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XRP Bulls Eye a Return to $0.50 on SEC v Ripple Court Rulings
This morning, XRP was again in the red. The SEC v. Ripple rumor and developments in the US debt limit negotiations, however, would warrant a look at $0.50.
XRP increased on Wednesday by 1.48%. Tuesday saw a 3.37% increase, and XRP concluded the day at $0.44825. Significantly, XRP made its first return to the $0.46 level in ten sessions.
XRP rose to a high of $0.46138 in the early morning after a strong start to the day. At $0.4500 and $0.4583, respectively, XRP overcame the First Major Resistance Level (R1) and Second Major Resistance Level (R2). However, the reversal caused XRP to drop to a low of $0.43765 in the early afternoon. XRP recovered after avoiding the First Major Support Level (S1) at $0.4261 to finish the day at $0.44825.
Support was provided by the Hinman Documents Decision and US Debt Ceiling News.
The Court's decision on the documents pertaining to the Hinman speech from the current SEC v. Ripple lawsuit provided morning support. Judge Torres rejected the SEC's motion to seal the Hinman papers on Tuesday.
Notably, the Court also rejected the SEC's request that the materials be sealed because it could later claim that they are privileged.
Brad Garlinghouse, CEO of Ripple, reacted to the decision by saying, "Another triumph for transparency! Keep checking back while attorneys hash out the details so that the public may get the unredacted Hinman emails.
The SEC is expected to appeal the judgement, therefore despite the finding's importance, the investor response to the Hinman doc ruling was brief. The SEC has attempted more than seven efforts to hide the records relating to the William Hinman speech from the general public.
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