SEC vs. Ripple Lawsuit Update: Discovery Phase Wraps Up

• The Ripple-SEC case reached a phase where another discovery could be found.
• Failure to break the $0.53 resistance might send XRP back to $0.48.
• If the 20 EMA stays above the 50 EMA, XRP might climb to $0.58.

For the umpteenth time, the price of Ripple (XRP) has been caught in the crossfire as the case between the U.S. SEC and the blockchain firm hits a new stage. Recently, the SEC asked the court in charge of the lawsuit to ask Ripple to provide its 2022–2023 financial statements.

Ripple, in its response, opposed the motion. According to the firm, the case was no longer in the discovery phase, where the documents might have been relevant. But unfortunately for Ripple, Judge Sarah Netburn of the New York Southern District Court aligned with the SEC’s request.

Coin Edition learned that Ripple pleaded with the court to give it more time to provide the documents. Therefore, the files that were supposed to be submitted on February 12 could be made available on February 20.

Throughout the back and forth, XRP’s price experienced some changes. At one point, the value of the token dropped to $0.48. But at press time, XRP has gained 3.07% in the last seven days while changing hands at $0.51.

XRP Price Analysis

A comprehensive analysis of the 4-hour XRP/USD chart showed that the token might drop below $0.50. For instance, bulls have been unable to beat the $0.53 resistance. Failure to pave the way for this bullish momentum could present bears with a formidable opportunity to plunge XRP back to $0.48.

Initial support for XRP was around $0.51. It was around the same region that the 50-day EMA (yellow) was positioned. If the price falls below the EMA, XRP might decline towards $0.47. However, a swing above $0.53 could send XRP rising as high as $0.58.

However, that might also depend on the position of the EMAs. At press time, the 20 EMA (blue) had crossed over the 50 EMA. If this bullish trend continues to stay the same, then XRP might hit $0.58 in a few weeks. Meanwhile, a change in the position might invalidate the bullish thesis. 

In addition, an analyst had predicted what could happen to XRP in the future. The said analyst, known as ‘Dark Defender’ on X, posted that the token might hit $0.60 in a few days. According to Defender, XRP has had three consecutive closes above $0.52 in the 4-hour timeframe.

In his post, he added that XRP might rise as high as $0.66 if the bullish thesis remains the same.