Will the latest developments in the Ripple lawsuit cause a price hike?

stefanverkley (55)in SteemitCryptoAcademy • 3 years ago

The Ripple price briefly rose last weekend due to a number of developments in the lawsuit. In this article you can read the latest news about the lawsuit and learn more about the sentiment among XRP investors.

Latest developments in the SEC lawsuit
Last weekend, the XRP price suddenly shot up. This happened after Ripple's lawyers showed strong evidence from William Hinman's speech late last week. Hinman had spoken out in 2018 and stated that he did not consider Ethereum to be a security.

Ripple's legal team has since uncovered a series of emails between the agency and a third party in which the SEC takes a similar stance. This contradicts the earlier claim that Hinman's comments were his personal opinion. The development has rekindled hopes that the lawsuit will end in Ripple's favor.

In addition, Ripple's attorneys also drew attention to the fact that the SGC failed to review nearly 30,000 admissions requests. These RFAs could have potentially accelerated the legal process. This indicates that the agency may have deliberately dawdled. If these latest developments hold up in court, we could soon see a surge in investor interest in XRP. This, in turn, could lead to an upward price breakout.

More and more signs of an uptrend
According to the crypto analysis firm called Santiment, statistics are also showing increasing signs of such an uptrend. Santiment's latest insights indicate that Ripple's XRP has maintained stable social volume even as price trends are higher in recent sessions.

The company notes:

“This wave of users at relatively 'silent' price action suggests that they are probably not traders, but actual investors who have faith in the company. We can see this in the network growth metric. This continued upward trend so far is generally a healthy sign of things to come.”

Despite the positive signs, the price has fallen again. For now, the key support level is around USD 1.12. The first resistance zone XRP may encounter is around the USD 1.24 level.