- XRP price shows the possibility of a bullish retracement before a stable support level at $0.398.
- A bounce off this barrier will likely trigger a 40% upswing.
- Investors need to note that a four-hour candlestick close below $0.371 will invalidate the bullish thesis.
XRP price is recovering after the massive downswing that has been going on for more than a year. Unlike many altcoins, the remittance token is taking its sweet time to rally higher. However, the company Ripple seems to be doing well despite facing a war on multiple fronts.
Watchdogs on Ripple’s tail
Ripple seems to be putting up a good defense in a lawsuit brought forward by the US Securities and Exchange Commission. Moreover, Ripple’s lawyers have been pressuring the plaintiffs to hand over the conversations that transpired prior to the Former Director of SEC William Hinman’s speech in 2018.
As reported previously, these documents would provide Ripple with the necessary ammunition to make a strong case in their defense since Hinman consulted the SEC on its opinions, having multiple discussions with the commision before making his speech.
The latest development includes a detailed response from the SEC on May 31, which denies the defendants access to the said documents due to attorney-client privileges.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed its opposition to the Ripple Defendants' Motion challenging the SEC’s Responses to the Defendants’ Fourth Set of Requests for Admissions, claiming that is has fairly and substantively responded to the requests at issue. pic.twitter.com/x6uRYnMph6
— James K. Filan 100k+ (beware of imposters) (@FilanLaw) June 1, 2022
