If you are an XRP investor, you need to mark May 21st, 2021, on your calendar. This is the date the court has scheduled for a conference between the Securities and Exchange Commission and Ripple XRP. The conference will be presided over by Magistrate Sarah Netburn. Its subject matter will be the motion filed by the SEC seeking to compel Ripple to produce documents on legal advice it got with regards to XRP.
The conference will be vital to the price of XRP in the short term. If the judge rules in favour of Ripple, it could give upside momentum to the price of XRP, as the rest of its positive rulings have done.
Experts agree that XRP reaching $3 looks pretty likely after the 21st May. In the short term, crypto experts estimate the Ripple XRP currency to keep rising, with a potential high of $3.5 in 2021.
The May 21st conference is not the only one that XRP investors will be looking forward to in the coming days. On April 30th, the two parties held a conference on whether the SEC can send an MOU to foreign entities, including exchanges, for information about Ripple. Judge Sarah Netburn is expected to give her verdict on this issue soon.
If previous rulings are anything to go by, then XRP investors have an excellent reason to be optimistic about May 21st.
Ripple’s Wins So Far
Brad Garlinghouse and Chris Larsen financial records
On April 9th, the court ruled in favour of Ripple in a motion where the SEC wanted access to the Ripple founders’ personal financial records. The judge ruled that the personal financial records for the two would not in any way strengthen the SEC’s financial motive approach to the case. This ruling saw the price of XRP rally by over 20% at the time.
Ripple’s triumph against Tetragon
In March, Ripple won a case against Tetragon, a factor that bolstered the hopes of the XRP community. Tetragon, a U.K-based investment firm, had sued Ripple for $175 million. The court ruled that the case, which centered on whether XRP was a security or not, was premature. Following this ruling, Tetragon was asked to pay Ripple $3.463 million in fees. This ruling, too, saw the price of XRP rally, as it bolstered investor faith that Ripple’s chances of overcoming its legal troubles were high.
XRP Price action
From its price action, it is pretty clear that investors are expecting a favourable ruling on the 21st. In the day charts, XRP is trading in a bullish channel. It is making higher lows along the 50-day moving average. Buying volumes are on the rise, too, an indicator that bulls are buying every dip in anticipation of more gains in the near term.
If XRP retests its recent high of $1.95 before the ruling, there would be an excellent chance to break past the $2 mark and possibly retest its all-time highs above the $3 price level if the verdict is favourable.
With such high stakes, XRP makes for excellent crypto to watch in the short term. A favourable ruling could make it one of the best performers in May.
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