- Thursday had XRP leading the top 100 cryptocurrencies with an 8.49% jump to close the day near $0.4870.
- An unanticipated SEC vs. Ripple ruling supported XRP’s price breakout.
- Technical indicators flash bullishness, with XRP staying beyond the 50-dayEMA, supporting a $0.55 return.
XRP flourished on Thursday, gaining 8.49% to extend Wednesday’s 0.65% surge, and XRP closed the day near $0.48700. Morning session bearishness had XRP plunged to $0.4359. However, the alt pushed towards the $0.50938 late high after securing support at the initial support zone at $0.4258.
XRP overcame the first crucial resistance at $0.4639 to conquer the hurdle at $0.4783 before closing at $0.48700. The remittance coin paused at the $0.500 resistance. The breakout session resulted from an unanticipated court ruling over the ongoing Ripple vs. SEC legal battle.
Court Order SEC to Unveil Hinman Speech Documents
Judge Torres ruled against the SEC’s motion to guard William Hinman’s speech-associated documents, citing attorney-customer privilege. James Filan, defense attorney, confirmed the ruling. Remember, Hinman is a former SEC official directing the Division of Corporation Finance.
Meanwhile, Hinman has been crucial in the Ripple vs. SEC battle. In a followed 2018 speech, he said that Ethereum and Bitcoin aren’t securities. Until July, the defendants had the securities watchdog on the defensive, with several court rulings favoring the defendants.
The Securities Exchange and Commission had shielded the Hinman speech documents, capitalizing on the client-attorney privilege, with over seven motions disputing past court decisions. Meanwhile, the latest Summary Motion indicated the potential of an out-of-court settlement.
Markets have trusted that SEC would resort to anything to avoid publicizing the documents, including an agreement. The latest ruling meant another hit for the regulator as the SEC tries to attain lawmaker authorization to monitor the crypto space.
While XRP reacted positively to these updates, a court ruling appeal might be imminent. SEC’s alternative would be a settlement.
The new ruling had XRP enjoying positive moves. The 4hr candle chart and the EMA sent a bullish sign for the altcoin. While publishing this post, XRP hovered beyond the 50-dayEMA at $0.44952. Meanwhile, the 50dEMA expanded from the 100dEMA, with the 100-dayEMA drifting from the 200-dEMA, signaling positive.