- The XRP price has increased 60% in the past two weeks.
- SEC approves Ripple’s request to temporarily seal four documents.
- First Fibonacci retracement level of the 2018-2020 bear market in the game.
The XRP award has been a wild card since the Securities and Exchange Commission (SEC) filed a lawsuit against two Ripple executives in late 2020. Price distortion was higher after the December crash and volatility was pronounced, but the weekly closing price was above $ 0.60 last week was a statement to the legal bears and it opened the door to the explosive gains this week has made so far were.
Ripple Defense is making incremental strides
On March 31, in a further step in defense, a New York judge granted Ripple’s motion to temporarily seal four documents. The judge ordered Ripple and the SEC to meet on the newsrooms by April 2nd. However, the defense attorneys convinced the judge to allow editing in two email correspondence.
No agreement was reached on the other two documents, according to Andrew Ceresney, Ripple’s attorney. In the meantime, the SEC doesn’t want an email exchange containing personal financial information to be ruled out. Ripple lawyers replied that they were not court documents and not for public access.
“All four documents are ‘discovery materials filed with the court in connection with the discovery disputes’ and are therefore not judicial documents and do not qualify for presumption of public access.”
Even so, the lawsuit is not over and the headlines will continue to spur price fluctuations on occasion. Still, XRP traders and investors seem to see the light at the end of the tunnel.
The XRP price requires a weekly closing price above $ 0.80 to clear any legal concerns
The ripple is currently up 38%, rocking the resistance at $ 0.80 and marking the Fibonacci retracement level of 0.236 of the 2018-2020 bear market at $ 0.863. Further strength would target the psychologically important $ 1.00, followed by the retracement level of 0.382 at $ 1.33.
XRP / USD weekly chart
A reversal in legal fortunes or worsening technical data would accelerate a U-turn into the critical price range of $ 0.60 to $ 0.80 and potentially jeopardize the rising trendline from December 2020. If the trendline melts, it will cause Ripple to collapse to the 0.618 retracement of the rally since the December 2020 low of $ 0.454.