The case between U.S. Securities and Exchange Commission (SEC) and Ripple still has a lot of sway on Ripple’s price in the coming weeks and months. This is why we will start by looking at where the case stands. Recently, it has been revealed that SEC internal documents showed that the commission had deemed Ripple as not a security before the lawsuit.
The SEC has also gone to extraordinary lengths to avoid turning over the documents for the case. This is even after Judge Netburn ordered SEC to release the documents. SEC has already indicated they planned to appeal the order that would see them keep the document private.
Attorney Hogan, who is representing Ripple in the lawsuit, shared his suspicions about SEC. He indicated that there must be something SEC was trying to hide. He also added what SEC was trying to hide would destroy their case and hand a win to Ripple. Ripple will have the upper hand in the case if the documents are as described. For now, investors have to hold their breaths and wait for the final ruling as the case continues to drag on.
Ripple Price Prediction
Ripple prices have gained in the markets for the past four consecutive days. The prices have also traded along an ascending trend line since March 4, 2022. The cryptocurrency is also currently trading at $0.87.
Looking at the daily chart below, Ripple prices recently hit a long-term resistance level of $0.91, and the prices failed to break to the downside. This resulted in a slight move to the downside. However, today’s trading session has seen prices resume the bullish move. I expect the push to the upside to continue and the prices to break the resistance level of $0.91.
Therefore, my Ripple price prediction is the price of Ripple will break the $1 psychological level in the coming days. This analysis is based on considering the current aggressive price action to the upside and support and resistance levels.