In the midst of ongoing legal battles with the SEC, Ripple’s efforts to secure private documents are crucial for XRP’s potential to reach $1.
Despite the current challenges in the market, Ripple is hoping for a strong surge above $0.56 and eventually $1 for XRP.
XRP, Ripple’s cryptocurrency token for cross-border remittance, is expected to face difficulties in surpassing $0.51 and may test support at $0.48. This increase in XRP is part of a broader trend seen across most cryptocurrencies, triggered by a significant surge in Bitcoin that reached over $66,000.
The SEC v. Ripple case has witnessed significant developments for both parties involved in recent months. During the remedies phase, Ripple and the SEC have sought to seal relevant documents.
Ripple’s legal team argued that the SEC had previously shown no objections to the company sealing certain records during the remedies phase. While the SEC may contest some aspects, it has granted some of Ripple’s requests. Ripple hopes to redact audited financial statements, which could potentially compromise its operations. The limited sealing of documents aims to protect future plans, as Ripple desires to keep anticipated costs and income streams confidential.
Ripple expects the judge to approve its request for the privacy of employees, clients, and significant business partners to be maintained. Ripple has prioritized the privacy of all parties involved, and the final decision now rests with the judge.
Regarding the price of XRP and market trends, XRP has exhibited both bullish and bearish fractal patterns since mid-April. It has found strong support at $0.48 and faced resistance at $0.56. Each time the price has approached the support level, the token has experienced a recovery, only to lose momentum at $0.56. Although XRP narrowly missed the $0.48 mark, there was a turnaround at $0.49, indicating the potential emergence of another bullish fractal in May.
However, there is clear selling pressure in the air as the Relative Strength Index (RSI) retraced after encountering resistance at 64. If the confluence support at $0.5112 by the 20-day EMA and the 50-day EMA fails, XRP may fall to $0.5. Until a strong rally materializes above $0.56, with the aim of surpassing $1, a further decline to $0.48 cannot be ruled out.
According to CoinMarketCap data, XRP is currently valued at approximately $0.5171, reflecting a 0.43% decrease over the previous 24 hours and a 0.25% drop over the last seven days. These continuous fluctuations highlight the volatility of the cryptocurrency market and the impact of ongoing legal disputes on XRP’s value.
The ongoing dispute between Ripple and the SEC creates uncertainty in the market, which in turn affects the price movement of XRP. Market participants will closely monitor any significant developments that could influence the dynamics of XRP as the case unfolds.
