XRP price targets $1 after big win in SEC vs Ripple lawsuit
- Ripple Labs could gain a victory in the ongoing SEC vs. Ripple lawsuit as the presiding judge offered the giant access to key documents.
- Judge Sarah Netburn denied the SEC’s request to shield documents under privilege.
- Analysts believe XRP price is on track to hit the $1 target as Ripple inches closer to a win against the SEC.
Payment giant Ripple is closer to a win in the SEC vs. Ripple case as Judge Sarah Netburn denies the SEC’s request to keep certain documents privileged. Ripple’s lawyers have access to former SEC director William Hinman’s speech and the document is no longer classified as privileged.
Ripple Labs closer to victory in the ongoing lawsuit
In the SEC vs. Ripple lawsuit, payments giant Ripple is closer to victory in the case as the presiding judge Sarah Netburn denied the SEC’s motion to review documents that are material to the prosecution.
Proponents believe this is a victory for Ripple Labs as former SEC director William Hinman’s speech on Bitcoin and Ethereum is no longer privileged. The document is admissible in court, pushing Ripple closer to its victory.
Judge Sarah Netburn’s decision to deny the regulator’s request to shield documents under privilege offers Ripple a higher probability of winning. The SEC previously did not object to the admission of documents; however, the regulator shielded the speech and said that it was Hinman’s personal views and not SEC policies.
Judge Netburn was quoted in her decision,
The SEC seeks to have it both ways, but the Speech was either intended to reflect agency policy or it was not. Having insisted that it reflected Hinman’s personal views, the SEC cannot now reject its own position.
Analysts have evaluated the XRP price trend and consider the 2022 volume point of control at roughly 0.77 as key to the altcoin’s next move. The volume point of control is a level where the highest amount of an asset has changed hands and is associated with a higher propensity for providing support and resistance. The recent break below this level now means XRP has taken on a bearish tone, although analysts remain optimistic.
Analysts consider the volume point of control as a key level for Ripple price, with a break above bringing into reach an upside target for the altcoin at $0.91, as it collects liquidity. This would be followed by the next target higher at $1.01.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
