XRP has been riding on the positive developments from the Ripple-SEC lawsuit to print new weekly highs in terms of price.
According to a crypto analyst, the cryptocurrency could embark on a move to test $0.8 if it manages to hold important supports. At the time of press, XRP is trading at $0.724, with a relatively 20% price upsurge in the last 24 hours.
Ripple’s XRP Could Set Out For $0.8
Ripple’s digital token XRP has been showcasing a bullish momentum while Bitcoin (BTC) and Ethereum (ETH) are both exhibiting sideways trends.
The price of XRP formed a support base above $0.5 before embarking on a meteoric trend to break above the $0.6 resistance level.
As reported by Aayush Jindal of NewsBTC, XRP broke several hurdles near $0.5500 and $0.6000, before surging to record a multi-week price high of $0.7254. The price of XRP is now holding strongly above $0.6500 and the 100 simple moving average (4-hours).
According to the analyst, initial support is near the $0.6880 level, which is 23.6% Fib retracement level of the upward move from the $0.5687 low to $0.7254 high. He stated that the next key support is near the $0.6400 level.
Aayush Jindal added that the 50% Fib retracement level of the upward move from the $0.5687 low to $0.7254 high is also near $0.6400. He said there is also a major bullish trend line forming with support near $0.6100 on the 4-hours chart of the XRP/USD pair.
The analyst further stated that the next immediate resistance level on the upside is $0.7250, while the next major resistance level is near $0.7500.
Conclusively, he pointed out that a successful close above the $0.7500 level will possibly set the pace of more gains for XRP subsequently, which could push its price towards $0.8000.
SEC Agrees to Redact Two Ripple’s Documents
On 31st March 2021, a New York judge granted Ripple’s motion to temporarily seal four documents and ordered Ripple and the SEC to agree on Redactions by 2nd April.
Ripple’s lawyer was able to convince the judge to grant redactions in two emails. The first redaction is an email between Ripple CEO Brad Garlinghouse and an unnamed person about the payment firm’s non-profit VC arm, Rippleworks. While the second redaction is an email between anonymous parties discussing the view of the public on XRP and Ripple’s dominance over it.
According to Ripple’s lawyer, Andrew Ceresney, there is no agreement yet over the remaining two documents, but he’s determined to redact them.
In a letter to the court, Andrew Ceresney wrote:
“All four documents are ‘discovery materials filed with the court in connection with the discovery-related disputes,’ and therefore not judicial documents and not entitled to a presumption of public access.”