Ripple price (XRP/USD) has shot off to the moon after a US judge blocked the request by the US Securities and Exchange Commission (SEC) to access the bank records of Ripple’s co-founders Brad Garlinghouse and Chris Larsen. In denying the request, Judge Sarah Netburn declared that the SEC’s request for financial data of the two Ripple execs, dating back 8 years, was “not relevant or proportional to the needs of the case.” The court judgment asked the SEC to withdraw its requests and any third-party subpoenas seeking similar information.
The decision by the court is seen as a major victory for Ripple price and investors responded accordingly with a resounding demand for the asset, sending it 15.81% higher on the day. The rally started on Friday when the court decision was made and has deepened the rally as the news filters into the general market.
Ripple price is now approaching the $1.70 mark, representing a 10-fold gain since the start of the year.
Technical Outlook for Ripple Price
Ripple price is now testing the resistance formed by the 227.2% Fibonacci extension mark at 1.70610. If price advances beyond this level, Ripple price could be aiming for a new high at 1.78972 (241.4% Fibonacci extension), with an additional target at 1.90986 (261.8% Fibonacci extension).
On the other hand, a rejection at the current resistance could allow for a pullback towards the 1.4000 psychological support (10 April high), with 1.32095 (161.8% Fibonacci extension) and 1.20082 forming additional support targets. The 127.2% Fibonacci extension at 1.11719 (6 April high) completes the short-term downside targets.