Ripple (XRP/USD) attempts recovery, but how is the SEC case shaping price?
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 short recovery since falling below $0.34. Despite losing an intraday of 3.20% as of press time, it looked stable even as Ripple’s case with SEC drags on.
For a long time, the SEC’s case has been a price driver for XRP. However, recently, investors have adopted a wait-and-see attitude amid speculations that the case was nearing an end. Up to this point, nothing is confirmed yet, but the ongoing legal tussles shape XRP trading.
The latest development in the longstanding case involved the SEC filing a motion to restrict the Hinman documents. SEC lawyers allege that the documents should be protected from the public since they carry sensitive matters. It should be remembered that Ripple has often called for the documents to be made public. If the SEC’s wish is granted, that could be a blow to Ripple.
With XRP continuing to reflect the case, it is obvious that any win for the SEC will hurt the token’s price. Consequently, Ripple will come under bear pressure. Similarly, a win for Ripple would increase speculations of SEC getting defeated at the end and boost XRP. That could see the cryptocurrency resume the uptrend.
XRP trapped by $0.40 resistance but holds strongly above $0.30 support
XRP/USD Chart by TradingView
From the technical outlook, XRP is trading within a range. $0.40 is the resistance at $0.30 is the support. Any break above or below these levels will spell a win for bulls and bears, respectively. Momentum is, however, improving, with the MACD indicator shifting above the signal line. The indicator still shows XRP is bearish.
What next for XRP?
XRP price will be determined by the developments around Ripple’s case with SEC. To a technical reader, it is important to buy the cryptocurrency on a confirmed breakout.
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