fxs_header_sponsor_anchor

Three signs that XRP is a hot buy as Ripple bags another win against SEC

  • Judge Netburn granted Ripple’s motion to serve two subpoenas to authenticate videos of seven SEC officials' public remarks. 
  • Judge Netburn ignored the regulator’s claim that Ripple is trying to reopen fact discovery. 
  • Ripple price is likely to witness a potential breakout according to the daily price chart. 

In the SEC v. Ripple case, the payment giant is set to serve subpoenas and authenticate videos of SEC officials’ public remarks. This evidence could make or break Ripple’s defense against the SEC. Proponents have identified a potential breakout in XRP. 

Also read: SEC v. Ripple: Payment giant makes strides to end legal battle

Ripple defendants will serve subpoenas to SEC officials

Judge Sarah Netburn presiding on the SEC v. Ripple case granted the payment giant the motion to serve subpoenas to authenticate videos of SEC officials’ public remarks. The defendant will now serve two subpoenas to seven SEC officials. Judge Netburn ignored the SEC’s claim that defendants were trying to reopen fact discovery. The outcome of the videos’ authentication is make-or-break for Ripple’s defense. 

Judge Netburn’s order to defendants

What does the mean for average XRP holder

Proponents expect a positive outcome from Ripple’s lawyers’ subpoenas to SEC officials. Once officials authenticate the remarks made by them, it strengthens Ripple’s defense against accusations made by the regulator. 

Ripple’s probable win in the battle against the SEC and expansion of Ripple’s on-demand liquidity platform favors the adoption of XRP. Analysts evaluated the daily price chart and predicted a rally to $0.41. Bob Mason, a leading crypto analyst identified three major resistance levels in XRP price rally. 

Mason argues that the first resistance sits at $0.3871, second at $0.3986 and the third at $0.4167. If XRP price fails to break past the second resistance levels and drops to $0.3443, the bullish outlook will be invalidated. 

Rudy Fares, a crypto analyst, observed that the XRP price has consolidated between $0.30 and $0.40 for a long period of time now. While other cryptocurrencies like MATIC offered holders massive gains, XRP has lagged behind. Once XRP price breaks past $0.40, it is expected to rally higher and catch up with other altcoins in the market. 

XRP-USDT 1-day price chart 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.