Ripple Secures Another Small Win Against SEC as Bull Market Returns

Updated:

Defense attorney James K. Filan, familiar with the Ripple vs. US Securities and Exchange Commission (SEC) lawsuit, recently tweeted that the defendant has bagged another small victory against the SEC after receiving a time extension on the motion filed with the court last week.

Filan tweeted on Monday that the San Francisco-based payments company has gotten the approval to extend its response period to the SEC on some alterations the agency made on its minutes of the meeting it had with third parties.

The regulatory watchdog was granted permission to make some changes to four sets of documents from the third parties’ meeting minutes, relating to the Ripple case. That said, the regulator is expected to deliver the redacted documents for assessment by Ripple’s legal team later today. The team is then expected to give a response on April 4.

Originally, the Commission filed for the allowance of more time to make alterations to the previously mentioned documents.

That said, CryptoLaw founder John Deaton’s prediction that the case would be settled in March has been negated by the ongoing developments. Meanwhile, vocal Ripple community member and lawyer Jeremy Hogan has adjusted his April forecast to September or October, noting that “this case goes away due to collateral estoppel.”

Key Ripple Levels to Watch — March 30

Ripple has found some bullish support at the $0.8500 level, following a rejection from the $0.9120 level, which coincided with my ascending channel from late February. The cryptocurrency has spent the past 48 hours wading off bearish attempts to drag prices down as it eases out of overbought trading conditions.

XRPUSD 2022 03 30 17 20 59.png
XRPUSD – Daily Chart on Bitfinex. Source: TradingView

XRP now trades within the mid-channel area as a dip to the $0.8350 base looms. Regardless, the broader sentiment in the market remains hyper-bullish, meaning that any move to the $0.8350 level will be followed by a bullish resurgence to the $0.9000 level and possibly the $1 barrier.

Meanwhile, my resistance levels are $0.8800, $0.9000, and $0.9275, and my support levels are $0.8500, $0.8350, and $0.8250.

Total Market Capitalization: $2.14 trillion

Ripple Market Capitalization: $41.4 billion

Ripple Dominance: 1.93%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.