Recently there have been a few interesting developments in the Ripple vs. SEC case that will most definitely affect the path of XRP price. Ripple finally got access to former SEC Director William Hinman's controversial statements where he was alleged to act in favor of Ethereum.
Surprisingly, XRP has not moved since the news came out. Let us analyze if there is room for a rally in XRP.
William Hinman was the director of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC). In 2018, he made some statements regarding the need to regulate cryptocurrencies but found Ethereum as "sufficiently decentralized" and not in need of any regulation.
Ripple Labs intends to use this document to prove that the SEC's case against Ripple is not based on fairgrounds.
Crypto Law Expert John Deaton tweeted that Hinman confirmed about four to five meetings with a few crypto companies and Vitalik Buterin.
Responding to the information, Brad Garlinghouse, the CEO of Ripple, said that the documents were finally unsealed after seven court orders and more than $1 million in legal fees.
Criticizing Hinman, Garlinghouse said that a group of senior officials could not agree on the law, and Hinman's statements further confused everyone regarding the laws on crypto.
He also alleged that while Hinman was a public servant, he received millions of dollars of payment from his law firm, which had a vested interest in his speech.
He further adds that during his meeting with John Clayton (former SEC Chairman) and Hinman, he clarified everything and yet did not receive a single hint that XRP could be a security.
Here's the full video.
XRP's price did not react much because everyone expected Hinman documents would favor Ripple Labs. Over the last 24 hours, the price has been between $0.48-$0.5.
Let us check if there is a trading opportunity with some technical analysis.
XRP Price has slightly recovered after a fall from $0.53 to $0.47. The current price at the time of writing this article is around $0.48. The price has been stuck in the range of $0.42-$0.54 for the last two months.
From technical indicators, it is clear that there is a lack of market participation in XRP due to the legal battle with SEC.
All of this indicates a neutral market.
However, there seems to be low risk with buying at current levels. Traders can buy at current levels with the following in mind:
Target: $0.55
Stoploss: $0.45