XRP gains investors’ trust amidst tough legal battle
XRP narrowly escaped a significant price slump despite hostile market conditions. The court delivered a ruling in XRP’s favor in the SEC vs. Ripple case. The investors are optimistic and have shown trust in the cryptocurrency. Fxempire reports that XRP faced a 0.13% decrease on Monday. However, a small legal victory saw currency’s price consolidate to a small extent. The reports indicate XRP’s bullish trend; the upward trend might propel the cost to the $0.40 mark. Earlier, XRP declined by 0.63% on Sunday; it ended the day at $0.3751.
Ripple takes small strides towards victory
The court delivered another ruling in Ripple’s favor against the SEC. Fxempire reports that Judge, Netburn approved Ripple’s motion for sub-party subpoenas to validate the videos of SEC’s official public statements. Reports say that the SEC hasn’t broken silence over the former SEC director Bil Hinman’s video, which is among the seven videos under scrutiny. Proof of Bil Hinman’s presence in the 2018 video will strengthen Ripple’s stand in the case. The video shows the former SEC director of Division and Corporation Finance saying that Bitcoin and Ethereum are not securities. The investors are hopeful for a more significant ruling in Ripple’s favor in a subsequent hearing due soon.
XRP technical indicators
The marginal court victory has provided XRP with breathing space; it needs to steer clear of the $0.3754 pivot to march towards the First Major Resistance Level (R1). R1 stands at $0.3846 at present. If the prices undergo the upward trend for longer, they might test the Second Major Resistance Level (R2) at $0.3941 and reach $0.40. The Third Major Resistance Level is at $0.4129 at present. A future court ruling in favor of or against Ripple will significantly impact the future market scenarios.