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Key XRP price level to break ahead of SEC v. Ripple summary judgment

Key XRP price level to break ahead of SEC v. Ripple summary judgment

Amid the market-wide difficulties for the cryptocurrency industry, XRP is looking at a glint of hope as it awaits the court’s decision in the summary judgement in the legal battle that its issuer, Ripple, has been fighting against the U.S. Securities and Exchange Commission (SEC).

Specifically, in order to achieve a more significant price growth, XRP needs to break above the critical level at $0.40, after which it can expect a move upward toward around $0.45, pseudonymous crypto trading expert Altcoin Sherpa stressed in the analysis on November 29.

XRP price action analysis and prediction. Source: Altcoin Sherpa

Effects of Ripple’s wins

After both the SEC and Ripple Labs filed motions for a summary judgment on September 17, they were given until November 30 to hand in their summary judgment documents, set to be made public five days later, the court documents show.

Upon the filings, XRP had rallied, as it later did after the ruling on the handover of the Hinman documents and the approval of the amici briefs filings, demonstrating the significant influence that the developments in the case exercised on the price of the decentralized finance (DeFi) token.

Should the judge in the widely publicized case, Analisa Torres of the U.S. District Court for the Southern District of New York, decide in favour of the blockchain company, it could act as a powerful momentum for the price of XRP, both in terms of breaking the resistance and spiking a strong bullish run.

XRP price analysis

Meanwhile, XRP was at press time trading at $0.3912, recording an increase of 3.25% across the previous 24 hours and 5.54% over the week, despite the loss of 15.08% on its monthly chart, as per data retrieved on November 29.

XRP 7-day price chart. Source: Finbold

As the deadline for the summary judgment draws near, XRP has received an influx to its market capitalization in the amount of $1 billion in one week, currently standing at $19.68 billion, according to CoinMarketCap data.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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