XRP Price Steadies Uptrend To $1.35: Ripple To Deliver 1M Slack Messages To The SEC
- Ripple settles above $1.25 as bulls plan to execute the expected recovery mission to $1.35.
- The court orders Ripple to advance one million slack messages to the SEC despite over $1 million cost implications.
Ripple has gained traction from support near $1. This buyer congestion zone was also reinforced by a key ascending trend line, which has remained intact since July. The cross-border money transfer token closed Thursday above $1.25 despite coming short of the seller concentration zone at $1.3.
At writing, Ripple is changing hands at $1.26 amid a vivid bullish push by the bulls to stretch the uptrend above $1.35. A daily close above $1.3 may validate the anticipated breakout and perhaps trigger gains to $1.4.
Ripple v. SEC Court Saga Gains Momentum
Judge Sarah Netburn has requested Ripple Labs Inc. to hand over one million slack messages from its employees to the United States Securities and Exchange Commission (SEC). According to the SEC:
"These messages include: (a) discussions about Ripple's desire to create speculative trading in XRP, (b) the effect of Ripple announcements and efforts on, and Ripple's concerns as to, the price of XRP, the relationship and central importance of XRP sales to Ripple's overall business, and (d) the regulatory status of XRP."
Ripple had argued that complying with SEC's request would set the company back $1 million. However, Judge Netburn ruled that the messages are crucial to the case that seeks to determine XRP's status as a security token.
"Any burden to Ripple is outweighed by its previous agreement to produce the relevant Slack messages, the relative resources of the parties, and the amount in controversy.
Any burden to Ripple is outweighed by its previous agreement to produce the relevant Slack messages, the relative resources of the parties, and the amount in controversy."
XRP Price Recovery Intact
The Moving Average Convergence Divergence (MACD) is about to flip bullish on the daily chart. This is a technical index following the trend of an asset and calculating the momentum. While the MACD does not show overbought and oversold conditions, traders can use it alongside other indicators to identify entry and exit positions.
A call to buy Ripple is expected as the 12-day EMA crossed above the 26-day EMA. The uptrend will be emphasized by the MACD's movement higher above the mean line. Therefore, Ripple is firmly in the bulls' hands and has the potential to keep roaring upward.
XRP/USD Daily Chart
The Relative Strength Index (RSI) can reinforce the same bullish outlook as it bounces off the midline toward the overbought region. Because XRP is not overbought, bulls have plenty of room to explore. Moreover, the RSI's rise to 70 indicates that buyers are getting more aggressive.