As the end of Ripple's battle against the SEC approaches, Ripple's (XRP) price is showing wild moves. In the latest turn of events, Ripple breaks above $0.55 today, Tuesday, June 13, 2023. This move can be mainly attributed to releasing of crucial documents related to former SEC Director William Hinman.
In 2018, William Hinman, the former director of the US Securities Exchange Commission, said that Bitcoin and Ethereum were not securities, as per his views.
The court ordered SEC to release these documents, which were produced before the court today, on June 13, 2023.
In another statement made in a set of emails by Hinman, he said, "We do not need to see a need to regulate Ether, as it is currently offered, as a security."
This has caused a strong uproar among the supporters of Ripple, who were crying foul play from the beginning of SEC's case against Ripple. Some supporters also claim that the SEC has been biased toward Ethereum and protecting them in an unfair manner.
CEO of Ripple, Brad Garlinghouse, said in a tweet that despite pushback, Hinman conjured a fake "test" and decided to move forward. The test he referred to was about interpreting Howey's Test on cryptocurrencies.
We have done a little price analysis to check if there is sufficient traction in the current move for traders and investors to gain some benefits from it.
The price is currently above the 50-day moving average, which shows that the overall market is still bullish for XRP. However, there has been a little profit booking at $0.55 and the price has slid to $0.52.
Resistance: 0.55-0.56
Support: $0.45
On-Chain data looks positive and shows that people are active on Ripple's blockchain and this activity has increased in the past fortnight.
New account creation has touched a high of 3 months, with 2,889 accounts being opened on June 10, 2023.
Ripple had shown wild moves when it approached $0.55 in the past. Ali, a trader, posted a chart on Twitter that showed that Ripple tried to break these levels twice times in October 2022, thrice in April 2023, and thrice in June 2023.
We suggest viewers trade with caution because the case's verdict can go any way. Trading with a stop loss often helps protect capital from total loss.
For traders, we suggest buying at current levels.
Target: $0.55
Stop loss: $0.50
Investors can hold their XRP and wait for the verdict expected to be in XRP's favor but are suggested to diversify holdings in case the verdict is neutral or against XRP.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.