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Market News XRP Eyes $0.48 on SEC v Ripple Sentiment and Court Rulings

XRP Eyes $0.48 on SEC v Ripple Sentiment and Court Rulings

Following a positive Friday session, XRP was rising this morning. The expectation of a Ripple victory over the SEC keeps pointing to a return to $0.50.

Jimmy Khan

2023-03-27

11692

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Sunday saw a 1.05% increase in XRP. XRP increased by 15.96% to $0.44830 at the conclusion of the week after gaining 4.21% on Saturday. For the first time since November 2022, XRP escaped falling below $0.44.

XRP experienced a volatile day's start, dropping to an early low of $0.44104. The price of XRP rose to an early high of $0.46378 after avoiding the First Major Support Level (S1) at $0.4230. However, XRP fell back to finish the day at $0.44830 after failing to pass the First Major Resistance Level (R1) at $0.4647.

A bullish session was triggered by expectations that Ripple would defeat the SEC.

Another lackluster afternoon, with no new developments in the current SEC v. Ripple case to sway market opinion. Due to the absence of information, XRP was left at the mercy of SEC v. Ripple rumor and court documents that back the more positive predictions for Ripple and XRP.

A optimistic week was backed by expectations of a Ripple triumph after the company filed documents on Monday citing judge decisions from the Voyager Digital insolvency proceedings.

President of Ripple Monica Long expressed the market's confidence regarding a victory for Ripple, and Amicus Curiae lawyer John Deaton added, "XRP has the most appealing risk/reward relationship IMO. The judge's decision will be announced within the next few weeks. (maybe this week). What is the risk associated with 0.45 if the SEC prevails? Ripple wins its appeal, so things stay the same. Ripple triumphs and it is established that XRP is not an asset. Upside?”

Decisions regarding the Hinman Documents may have a significant impact on the legal environment as investors contemplate the ramifications of a Ripple win.

The SEC v. Ripple lawsuit has featured William Hinman prominently. In a well-known address from 2018, the previous director of the Division of Corporation Finance vehemently denied that bitcoin (BTC) and ethereum (ETH) are assets.

Because Simpson Thacher, a past and present employee of Hinman, is a member of an organization that advocates Enterprise Ethereum, Hinman's mention of ethereum caused controversy. Hinman left the SEC and went back to Simpson Thacher.

"When those come to light, I think you will see more kind of like, how is it possible for the SEC to decide to bring a case against Ripple given what they were saying within their own walls," said Ripple CEO Brad Garlinghouse in response to a question about the speech-related papers.