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 Bitcoin Crashes To 7 Days Low, Ethereum And XRP Also Drop

Despite having a boom week, Bitcoin, the most valuable cryptocurrency, sank to its seven days low. Several other altcoins that had also been rallying dropped, including the second-largest coin, Ethereum, which fell over 5%, XRP fell by 4%, and ADA took the lead with 6%.

Over the last nine days, Bitcoin has seen positive momentum. From a low of $19,230 to a high of $24,280, the leading cryptocurrency has increased in value by more than 26% since July 12.

Related Reading | TA: Ethereum Stuck In Key Range, Why $1,480 Is The Key

Nonetheless, BTC’s most recent rise failed to surpass the biggest barrier standing in the way of Bitcoin reaching the $30K price level. Instead, the price of bitcoin began a new downward trend after failing to stabilize above the $23,000 level. 

BTC reversed its gains and fell below the $22,000 mark. The price is currently at $21,917.87, down more than 3% from the day before but up 5.2% from the previous week. Its current market capitalization is $418.68 billion, with a 24-hour low of 2.62%.

Furthermore, Ethereum lost ground along with BTC and other cryptocurrencies as it could not maintain the $1600 level it had reached earlier in the week. CoinMarketCap data show that its price fell to $1,547.89 over the last day, a decrease of 2.5%.

Bitcoin is currently trading at $21,975 on the daily chart | Source: BTCUSDT From Tradingview
With Ethereum, ADA and XRP Also Experience A Decline

During the past 14 days, ETH has outperformed. From the low of $1,008 on July 12 to the month’s high of $1,664 on July 23, it rose gradually. In addition, since the Merge’s announcement date, ETH has increased by over 15.0% during the past seven days, and over the preceding 14 days, the currency has seen a notable increase of 32.3%.

Moreover, the eighth-largest cryptocurrency, Ripple (XRP), dropped by 4.9% during the course of the last day, reaching $0.346754, as per data from CoinMarketcap. Additionally, with a drop of 4.70% over the last 24 hours, it also lowers its market worth to around $16.735 billion.

The cryptocurrency markets maintained above their respective support levels throughout the last weekend. So, from July 18, there was a bullish surge in the price of XRP, giving the impression that it would overcome any obstacles. But unfortunately, XRP saw a sharp decline at the start of the new trading week. Since it could not reach $0.4 levels, the current market movement had little effect on the price of XRP.

Related Reading | TA: Bitcoin Price At Clear Risk of Sharp Drop, Indicators Turn Red

On the other side, Cardano’s price had dramatically increased to reach $0.55 and had long since overtaken XRP. However, the bears rapidly pulled both assets, demonstrating their strength over the bulls.

However, ADA couldn’t maintain its position at over $0.55. It is trading at $0.493943 right now with a loss of 6.4%, and still, it is heading downward.

Featured image from Flickr, chart from Tradingview.com

 

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XRP Wins Again: Bullish Rally Sees It Climb to Sixth Spot by Market Cap

On CoinMarketCap, XRP has risen to sixth place as of today, July 20, with a market value of $17.63 billion. Being able to exceed not just Binance USD but also Cardano and Solana is a noteworthy accomplishment for Ripple’s native currency.

Ripple’s native token, XRP, provides a means of payment settlement between banks and digital assets exchanges. It decreases the number of extra steps needed when transferring money internationally, which leads to lower fees.

Related Reading | Solana And Avalanche Poised For Gains As Crypto Market Enjoys New Tailwinds

However, by breaking through significant resistance, XRP overtakes Binance USD’s market cap and gains the upper hand by 8%. The primary factor contributing to XRP’s placement in sixth place is the coin’s weekly price increase of more than 21%.

There is much more to be done for the battle between Binance USD and Ripple. However, both are still trying very hard to make headway which, under the right conditions, could lead to them taking fifth or fourth place- or even third and second place- in addition to keeping their original standings of sixth and seventh.

Following news updates on the SEC v. Ripple lawsuit, the more optimistic investor attitude led to an increase in the coin’s price. Fans and developers of Ripple are now closely following the U.S. SEC’s continuing lawsuit against the business, which appears to be interesting, according to the most recent news.

XRP is currently trading at $0.36 on the daily chart | Source: XRPUSDT from Tradingview.com
Analysis Of Ripple (XRP) Struggles to Regain its Value

In terms of the lifespan of cryptocurrency, Ripple is one of the longest. When it was first introduced in 2012, it frequently traded for less than $0.10. However, when the crypto market experienced a boom in late 2017 and early 2018. XRP was one of them which gained much from this boom and recorded its all-time high on January 4, 2018, at $3.84.

The coin soon started to decline, and by the end of 2018, it was only worth $0.50. By then, XRP’s value continued to decline. The coin was in the early stages of a bull run that ended on April 14, 2021, when it touched an average high of $1.96. 

Since the beginning of September 2021, the sixth-largest coin has struggled, dropping more than half of its value, while dozens of other cryptocurrencies have collapsed in this period.

The situation worsened in January 2022 when a sluggish cryptocurrency market caused XRP to end the month at $0.6191. Following that, it fell even further, reaching $0.345 on May 12 due to the market turbulence caused by the de-pegging of the TerraUSD stablecoin and the demise of LUNA.

Related Reading | Why Bitcoin Must Beat $25,500 To Establish A Bull Rally

It was valued at about $0.40 on June 10. Following that, the cancellation of withdrawals by the cryptocurrency lending firm Celsius confirmed that the cryptocurrency market is in a bear market, and on June 18, it dropped to $0.2906.

However, it has already bounced back from its June low and is presently trading at $0.366650, up 12.6% in 14 days. In addition, the Finder’s panel forecasts that the price of Ripple (XRP) will increase by almost 260 % in 2022 and reach $2.55 this year at the end of December.

Featured image from Flickr, chart from Tradingview.com

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Ripple CEO Optimistic On SEC Case, Why XRP Saw Weak Response

In an interview with CNBC, Ripple CEO Brad Garlinghouse revealed to feels optimistic about the company’s future and its legal battle. The payment solution company was sued by the U.S. Securities And Exchange Commission (SEC) in 2019 for the alleged illegal sales of a security, XRP.

Related Reading | Price Analysis: Where’s XRP Headed After Ripple’s Big Win

Initially, the battle was expected to be an easy win for the regulators. This had a negative impact on the price of XRP, the cryptocurrency that powers the XRP Ledger, and some of the products from the payment company.

However, Ripple has been using its resources and appears to be turning the table in its favor. In court, the payment solution company has presented evidence that claims the SEC was made aware of XRP, and Ripple’s business model with the cryptocurrency using a product called Ripple Network.

The evidence goes as back as 2013 and includes documents that suggest the SEC failed to provide clarity over the digital asset’s classification as a security. According to legal experts, the evidence could demonstrate to the court that Ripple was actively seeking to remain compliant with U.S. securities law.

In that sense, Garlinghouse told CNBC the following on his perception of the status of the case:

The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago. But the wheels of justice move slowly.

Other evidence has come to light that could continue to favor Ripple. As highlighted by CNBC, the judge handling the case ruled against the SEC editing emails about how it has treated XRP and other cryptocurrencies, including Ethereum.

The second crypto by market cap, there are currently no standing cases against it as it is not deemed a security. If Ripple can successfully argue that XRP and ETH operate as decentralized cryptocurrencies, could score a win in its legal pursuit.

Ripple Touched Bottom, Only Up From Here?

Despite the legal battle, Ripple has not seen a slowdown in its operations. According to its CEO, the company is “already operating in the worst-case scenario”, but registers “record growth” outside of the United States.

On the other hand, the XRP token records a 7% profit in the last 24-hours potentially as a reaction to Garlinghouse’s statements. The market seems to be positively pricing any development around the legal case with the SEC, but the macro-economic outlook still seems unfavorable for risk-on assets.

On higher timeframes, the token still trends to the downside far from its $2 high in 2021. A positive conclusion of the case could send XRP to those highs.

XRP trends to the downside on the daily chart. Source: XRPUSD Tradingview

Related Reading | Ripple Vs. SEC: XRP Showing Strength In The Legal Fight As New Evidence Arises

Garlinghouse added the following on the importance of Ripple’s case for the crypto industry:

This case is important, not just for Ripple; it’s important for the entire crypto industry in the United States. It would really be negative for crypto in the United States (…). If you determine XRP as a security of Ripple, we have to know every person that owns XRP. That’s an SEC requirement. You have to know all of your shareholders. It’s not possible.

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XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership

XRP has been soaring in the monthly chart with a 7.2% profit as Ripple continues to expand its corridors worldwide. As of press time, the seventh crypto by market cap trades at $1,01 and records a 10.3% correction in the daily chart.

XRP correcting in the daily chart. Source: XRPUSDT Tradingview

XRP seems to be reacting to the general trend in the market as Bitcoin, Ethereum, and other cryptocurrencies in the top 10 by market cap trend to the downside. As NewsBTC has reported, the derivatives sector has been heating up due to the recent rise in the aforementioned coins.

Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price?

Historically, this has taken a toll on the bullish momentum built by the bulls. In the case of XRP, it’s a positive sign that it has been able to sustain gains in higher timeframes.

The sentiment around XRP has flipped bullish since Ripple has been able to sustain and push back against the U.S. SEC in their case for the alleged sales of a security.

In addition, the payment corridors, one of the most important use cases for the XRPL Ledger and its native token, are recovering. These entities use Ripple’s payment solution On-Demand Liquidity (ODL), based on XRP, and were negatively impacted after the SEC filed for their legal action.

The Liquidity Index Bot, an ODL payment corridors monitor, records an increase in the daily volume for these entities. As seen below, the XRP/AUD payment corridors show some recovery after it went negative in May 2021.

Source: Liquidity Index Bot via Twitter

Other payment corridors record a similar or a more significant increase. Since they are based on ODL, the volume registered by these entities is indicative of the levels of adoption for XRP and suggests the token is experiencing a re-surge in demand.

Related Reading | Ripple Surges 15% Following News That It Wants To Go Public

XRP Debuts In MENA Region, Ripple Enable More Adoption

In the coming months, the demand for the token could continue to surge as the payment solution company recently announced a partnership with Pyypl. The partners will launch a new payment corridor in the Middle East and North Africa (MENA) region.

Data shared by the payment company reveals that the MENA region saw $78 billion in remittances in 2020 alone. Thus, why the partnership could onboard millions to the XRPL Ledger and ODL as countries such as the United Arab Emirates (UAE) and Saudi Arabia “shift to digital” payment methods.

Related Reading | Ripple Announces New Payment Corridor in Japan As XRP Rallies 23.5%, More Profits Ahead? 

The collaboration will start in the UAE to bring low-cost and instant remittances for people living in and outside the MENA region. Ripple claimed the following about the potential for the partnership:

This announcement builds on Ripple’s already growing presence in the region (…). All of this is driving a record year for Ripple in MENA, with RippleNet already logging four times the transaction volume year-to-date versus all of 2020.

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Ripple Announces New Payment Corridor in Japan As XRP Rallies 23.5%, More Profits Ahead?

Payment’s solution company Ripple revealed the launch of a new corridor between Japan and the Philippines. This is the company’s first On-Demand Liquidity (ODL), a payment solution leveraging token XRP, in Japan.

The corridor has been launched in collaboration with SBI Remit, one of the country’s most prominent money transfer provided, according to Ripple, and the leading mobile wallet for the Philippines, Coins.ph. The payment solution will connect the wallet with the digital exchange platform SBI VC Trade on RippleNet.

Thus, people from these countries can use this Ripple payment channel to benefit from fast, low-cost, and cross-border money transactions. Consumers in Japan can eliminate the need for pre-funding transactions and cut their costs to send money from this country to the Philippines.

Therefore, consumers and entities in Japan can access a tool to access capital with a fast and low-cost bridge between the countries and potentially drive the expansion of their payments business, Ripple added in a press release. Brad Garlinghouse, CEO at Ripple, celebrated the launch of the new corridor:

Hugely excited about our newest ODL corridor — Japan is one of our largest markets. With regulatory clarity and innovative partners like SBI, the region is ready for a crypto-enabled future.

General Manager of RippleNet at Ripple, Asheesh Birla, called this partnership a major milestone in what is the company’s “largest markets”. Birla added:

We are excited to partner with forward looking companies like SBI that see the value in blockchain technology and to support them in preparing for a crypto-enabled future.

Ripple To Improved Payment Rails Between Philippines and Japan

The payment corridor and the expansion of the cooperation between SBI and Ripple seek to become an alternative in Japan. The country has one of the highest cross-border payment fees, according to data provided by the World Bank, with a 10.5% average cost of sending remittances.

In contrast, it cost citizens in Canada, France, the United States, Italy, and others, around a 5.92% fee to send remittances. In addition, Japan is experiencing two potential long-term growth trends with the surge in cross-border e-commerce and the Filipino diaspora, Ripple claims.

Further data provided by the payments company indicates that the Philippines sent over $1.8 billion in 2020 alone. Thus, they project a rise in the demand for cost-efficient, high-frequency, and cross-border payments. The Representative Director of SBI Remit, Nobuo Ando said:

We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital. The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation (…).

The payments solutions company recently published its Q2 XRP Markets report. Monica Long, General Manager of RippleX, claimed that this period saw “4 of the highest volume days for XRP ever recorded” with new liquidity and other products.

At the time of writing, XRP trades at $0,70 with a 23% profit in the daily chart and a 13.1% profit in the past week. With many more use cases leveraging XRP, the token seems poised to increase its demand and adoption creating more potential catalyzers for future appreciation.

Ripple XRP XRPUSDT
XRP with minor losses in the daily chart. Source: XRPUSDT Tradingview
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SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price?

XRP holders have scored a new victory. A lot has passed since December 2020, when the Securities and Exchange Commission (SEC) filed its case against Ripple Labs. Things started in the regulator’s favor, but with every new development, the situation seems to be changing.

According to a document published by the United States District Court of the Southern District of New York, represented by judge Sarah Netburn, the Commission was denied access to Ripple’s legal memos.

With this motion, the SEC would have ordered the payment company to produce communications in every format on “legal advice” seek or receive on whether XRP sales were subject to federal securities laws.

If granted, the motion would have in conflict with Ripple’s Attorney-Client privilege. The judge concluded that the company did not waive this right. However, the judge gave the SEC room to refile its motion. Per the document:

If, at some later date, Ripple raises its good faith beliefs or relies upon its privileged communications in support of its fair notice defense, the Plaintiff may renew its application to the Court.

Jeremy Hogan, a partner at legal firm Hogan & Hogan, has followed this case closely. The legal expert said the following on judge Netburn’s ruling:

Very important because the Judge states Ripple’s subjective beliefs re XRP are NOT relevant to the Fair Notice defense, blocking the road the SEC wanted to use to fight the Defense.

On the other hand, lawyer John E. Deaton, one of the community leaders of an initiative for XRP investors to gain more relevance in the action, believes the SEC always has little chance of winning this motion.

He believes that there is not much pressure for the regulator to return to negotiating table, but “it’s another public loss for the SEC”.

How The Legal Battle Has Impacted XRP’s Price

With losses in higher timeframes, XRP has positively reacted to recent developments. In the daily and 1-hour charts, the cryptocurrency records a 5.6% and 0.1% profit, respectively. At the time of writing, it trades at $0.89.

Ripple XRP XRPUSDT
XRP with small gains in the daily chart. Source: XRPUSDT Tradingview

The market still seems correlated with Bitcoin’s price performance. The number one cryptocurrency by market cap has seen one of its worst months in the past 5 years. In the daily chart, Bitcoin is close to turning $35,000 from resistance to support.

Ripple XRP XRPUSDT
Source: Luke Martin

If it succeeds, XRP and other altcoins could have a respite from the bears and reclaim some of their lost territories. In the coming weeks, BTC’s price will have a lot of influence on the entire market. Trader Credible Crypto claims that XRP could form a short squeeze and liquidate many short positions on exchange Bitfinex.

The trades remain bullish despite the current price action. He claimed that BTC’s price could have bottomed out and might be on a recovery trajectory. This could positively impact XRP, as mentioned. Credible Crypto said:

I know the structure there at the bottom LOOKS bear flag-y but I also see a completed 5-3-5 (ABC) to the downside which would imply the bottom is in. Would not be surprised to see this ‘bear flag’ break to the upside. BTC.

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Ripple’s Partner Accenture Writes Paper With SWIFT On CBDCs

Ripple’s partner Accenture, the technology and business consulting firm, has published a paper with SWIFT on the potential for central bank digital currencies (CBDC) payment solutions. Titled “Exploring central bank digital currencies: How they could work for international payments”, the paper claims there is surging interest for these types of assets.

Accenture is a Fortune Global 500 company. Alongside Ripple, BMW, Bosch, Blockchain Acceleration Foundation, Arxum, Consensys, Crypto Valley, Constellation, Continental, CPChain, DLT Labs, Enterprise Ethereum Alliance, Ford, and others, Accenture is part of the Mobility Open Blockchain Initiative (MOBI).

According to the document, at least half of the world’s central banks plan to develop a CBDC. Three main factors contributed to this trend: to reduce physical notes, counter the effect of private cryptocurrencies as a threat to fiat, and improve security across wholesale markets. The paper states:

Whatever the motivation, the momentum toward CBDCs seems clear and growing. Some central banks are already conducting live experiments, and the potential for currency evolution is being framed by some as a possible revolution in how value is exchange.

Two additional reasons for the rise in interest around CBDCs are the potential drive for financial inclusion for less developed markets, as the paper claims, and to enable payment innovations.

The current trends suggest led Accenture and SWIFT to make 4 assumptions. First, there is a high possibility that CBDCs will be issued by “many central banks” both domestically and abroad. Thus, these assets could strengthen a new economy based on digital transactions.

A reduction in fiat monetary supply. A banking institution could have more control over the liquidity in their financial system. In addition, the distribution of these types of assets could be under more control of authorized institutions. They could leverage tokens or digital wallets to provide users with “accounts”.

Ripple And The XRP Ledger As A Bridge For CBDCs

The paper claims that commercial banks could have a major role as providers of CBDCs for their clients. Conversely, these assets will need to have two key characteristics: infrastructure and interoperability for cross-border payments and other use cases. The paper claims the following, with potential room to apply one of Ripple’s XRP-based solutions:

The concept of CBDCs moving cross border is complex. It is technically achievable with various technologies, but the meaning and usage of a CBDC outside its native jurisdiction is unclear. To be practical, some form of interchange mechanism with local currency must exist. (…) What will be required is a multilateral interchange mechanism that enables payments to be made end to end in a frictionless form.

The report focuses on how SWIFT will play a role to drive CBDCs. Ripple has had an active role in this area. Brad Garlinghouse, Ripple’s CEO, disclosed at the end of January 2021 that there have been meetings with banking institutions to issue CBDCs.

The paper has gained a lot of attention from the XRP community. Popular community member WrathofKahneman shared the news but highlighted that the document mustn’t be interpreted as a sign of a partnership between the 3 companies:

(…) Accenture clearly has multiple relationships with a great number of businesses.  The only certain thing is that there is great interest in the intersection of cross-border transactions and CBDCs.

XRP trades at $1.46, at the time of writing, with sideway movement in the lower time frame. In the weekly and monthly chart, XRP has a 6.2% loss and a 6.5% profit, respectively.

Ripple XRP XRPUSDT
XRP moving sideways in the 24-hour chart. Source: XRPUSDT Tradingview
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Charted: Ripple (XRP) Turns Green, Here’s Why The Bulls Could Aim $2

Ripple started a fresh rally above the $1.50 barrier against the US Dollar. XRP price is likely to surge further if it clears the $1.75 and $1.80 resistance levels.

  • Ripple is gaining bullish momentum above the $1.55 and $1.60 resistance levels against the US dollar.
  • The price is now trading well above $1.50 and the 100 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $1.58 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue higher if it clears the $1.75 resistance zone.

Ripple’s XRP Price Extends Rally

In the past few sessions, ripple’s XRP traded with a positive bias above the $1.40 support. XRP formed a support base above $1.40 and started a fresh increase, similar to bitcoin and ethereum.

The price broke many important barriers near the $1.50 level. There was a break above a key bearish trend line with resistance near $1.58 on the 4-hours chart of the XRP/USD pair. The pair cleared the 61.8% Fib retracement level of the main downward move from the $1.97 high to $0.95 swing low.

It is now trading well above $1.50 and the 100 simple moving average (4-hours). XRP is now facing hurdles near the $1.73 and $1.75 levels.

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

It seems like the price is struggling to clear the 76.4% Fib retracement level of the main downward move from the $1.97 high to $0.95 swing low. A successful break above the $1.73 and $1.75 resistance levels could spark another rally.

The next key resistance is near the $1.80 level, above which the bulls are likely to aim a test of the $2.0 level in the coming sessions.

Dips Limited in XRP?

If ripple fails to clear the $1.75 resistance or $1.80, it could correct lower. An initial support on the downside is near the $1.52 level.

The next major support is near the $1.50 and $1.48 levels. If there is a downside break and close below the $1.48 level, the price could start a major downside correction. In the stated case, the price is likely to drop towards the $1.25 support.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 60 level.

Major Support Levels – $1.52, $1.50 and $1.48.

Major Resistance Levels – $1.65, $1.75 and $1.80.

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Here Is Why XRP Volume Has Recover Across Payment Corridors

XRP has picked bullish momentum in the 1-hour chart with a 4.7% increase. Higher timeframes seem equally bullish with the weekly and monthly chart recording a 7.8% and 154% rally, respectively.

Ripple XRP XRPUSDT
XRP retraces in the daily chart. Source: XRPUSDT Tradingview

XRP price performance has recovered since the start of 2021 when the token experienced a severe correction. The U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs for the alleged illegal sale of a security took a toll on the market.

Many exchange platforms expected the worst and delisted the token. Other Ripple deals also were negatively impacted, such as its cooperation with MoneyGram and payment corridors established with payment solution On-Demand Liquidity. These corridors are used for foreign workers to send remittances back to their home countries and other use cases based on the token.

In consequence, liquidity volumes on these platforms plummeted, but are showing signs of recovery. Monitor Liquidity Index Bot has registered a spike on this metric on 3 out of the 4 payment corridors except for the one set between the then token and PHP (Philippine Peso).

The volume on this payment platform has stayed at relatively high levels with a 1,032,894 traded in the last 24-hours. Not that far from its all-time high (ATH) at 3,435,748 if the metric is placed next to the other corridors.

The Australian payment corridors set with exchange BTC Markets for the token and AUD (Australian Dollar) have been the most affected. In the past 24 hours, the liquidity volume remains negative with 346,326. Far from its ATH at 6,891,996. As the chart below shows, the volume has been reverting its downwards trend since April 29th, 2021.

The corridor established with exchange Bitso for the token and the MXN (Mexican Peso) saw low levels of negative volume. This metric has also been on the rise with 2,556,145 traded in the last 24-hours, but still no close to its all-time high and levels recorded during 2020.

Bitstamp shows the highest levels of volume with a 5,189,350 traded in the past day. The liquidity on this exchange for the pair between the token and EUR (Euro) has surpassed the levels it recorded during November and December 2020, when the SEC’s lawsuit was filed but has a long way to go before reaching its ATH at 14,343,363.

Sentiment Around XRP and The SEC’s Lawsuit Has Changed

Recovery on these platforms coincides with a growing sentiment bullish sentiment for the potential outcome on the legal front. Phemex and other exchanges have already re-listed the token. More could follow in the coming days.

In the meantime, Ripple is gearing up. The payment solution company has hired former U.S. Treasurer Rosie Rio to join their Board of Directors and former CFO at PayNearMe Kristina Campbell to occupy the same position at Ripple. Brad Garlinghouse, CEO of the payment solutions company, said:

Rosie’s experience in the public and private sectors provides an invaluable perspective to Ripple, especially during this time as the industry works to define crypto’s future. (…) We are extremely fortunate to have them on the team as we continue our rapid international growth and to champion for regulatory clarity in the U.S.

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Charted: Ripple (XRP) Could Surge If It Settles Above This Key Hurdle

Ripple started a fresh increase after testing $1.00 against the US Dollar. XRP price is likely to surge further if it clears the $1.45 and $1.46 resistance levels.

  • Ripple is showing positive signs above the $1.25 and $1.30 resistance levels against the US dollar.
  • The price is now trading well above $1.3200 and testing the 100 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $1.15 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to start another rally if it clears the $1.45 resistance zone.

Ripple’s XRP Price Eyes More Upsides

This past week, ripple’s XRP found a strong buying interest near the $1.00 zone. XRP formed a support base above $1.00 and started a fresh increase, similar to bitcoin and ethereum.

The price broke many important hurdles near the $1.10 level. There was a break above a major bearish trend line with resistance near $1.15 on the 4-hours chart of the XRP/USD pair. The pair cleared the 23.6% Fib retracement level of the downward move from the $1.97 high to $0.94 swing low.

It is now trading well above $1.3200 and testing the 100 simple moving average (4-hours). XRP is now consolidating near a major hurdle at $1.45.

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

The 50% Fib retracement level of the downward move from the $1.97 high to $0.94 swing low is acting as major barrier. If the bulls succeed in clearing the $1.45 and $1.46 resistance levels, there could be a strong increase. In this case, the price could even rally above the $1.60 and $1.65 levels.

Dips Limited in XRP?

If ripple fails to clear the $1.45 resistance or $1.46, it could correct lower. An initial support on the downside is near the $1.3200 level

The next major support is near the $1.30 level. If there is a downside break and close below the $1.30 level, the price could turn bearish in the short-term. In the stated scenario, the price is likely to drop towards the $1.15 support zone in the coming sessions.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.32, $1.30 and $1.15.

Major Resistance Levels – $1.45, $1.46 and $1.65.

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Why XRP Holders Could Be Key In Lawsuit Against Ripple Labs

Former federal prosecutor James K. Filan has been involved with the lawsuit filed by the Securities and Exchanges Commission (SEC) versus Ripple Labs and two of its executives. Accused of the alleged illegal sale of an unregistered security, the token XRP, Filan has shared his opinion on the case, presented crucial documents, and discussing with the community an important subject.

According to Filan, the XRP community, with their active role and participation, is making “a huge impact” on the case. As evidence, the lawyer said the court from the Southern District of New York handling the case has increase accommodation for the public from 500 to 4,000 people.

The court has also opened an international call-in number for any person interested in listening to the discovery conference. This session will take place on April 30th and will regard the SEC contacting foreign regulatory entities to build its case against Ripple Labs. The defendants consider this to be a violation of Federal Procedure and the Hague Convention.

A petition To “End The War” On XRP

Another community effort has been led by lawyer John E. Deaton. In March, Deaton introduced a formal pre-filing pleading. Later, judge Analisa Torres granted him permission to represent over 10,000 XRP investors.

In addition, Deaton recently asked the community to sign a petition to ask SEC Chairman Gary Gensler to “End the War on XRP”. The regulator filed this lawsuit under Jay Clayton’s administration at the SEC, Gensler is believed to have a more pro-crypto approach. Deaton said the petition will serve as a way to “apply pressure from every possible angle”.

The lawyer is also trying to create a “searchable list” for all XRP holders that have signed his previously introduced petition for a Class Action Lawsuit. Deaton stated the following:

I hope to produce a searchable list of everyone who has signed up  – all 12,700 plus. That way you can see your name and know you have been included. If you’re name is not on the list for some reason then we will make sure it gets included. Thanks.

Deaton has highlighted the importance the case SEC versus Ripple Labs could have for the entire crypto industry. If victorious, some experts have claimed the regulator could try to pursue similar action against other crypto projects.

In that sense, Commodities and Futures Trading Commission (CFTC) Dawn Stump said to be “watching the outcome of this lawsuit”. Regarding it as a key point for other entities within the U.S. to obtain regulatory clarity, Commissioner Stump said:

The question of whether XRP is a security will be crucial. XRP is similar to bitcoin and other digital assets but also different in key respects, which prompted the SEC’s investigation (…). I am watching the outcome of this case closely because it will help to establish the scope of the SEC’s authority in the digital assets space.

XRP is trading at $1,34 with 3.9% losses in the daily chart and 24.8% in the weekly chart. Over the past 30 days, XRP has seen a 159% rally.

Ripple XRP XRPUSDT
XRP with small losses in the daily chart. Sources: XRPUSDT Tradingview
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Charted: Ripple (XRP) Could Rally Significantly If It Clears This Key Resistance

Ripple formed a support base above $1.16 and it is now rising against the US Dollar. XRP price could start a strong increase if it clears the main $1.50 resistance zone.

  • Ripple is showing positive signs above the $1.20 and $1.30 resistance levels against the US dollar.
  • The price is now trading well above $1.3500 and the 100 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $1.50 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to start a fresh rally if it clears the $1.500 resistance zone.

Ripple’s XRP Price Eyes Fresh Rally

This past week, ripple’s XRP started a downside correction from well above $1.65. XRP extended its decline below the key $1.50 support, similar to bitcoin and ethereum.

It opened the doors for a nasty spike below the $1.20 support. However, the bulls were active above the $1.15 level. A low is formed near $1.162 and the price is now rising. It broke the $1.25 and $1.30 resistance levels.

There was a break above the 23.6% Fib retracement level of the downward move from the $1.97 high to $1.162 swing low. It is now trading well above $1.3500 and the 100 simple moving average (4-hours). There is also a major contracting triangle forming with resistance near $1.50 on the 4-hours chart of the XRP/USD pair.

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

The triangle resistance near $1.50 holds the key. The next hurdle could be $1.56. It is near the 50% Fib retracement level of the downward move from the $1.97 high to $1.162 swing low.

A successful break above the triangle resistance and then $1.56 could set the pace for a fresh surge. In this case, the price could even rally above the $1.65 and $1.70 levels.

Dips Limited in XRP?

If ripple fails to clear the $1.5000 resistance or $1.560, it could correct further lower. An initial support on the downside is near the $1.3200 level and the 100 SMA.

The next major support is near the $1.28 level and the triangle lower trend line. Any more losses might call for a drop towards the $1.15 support zone in the coming sessions.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.32, $1.28 and $1.15.

Major Resistance Levels – $1.50, $1.56 and $1.65.

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How The XRP Community Reply To The SEC’s “Shady” Move

The Securities and Exchange Commission (SEC) lawsuit against Ripple Labs, and executives Brad Garlinghouse and Chris Larsen seem to have taken a weird turn. According to the former federal prosecutor and defense lawyer James Filan, the Commission could have allegedly bypass certain rules to its benefit.

The SEC apparently is “pursuing discovery” from the United Kingdom Financial Conduct Authority (FCA) on Ripple. This method is called Memoranda of Understanding (“MOU”) and, according to a document file with the Southern District of New York and Magistrate Judge Sarah Netburn, violates the Hague Convention.

The document was introduced by Ripple Labs legal representation and claims the SEC has at least 11 MOU demanding documents from “overseas entities”. The document claims “many” of these entities are the payments company business partners” and about 10 international regulators.

The defense qualifies the process as “improper” and part of an “intimidation tactic” to allegedly reduce Ripple’s capacity to conduct business outside of the U.S. The document said:

Not  only  is  the  use  of  pre-litigation  investigative  tools  prejudicial  to Defendants  and  the  recipients  of  such  requests,  as described below, it also prevents this Court from  exercising  its  lawful  discretion  regarding  the  scope of permissible foreign discover.

SEC “unjust” advantage in XRP case?

Commenting on the discovery, lawyer Jeremy Hogan said the SEC is placing indirect “regulatory pressure” on Ripple and its partners. Since the Commission is the only party capable of employing said tactic Hogan said:

This is NOT something a “typical” Plaintiff could do and it’s not fair, so Ripple is calling dirty-poker (…). (former prosecutor), this is typical government prosecutorial pressure-litigation, applying pressure not only to you but your business friends as well.

General Counsel for Gala Games Jesse Hynes also gave his opinion and claim it was an “insane” move by the regulator. Hynes highlighted the importance and implication this lawsuit could have for the crypto industry and said:

Shame on the SEC!  On the bright side, the SEC is basically admitting that this is a matter of great political and worldwide significance.  Can’t wait for that Summary Judgment motion with a major questions doctrine argument.

XRP is trading at $1,64 with an 8.9% correction after an impressive rally in the past days. On the weekly and monthly chart, XRP sits at 55.9% and 255.2% profits.

Ripple XRP XRPUSDT
XRP with moderate losses in the 24-hour chart. Source: XRPUSDT Tradingview
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XRP Above $2? Why DeFi Integration Could Be Game Changer

With the biggest gains in the crypto top 10 by market cap, XRP trades at $1.88 recording a 35.9% rally over the past day. In the weekly and monthly chart, XRP is up 107% and 307% respectively.

XRP XRPUSDT Ripple
XRP on a bullish trajectory in the 24-hour chart. Source: XRPUSDT Tradingview

Operator Altstreet Bets has shared the chart below to indicate XRP’s price could go to $3 “without resistance”. The trader has set support at $1.10 and $1.72 and believes XRP could target $8.49 in the long term.

Ripple XRP XRPUSDT
Source: Altstreet Bets

Many factors are contributing to XRP’s recent performance. The high interest of investors in South Korea, buying the token for a premium, and new uses case for XRP.

In the legal corner, operator King Solomon has been bullish over the recent developments in the Securities and Exchange Commission versus Ripple Labs, and executives Brad Garlinghouse and Chris Larsen lawsuit.

Filed for the alleged sale of an unregistered security, things seem to be going in favor of the payment company.

Researcher Leonidas Hadjiloizou has shown the position of international institutions on XRP. The Bank of International Settlements, in a report, said XRP is “definitely not a security”. Hadjiloizou said:

Would Jay Clayton push for a lawsuit against Ripple as he was walking out the door if he believed the SEC would take action anyway after he left? I believe he wouldn’t. This is one of the reasons I believe this lawsuit is unwanted by the SEC and will settle it if it can save face

Although the legal dispute could be far from over, the sentiment over the result is bullish on the crypto market. King Solomon said:

Moreover, the case seems to reveal that former SEC leaders put their personal gain above the well-being of the nation. When the agency repeatedly claims in filings and hearings that “the SEC is not on trial here”, it is almost certain that the opposite is true.

XRP uses cases expand to DeFi

Interoperable solution Wanchain has announced XRP will be integrated into its platform alongside Ethereum, Bitcoin, EOS, and others. Leveraging “Wanchain’s Universal Multichain Bridges”, users will be able to trade cross-chain enable XRP Tokens.

As of now, XRP holders can start earning with Wanchain DeFi protocols like WanSwap, the platform’s native decentralized exchange. Wanchain’s team said in an official post:

XRP holders can now securely use their XRP to farm, mine and provide liquidity rather than simply leaving their tokens, inactive, in wallets and exchanges. XRP tokens can now, finally, engage with DeFi applications and reach their full potential.

Wanchain users will have at their disposal a native wallet and a Wanbridge website where they can send and receive XRP cross-chain.

In order to achieve this, the platform “converts” the token on the XRP Ledger and, in the case of Ethereum, mints an ERC-20 token called wanXRP.  All transactions using Wanchain are free.

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Key XRP Technical Indicator Disagrees With Parabolic Price Rally

XRP, the Ripple blockchain’s native token, is up more than 600 percent in 2021 even though it remains in a tense court battle with the US Securities and Exchange Commission over its legal status.

The world’s fourth-largest cryptocurrency by market cap now, XRP has continued its climb, entering the second quarter. According to data provided by Messari, the token has surged around 194 percent in April alone. In comparison, its top rivals, Bitcoin and Ethereum, are up almost 6.5 percent and 12.5 percent, respectively.

If XRP’s upside acceleration continues, it can replace Binance exchange’s BNB token to become the third-largest cryptocurrency by market cap. BNB is up 65 percent quarter-to-date.

Bearish Divergence

But the rally in the Ripple token market comes on the heels of bearish alerts. One of the primary reasons XRP/USD could undergo a strong downside correction is a bearish divergence between its rising bids and decreasing momentum.

In retrospect, the Relative Strength Indicator (RSI) on XRP’s four-hour chart has formed a sequence of lower highs after topping out on April 5. On the other hand, its price has logged higher highs. Together, they indicate weakness in XRP’s uptrend, a phenomenon otherwise known as bearish divergence.

XRP is breaking of a Bullish Wedge pattern. Source: XRPUSD on TradingView.com
XRP is breaking of a Bullish Wedge pattern. Source: XRPUSD on TradingView.com

Bulls remain enthusiastic, nonetheless, partially because Ripple Labs, the San Francisco blockchain company behind XRP, has walked unharmed so far in an ongoing lawsuit filed against it by the SEC. That includes a recent court ruling that stopped the US agency from looking into the personal accounts of Ripple Labs’ chief executive Brad Garlinghouse and co-founder Chris Larsen.

Meanwhile, Ripple Labs recently won another court battle against one of its early-stage investors, Tetragon Financial Group. According to James K. Filan, a defense lawyer in the US, the ruling could serve as the basis to fight the SEC’s allegation against Ripple Labs. The agency alleges that the Ripple management sold illegal securities in the form of XRP tokens.

Technical Outlook

But technically, it is time for bullish traders to be proactive about risk assessment. That means using tighter stops, protecting options, or just reviewing their portfolio with assets that offset XRP’s overvaluation risks. It also looks ideal to short the XRP market by buying put options as a form of hedging exercise.

Ripple Labs has walked closer to beating the SEC, but the legal battle could go on for a while. Any uncertainty over XRP’s legal status — whether or not it’s a security token — would increase downside risks in the token’s market.

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Charted: Ripple (XRP) Consolidates Gains, Why Rally Isn’t Over Yet

Ripple extended its rally above the $1.200 resistance zone before correcting lower against the US Dollar. XRP price is now consolidating gains and it is likely to rally again above $1.400.

  • Ripple rallied towards $1.50 before correcting lower against the US dollar.
  • The price is now trading well above $1.1500 and the 100 simple moving average (4-hours).
  • There is a key contracting triangle forming with support near $1.3100 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to start a fresh rally if it clears the $1.400 resistance zone.

Ripple’s XRP Price Remains Well Supported

In the past few days, ripple’s XRP saw a strong surge above $1.0000, unlike bitcoin and ethereum. XRP broke many hurdles near $1.200 to move further into a positive zone.

The price even rallied above $1.400 before the bears appeared near $1.485. A high was formed near $1.481 and recently there was a downside correction. The bears were able to push the price below the $1.420 and $1.400 support levels.

There was a break below the 23.6% Fib retracement level of the upward move from the $0.8598 swing low to $1.481 high. However, the price is still trading well above $1.250 and the 100 simple moving average (4-hours).

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

There is also a key contracting triangle forming with support near $1.310 on the 4-hours chart of the XRP/USD pair. The pair is placed nicely above the 50% Fib retracement level of the upward move from the $0.8598 swing low to $1.481 high.

On the upside, the $1.3800 level is an immediate resistance. The next major resistance is near the $1.400 level. A successful close above the $1.400 level is likely to start a fresh rally towards $1.500 and $1.650.

Dips Limited in XRP?

If ripple fails to clear the $1.4000 resistance or $1.450, it could correct further lower. An initial support on the downside is near the $1.3100 level and the trend line.

The next major support is near the $1.2500 level. Any more losses might call for a drop towards the $1.120 support zone in the coming sessions.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is still well above the 50 level.

Major Support Levels – $1.3100, $1.2500 and $1.1200.

Major Resistance Levels – $1.400, $1.450 and $1.500.

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How Ripple’s big win in court correlates with XRP’s 113% rally

The bulls ride again on XRP’s side, as the token breaks about $1. On the legal subject, things seem to be going well for Ripple’s corner as rumors of an SEC settlement grow louder.

Back in December, the Commission hit Ripple Labs, executive Brad Garlinghouse, and Chris Larsen with a lawsuit for the alleged illegal sales of an unregistered security. In the coming month’s XRP’s price plummeted, exchanges delisted it, some investors lose faith.

As reported by lawyer Stephen Palley, Garlinghouse and Larsen scored a victory yesterday when Magistrate Judge Sarah Netburn rule that “discovery seeking 8 years of financial records along w/ subpoenas to 3d parties seeking same were too broad”.

Palley classified the decision as a “nice early win” by the defendants but is still skeptical about it being an indication for a resolution on the case. Palley added the following:

Winning a motion for a protective order on discovery doesn’t usually portend victory on the merits of the case itself. It depends. And the Court left open the possibility some of this could revisit later, if there are reasons to check veracity.

On the other hand, Galaxy Digital CEO Mike Novogratz said Ripple’s “equity is trading” at up to $3 billion in valuations on a secondary market. Novogratz speculated on the possibility XRP is rallying due to rumors of a possible settlement in the lawsuit.

Last February, the parties ruled out a settlement in a joint letter. However, the negotiations took place under the Commission’s previous directive. Gary Gensler is expected to be confirmed by the Senate and his more pro-crypto stance to have a positive influence on the legal process. Novogratz said:

Ripple equity is ‘trading’ in secondary market at $2-3bn valuation.  The $XRP on their balance sheet is worth approx $70bn. One price seems wrong. If XRP price is saying settlement coming, the equity is crazy cheap.   If not, the token seems expensive.   Thoughts?

Commenting on Novogratz’s statements Palley said there is no “public” indication a resolution is coming soon. The lawyer classified this subject as “inside” information and claimed a settlement will come after summary judgment practice. Palley added:

I don’t know how one can correlate price itself to settlement unless someone has inside information about potential SEC settlement/resolution and ability for exchanges to re-list for trading. Ripple has done better than I expected so far in preliminary motion practice and discovery fights, but there’s a long way from that to case resolution.

XRP in moon mode

Those who hold on to their tokens have been rewarded. XRP is trading at $1,32 with 29% profits in the past 24 hours and the biggest weekly rally in the crypto top ten with 113%.

Ripple XRP XRPUSDT
XRP on a bullish run in the 24-hour chart. Source: XRPUSDT Tradingview

Trader Kaleo said XRP is yet to reach its top and seems bullish on current price action. Comparing it to the 2017 bull-fun, the trader said XRP’s price quickly reach $2.45 when it broke the $1 mark. In the current rally, there is “way more capital” and fuel for the price to extend the bullish momentum.

In the last 24 hours, investors in South Korea are increasing XRP buying pressure as shown by the high trading volume in Upbit and Bithumb, two major exchanges in that country.

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Ripple CTO Hints at XRP Ledger Upgrades to Enable an NFT Strategy

Ripple CTO David Schwartz said the firm is currently working on a non-fungible token (NFT) strategy. He added that based on observations, people care little about the underlying technology, only the NFT itself and the user experience.

“Ripple is currently working on an NFT strategy. I think the key element here is the user experience, it has to be flawless and I don’t think people care all that much what technology is under the hood. The people who use NBA Top Shot just want to own the shots.”

Ripple Keeps Cards Close to its Chest

Schwartz gave a rundown of the NFT ecosystem, including accounts of his personal experience using them. But he stopped short at detailing exact specifics on how Ripple will get involved with the NFT space.

Nonetheless, based on his points of discussion, it’s possible to speculate the general area the firm could be working on. A dominant theme was the idea of developing federated sidechains.

Schwartz said the priority for the XRP Ledger is to retain its advantages as a payment mechanism. With that in mind, additional functionality, whether that’s CBDCs, NFTs, DeFi, etc., should operate on sidechains separate from the mainchain. That way, XRP’s payment capabilities remain intact and unaffected.

“NFTs shouldn’t be cluttering up the mainchain they should live on federated sidechains so they don’t bloat the XRP ledger… because you don’t make XRP worse for payments.”

Sidechains allow tokens and other digital assets to move securely and freely from one blockchain to a separate blockchain. A federation is an entity acting as an intermediate point between a mainchain and one of its sidechains. This group determines the rules for transfer between chains.

Are NFTs a Fad?

NFTs encompass various use cases, including digital art, collectibles, tokenization, authentification, ticketing, certification, etc.

In recent times, the hype surrounding them has caught mainstream attention, particularly in digital art. As with anything that’s overly hyped, the real danger is that the hype will fade away.

On that, Schwartz cautioned that NFTs could be a fad, but it’s too early to say at this time. However, he also believes there’s something to them that isn’t going away.

He referenced the insane prices some NFTs are fetching, added that the “current crop” takes advantage of people’s desire to brag.

“I think it’s early to say. But I do think that there’s something here that’s not going away. The current crop of NFTs at least seem to be exploiting people’s desire to own something that other people don’t or can’t own.”

Some have already sounded the alarm on an NFT downturn. Peter Wood, CEO of CoinBurp, said all financial markets, including NFTs, operate in cycles. While it’s inevitable the bubble bursts, he said the market would come back stronger, just like Bitcoin did after the 2017 peak.

Data from Nonfungible.com shows the average price for an NFT has plummeted 70% from $4k in mid-February to $1.4k this week.

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Powerful Bottom Signal Spotted In XRP, But There’s A Catch

XRP price is back trading at right around a dollar per token, but according to a rare bottoming pattern spotted by a legendary technical trader on the Bitcoin trading pair, the surge is only just getting started.

However, there’s a catch. When it comes to this particular chart pattern and crypto – the same trader has gotten it very wrong before. Is this time different, or will this “powerful” bottom signal confirm?

XRP Begins Long Painful Road To Recovery After SEC Storm

Ripple and company executives are still locked in a legal battle with the SEC, but just this week had a major victory in the court requiring the release of documents that offer insight into the entity’s findings on other cryptocurrencies: Bitcoin and Ethereum.

Related Reading | XRP Targets New All-Time Highs After Surviving SEC Slaughter

Before the news even broke, XRP pumped to more than $1 per token for the first time since 2018 on the USD trading pair. On the Bitcoin trading pair, however, things have only just started to turn around from extreme bear market lows.

xrp btc fulcrum bottom

According to the iconic trader, there's a compound fulcrum bottom forming against Bitcoin | Source: XRPBTC on TradingView.com

A bottoming pattern taking place across the entire first quartern of 2021, according to iconic career trader Peter Brandt, is “called a compound fulcrum and can be quite a powerful buy signal.”

If he’s right, XRP will soon outperform Bitcoin by a sizable margin. But he’s been wrong before about such a pattern.

Beware: Brandt Has Been Both Wrong And Right About Bitcoin

Brandt, who is a classical chartist with decades of real world market experience, has seen several rare patterns to both confirm and fail. He’s among the few traders to have discovered the rare pattern, and he’s also among the first to identify each Bitcoin parabola forming. In the past, he’s even accurately called the bottom range on Bitcoin’s bear market, a whole year in advance.

But for all his correct calls, Brandt is still human, and gets things wrong. The last time he made the call for a compound fulcrum was back in 2018.

bitcoin btc fulcrum bottom

But the last time he spotted such a signal, it was dead wrong | Source: BTCUSD on TradingView.com

Back then, Bitcoin was trying to hold onto support around $6,000, before taking the ultimate plunge to the bear market bottom – a zone which Brandt himself also ironically called for.

Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy

Whether Brandt was trolling the last time around, or simply incorrect, is not clear. He’s the first to admit that patterns do indeed fail, but when they don’t and behave as they’re expected to, “it’s a thing of beauty.”

Whether or not Brandt will be wrong again, and XRP drops even further against BTC on the ratio remains to be seen.

Featured image from Deposit Photos, Charts from TradingView.com
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XRP Re-Takes 4th Spot on CMC; Ripple Boss Says “Today Was a Good Day”

Ripple CEO Brad Garlinghouse tweeted, “Today was a good day.” And he’s right; there’s a lot for XRP investors to be pleased about right now. Chief among which is how yesterday’s court hearing did not go the way the SEC had anticipated.

SEC vs. Ripple Hearing – Key Points

Since December, Ripple Labs has been locked in a battle with the SEC, which accuses the firm of offering an unregistered security in its native XRP token.

During a discovery hearing yesterday, Ripple scored another point in this landmark case, as Judge Sarah Netburn ruled the SEC hand over internal documents about Bitcoin and Ethereum.

Specifically, she ordered the SEC must search for and provide all documents related to XRP, Ether, and Bitcoin discussions wherein any third parties were involved. But informal documents are not discoverable, this would include items such as emails on thought processes.

The SEC argues documents they hold on Bitcoin and Ether have no relevance to this case because they are different from XRP. However, a key component of Ripple’s defense is the lack of due process and fair notice.

This refers to the SEC’s previous announcements that Bitcoin and Ether are not securities. The defense argues it was reasonable for Ripple to assume this was also the case for XRP as well, especially as the firm had no notice otherwise.

Commenting on the ruling, Attorney Jeremy Hogan, listened in on the telephone hearing and offered his opinion on what went down. Based on the events of the hearing, he predicts that if a “smoking gun” document exists, the SEC would be looking to withdraw legal action within the next 30 days.

“If there is a smoking gun type document out there, in the next 30 days is when the SEC will look to get out of this litigation. This also conforms with Gensler getting on board, so if that is going to happen, look for that sometime in mid-May.”

XRP on a Tear

When news of litigation broke in December last year things looked grim for XRP. The uncertainty of the situation triggered an exodus of partners from the Ripple ecosystem.

At its lowest point, XRP was trading at $0.17, having lost 70% from its previous local high. Having bottomed at that point a slow grind upwards ensued as details of the legal case painted the SEC unfavorably.

In perhaps a sign of the strength of Ripple’s defense, things really took off this week as XRP printed two consecutive significant green candles. This was enough to leapfrog Cardano and Polkadot to resume the fourth spot on CoinMarketCap.

The XRP price peaked at $1.10, a level above pre-litigation price and one not seen since February 2018. Although profit-taking today has dipped the price back down to $0.96 at the time of writing, it’s clear that confidence is returning.

Ripple daily chart

Source: XRPUSD on TradingView.com