Ripple (XRP/USD) eyes a breakout as lawyer makes a prediction on Ripple case with SEC
Crypto lawyer expects a sweeping ruling in Ripple case with SEC
XRP has met resistance at $0.40
The cryptocurrency is bullish but needs a breakout for further gains
Ripple (XRP/USD) has been trading on short-term bullish momentum but within a tight range. That has seen the cryptocurrency hit resistance at $0.40, a level it has held for a few days. From there, it’s just one more bullish trigger, and XRP will break out. There are developments worth noting that could cause such price action.
As you already know, Ripple’s case with the US Securities and Exchange Commission is entering a crucial stage. CoinJournal reported that lawyers expect the case to be settled very soon. Another crypto legal expert has thrown his views on the case.
Attorney James K. Filan expects the US District court to make a sweeping ruling in a summary judgement. He believes there won’t be separate rulings on the sealing issues, including the Hinman materials. Filan says this is the standard practice from the previous rulings, including a case that involved Goldman Sachs. If the prediction turns out to be accurate, we could see the case settled early on, as speculated.
Meanwhile, the latest Coinbase cryptocurrency news has raised fresh speculations. Coinbase says it will remove some crypto assets, including XRP, from its wallet beginning in January. The US crypto exchange cites low activity of the tokens. The development has made the crypto community speculate that the case with SEC will be delayed or Ripple will be defeated. But how is XRP behaving?
XRP corrects slightly at key resistance
XRP/USD Chart by TradingView
An intraday loss of 2% allows bears to push XRP back to the ascending trendline. The RSI has fallen below the midpoint on the entry of sellers. However, the momentum is still bullish for XRP at the key resistance.
Should you buy XRP?
Most of the expectations about Ripple’s case with the SEC are speculation. However, it is a truth that the case is taking an important twist that will be watched in December. Bulls should stay alert at the $0.40 level, as a potential breakout could occur on positive developments.
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