SEC AT LONG LAST NEEDING TO HAND OVER THE DOCUMENTS
Back in September 2022 the SEC was told to hand over the Hinman documents witch basically was a bunch of emails send around where xrp was labeled as not a security. Amongst other things the last ruling has basically denied the the SEC appeal to release the documents . This case has been dragging out for almost 3 years now . The SEC was given 21 days to give over the Hinman documents. The SEC has tried everything possible to keep those documents locked away in a deep dark room somewhere. It was one of many rulings that have gone against the SEC in this case.
XRP PRICE LIFTING OFF AFTER THE RULING
The xrp price has trying to break away from the $0.50 range to the next resistance level at the mid $0.60 range. Being nocked down below the $0.50 mark and falling all the way down to the $0.42 range this is the normal price rally that was playing out the last week or so. With xrp price still showing signs of being bullish . Since the xrp community has been thinking the court case is going to be finalized very soon the price has rose a bit peaking at close to $0.59 and not droping below $0.41 since 29 March 2023. And following the ruling almost 3 days ago xrp got on the upmove again gaining 9% in the last 60 hours.
XRP PRICE STILL SHOWING SIGNS OF THE BEARISH TREND LOOKING TO CONTINUE
The market is going down on a whole but xrp was denied hard the last time it tried to break the resistance line at around the $.052 range. This has in turn dropped the price down below a critical support line at $0.42 range. The price of xrp peaked at $0.60 resistance line before being nocked down to $.053 resistance line. The price then got beat down below $0.42 support line before the bounce back started. It could be a that the bounc is part of a corrective rally in witch case the bearish downwards movement will continue. It is also worthy to note that the RSI was below 50 before the bounce.
LONG TERM SHORT TERM PROBABILITIES
The bounce has come at a time most needed for the xrp price but how far will it bounce? Well it seems possible that the peak of this bounce is going to be at around the major resistance level between $0.52 and $0.53 . It look like there is no major resistance until $0.52 . So on the short term I'd stop my strade at $0.52 and the ideal starting price would be at $0.41100 but any thing in-between those prices are good . For the long term I'd have to say that things are touch an go. With no real idea when the Xrp vs Sec court case Will finalize it's hard to know if the price is going to pick up support or plummet to the ground. The key price is $0.41 if the price drops below $0.41 it's possible it will fall down to $0.36 witch is the next critical support line .
please remember that this is not financial advice and I'm not a financial advisor . Do your own research before making any investment. Consult a financial advisor before investing in anything This article is for entertainment purposes only.
That's it from me Derbycuzxrp. Till next time !!!
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