Amid the current market downturn, XRP has managed to maintain a surge of inflows. This surge has come in the wake of lawsuits against major Crypto exchanges like Binance and Coinbase.
The bullish sentiment gripping ripple follows Ripple CTO giving key network insights that may also affect the outcome of the Securities and Exchange Commission (SEC) lawsuit against the firm.
XRP price recovers in red market
Ripple token, XRP, was up 1.05% over the last 24 hours, edging out Bitcoin’s low gain of 0.25% and Ethereum’s gain of 0.42%.
The coin has struggled to hold above the crucial support level at $0.495 for almost two weeks. However, the general bearish momentum of the market hasn’t really affected the coin.
XRP currently has a market capitalization of around $26.8 billion, which represents the currency’s overall market worth based on the amount in circulation and the current price. The price currently trades at $0.526.
At $0.48144, where purchasing demand has typically outpaced selling pressure and where XRP has established a support level, there may be a price floor. On the other hand, it has run into a price level of resistance at $0.55466, which historically represents a level where selling pressure has surpassed purchasing pressure.
Market analyst Michaël Van de Poppe has maintained that the price of XRP is keen to breakout in the coming week.
Read more: SEC Chair Gensler offered to serve as an adviser to Binance in 2019, lawyers claim. What went wrong?
XRP lawsuit reach crucial point
The XRP price is an indication of the community’s readiness for the unsealing of the Hinman Docs. These docs are crucial in the SEC lawsuit against Ripple and may help give an insight into the possible conclusion of the suit.
This comes amidst the SEC’s application for a temporary restraining order by Monday. The commission has asked a federal court to issue a temporary restraining order to freeze Binance.us’s assets.
On Tuesday, Ripple Labs and other defendants in the SEC lawsuit may get their big day. In his infamous speech, Bill Hinman, the former director of corporation finance for the SEC, said that Ethereum was not a security. It is anticipated that the unsealing of the documents will reveal what insider discussion gave the executive the idea to suggest Ethereum’s nature.
Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
