The price of XRP suddenly gained 12% in less than an hour as Ripple scored another major win in the SEC lawsuit. At the time of publication, XRP was changing hands at $0.48, up 9.40% in the last 24 hours and down 1.49%. Ripple has scored another win in the ongoing lawsuit as the SEC loses privilege issues before Judge Torres. In a recent court ruling, Judge Torres ordered that the SEC turn over the emails of its former employee, William Hinman, after much hesitancy from the agency. According to an update shared by the former federal prosecutor, James K. Filan, “Judge Torres overrules the SEC objections and orders the SEC to turn over the Hinman documents.” Ripple officials believe the documents that the SEC is looking to keep confidential will reveal disagreement among the agency’s top officials about labeling XRP security, undermining the SEC’s position.
Key Levels
Resistance Levels: $0.7500, $0.6950, $0.5500
Support Levels: $0.4172, $0.3750, $0.3300
XRP/USD Daily ChartOn the daily chart, the XRP/USD has returned to the path of an upside trend. On September 28, the price found support at $0.4172. The price reverses at the $0.4172 support level and rises to the $0.5101 intraday level at the time of analysis from the breakout at the $0.4700 level. A bullish candle initially formed, triggering bullish movement after the upside price at the $0.4700 price level was breached.
Support levels of $0.4100 and $0.3750 are located below the current price level. The sellers might halt the rise with the formation of a bearish candle, leading the price to test the $0.4100 support level. However a bullish candle pattern appears, and it’s indicating that bulls are poised to take control of the market. At the moment, the price is rising towards $0.5500.
XRP/USD 4-Hour ChartFor the time being, the XRP/USD intraday bias is on the rise. The current uptrend may be aimed at the $0.5500 level. However, above the $0.5500 level, its near-term resistance may change the bullish sentiment of the intraday bias and cause consolidation before resuming the decline.
Also, there might be continuous breaks that might lead to the $0.4100 (low) level. On the upside, a break of the $0.6000 resistance level would indicate a short-term bottoming; however, even with a quick and continuous rebound, the trend might encounter more barriers on the upside.
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