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Ripple (XRP) price struggles above $0.51. The rise in XRP was part of a collective movement of most cryptocurrencies, led by Bitcoin’s surge past $66,000 on Thursday. Major altcoins also moved with BTC.
Ripple and SEC Case Update
As Ethereum surpassed $3,000, Solana emerged with one of the strongest moves, rising above $160. The total market cap reclaimed $2.5 trillion, highlighting the bullish wave in the market. If Bitcoin continues towards $70,000 this week, altcoins like XRP may maintain their upward trend.
The last few months have been significant for both the defendant Ripple and the long-standing plaintiff, the Securities and Exchange Commission (SEC). Following the resolution phase, Ripple and the SEC requested the sealing of relevant documents.
In the motion filed on May 13, Ripple’s legal team claimed that the institution had no issue with tightly sealing parts of the documents, especially during the resolution phase. The SEC stated that some of Ripple’s requests were accepted. However, some sections might be contested. Ripple aims to amend documents that could jeopardize its operations. Some of the information consists of audited financial statements.
Critical Levels in XRP
Ripple stated that the purpose of sealing the documents more narrowly is to protect its future plans. Other information it seeks to close pertains to revenue streams and planned expenditures. Ripple hopes the Judge will accept its request to seal details of its clients, employees, and strategic business partners. The decision now lies with the Judge, whom Ripple has asked to give more weight to protecting the privacy of the involved parties.
XRP has formed a bullish and bearish pattern with strong support at $0.48 and resistance at $0.56 since mid-April. Each time the price touched the support level, the token rebounded but lost momentum at $0.56. Recently, although XRP did not reach $0.48, the trend reversed to $0.49, indicating another bullish formation might emerge in May.
