- Summary:
- XRP price went parabolic on Thursday evening as investors continued to focus on the SEC vs Ripple case in the United States
XRP price went parabolic on Thursday evening as investors continued to focus on the SEC vs Ripple case in the United States. Ripple rose to a high of $0.5083, which was the highest level since Sunday last week. It was also about 25% above the lowest level this week.
Why did Ripple price soar?
The XRP price rose sharply after Ripple scored a major victory against the Securities and Exchange Commission (SEC). On Thursday, the judge overseeing the case ordered the SEC to submit documents related to William Hinman, a former director of the regulator. This is a major victory for Ripple as it seeks to demonstrate that the SEC knew that XRP was not a security.
The SEC has been fighting against delivering a speech that William Hinman delivered in which he claimed that XRP was not a security. In a statement, a lawyer representing Ripple said that the company had spent more than $2 million to get these documents.
Still, there is a lot that we don’t know about the case and how it will end. In my view, I believe that Ripple has built a relatively solid case against the SEC. It can also demonstrate clearly that the SEC singled it out to make a point.
For one, there are more than 20,000 cryptocurrencies in the world. Why hasn’t the SEC brought more charges against others? Also, what is the worst-case scenario in this case? Of course, if Ripple loses, it will likely be asked to pay a fine or make tweaks into its operations.
XRP price prediction
The hourly chart shows that the XRP price made a strong pullback after the new updates by the SEC. It rose to a high of $0.50, which was above the upper side of the descending channel shown in black. The coin rose above the 25-day moving average while volume remains at elevated levels. The coin has formed what looks like a bullish pennant pattern.
Therefore, there is a likelihood that Ripple will continue rising as bulls target the next key resistance at $0.55. A drop below the support at $0.46 will invalidate the bullish view.
