SNEAK PEEK

• Judge denied SEC’s motion to seal documents related to former director’s speech.
• XRP prices surge by 5%, trading at $0.4457.
• XRP is required to close above Fib Channel 0.786 for a bullish continuation.

In the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), Ripple has achieved another victory. On May 16, the judge denied the SEC’s motion to seal the documents related to a speech by former SEC director William Hinman in June 2018.

The judge ruled that these documents are subject to public access and should be included in the case. Ripple’s CEO, Brad Garlinghouse, hailed this decision as a win for transparency. The SEC had sought to hide these crucial documents and speeches from the public.

Ripple has been using Hinman’s statement that current offers and sales of Ether are not securities transactions in their defense against the SEC’s accusations of selling unregistered securities. Ripple’s victory and a potential win in the case could have significant implications for the wider crypto industry and could be seen as a setback for the SEC.

XRP prices reacted positively to the news, surging over 5% in the past 12 hours, with XRP trading at $0.4457 at the time of writing. However, immediate resistance is seen at the $0.4600 mark, while support is present at $0.4400.

XRP has been seeing an increase in price as it moves along its upward trajectory. The recent news about Hinman emails has highlighted the importance of XRP pushing past the Fib Channel 0.786, indicating that if it manages to keep above this level, then there is potential for further bullish movement.

As such, investors may want to keep a close eye on how XRP moves in the coming days and weeks. Ultimately, its success or failure at crossing this Fib Channel could be the deciding factor for further price increases.

Ripple Price/Technical Analysis

The latest Ripple price analysis shows an upward trend in the XRP market as bullish momentum continues to build. As of writing time, Ripple prices have surged by 5.24 percent in the past 24 hours and trade at the $0.4457 level.

The recent upward movement has, however, faced resistance at the $0.4600 level, which is a key mark for XRP bulls. If Ripple sustains above this level, then we could head towards a bullish continuation. The support level is currently present at the $0.4200 mark, which acts as a cushion for the current upward trend. The buyers need to keep the current momentum in order for XRP to avoid retesting support levels.

On the trading volume front, the XRP/USD pair has seen a significant increase as it stands at $1,379,270,914, showing a gain of 91.83 percent in the past 24 hours. The market cap for Ripple is currently at $23,083,406,806, having gained 5.22 percent with a circulating supply of 51,837,820,505 XRP, or 52% of the total supply.

Looking at the technical indicators on the daily chart, the MACD shows a bullish divergence as the MACD line moves above the signal line. The green bars on the histogram have started showing their presence, hinting toward a positive outlook. The buying pressure needs to continue in order to break the resistance at the $0.4600 mark and for the histogram to remain green.

The Relative Strength Index (RSI) indicator is currently at 47.16 and is moving towards the neutral zone, indicating that more bullish momentum could be seen in the near future if the current resistance mark is crossed. Furthermore, the Bollinger Bands are widening, which is a good sign for the bulls as it suggests that volatility might be in the market for some time.

Overall, the current outlook looks positive for Ripple, as the technical indicators are showing bullish signals. If XRP manages to break above the $0.4600 level, then we could see further upside in the coming days and weeks. For now, investors should keep a close eye on how XRP prices move as this could be a deciding factor for further price increases or decreases.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/ripple-price-analysis-17-05/