRP price action on the daily and 4-hour chart
An 81% rise in XRP trading volume brings its total trading volume to $1.98b. Nevertheless, XRP retains its top ten rankings, with its market cap now about $32.15B. The 4-hour timeframe indicates that XRP will likely be rejected at the $0.68 mark. XRP price has been range-bound in the last couple of weeks. Even though it established a higher high of $0.64 in February, it suffered a decline and created a higher low 24 hours later.
XRP 4-hour chart. Source: Tradingview
However, the bulls intensified the buying pressure two days ago, which has resulted in a strong uptrend that pushed XRP to break the $0.66 local resistance. While it eventually broke the $0.69 earlier in today’s trading session, it has since retraced and trades at $0.674 as of this writing.
The technical indicators show that most of the previous gains might be erased before the weekend is over. The retracement proves that the bulls are exhausted as previously predicted by the technical indicators on the 4-hour timeframe.
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