As the case between Ripple, the San Francisco-based cross-border payment firm, and the United States Security and Exchange Commission (SEC) advances, several XRP community members have been pondering on where the lawsuit could be heading.
John Deaton, the founder of CryptoLaw, who is the lawyer representing the teeming members of the XRP community, shared a number of possibilities to calm the agitating XRP holders. First, he explained that the regulatory agency is likely to make two potential moves.
From the new evidence, there’s an inclusion of the email thread and deposition notice of Brad Garlinghouse, Ripple CEO. Also, the evidence contains the line of Chris Larsen, a Ripple executive.
As suggested by Deaton, it would be impossible to prove that there’s a connection between Ripple’s public announcements and XRP price action.
The lawyer also noted that the SEC would have to confirm the sale of XRP tokens by the Ripple CEO, Brad Garlinghouse, and the co-founder Chris Larsen, in the United States.
Additionally, Deaton stated that the SEC could use the claim that Ripple was creating a secondary market for XRP as their alternative approach once they fail to establish that the two Ripple executives are selling XRP in the country.
XRP price action has finally gained momentum as indicated on the 4-hour chart. Its upward trend indicates a prime surge, as it targets $0.90. However, the crypto may have to face a little resistance in striving to achieve its target.
XRP price is likely to experience a great challenge while soaring above the $0.90 level. This is mainly due to the resistant bridge from the Momentum Reversal Indicator (MRI) as the 78.6% Fibonacci retracement level.
Once there’s an increase in the buying orders, the bullish trend of the XRP price will likely get to a new high. But where the selling demands increase, the XRP price may have to decline and hit its Simple Moving Average (SMA) of $0.69.
At the time of writing, XRP is trading at $0.8302, with a relatively 1% price upsurge in the last 24 hours, according to CoinMarketCap.
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