A deal between Ripple and the SEC is rumored. A long-term declining resistance line has been reached by XRP. It has emerged from a triangle that is symmetrical.
In addition to recently breaking out of a short-term pattern, XRP may soon do the same from a long-term descending resistance line.
Sept. 22, 4:30 UTC update: A request to set timelines for motions to seal requests that prevent evidence was approved. Third parties have until December 9 to file any motions to seal, and they have until December 22 to file any motions in opposition.
Sep. 22, 8:00 AM UTC update: After considering the parties' arguments and the Chamber of Digital Commerce's request for permission to submit an amicus curiae brief, the court granted the Chamber's request.
The Securities and Exchange Commission (SEC) and Ripple Labs' contentious legal spat, which has drawn attention from the cryptocurrency community over the past few years, may soon come to an end.
James K. Filan, the defense lawyer for Ripple, tweeted on September 18 that Brad Garlinghouse, the CEO of Ripple Labs, had submitted an early request for summary judgment. The following day, Brad Garlinghouse met with Caroline D. Pham, a member of the Commodity Futures Trading Commission.
This comes following reports that a judge had been requested to resolve the ongoing legal dispute between Ripple and the SEC.
The crypto community views the case generally favorably. Some predict that if a settlement is achieved, the price will exceed $0.40.
They are also hopeful about the prospect of a settlement because Ripple Labs is asserting that there is no investment contract in place. The summary judgment motion is therefore regarded as a clever strategy that may result in a settlement by the SEC.
Since it hit a bottom in March 2020, the long-term trend of XRP has been following an ascending support line. More recently, in June and August, the line underwent two validations (green icons). The validity of the support line is increased by the fact that it crosses the $0.315 horizontal support region.
The long-term declining resistance line, which has been in place since April 2021, has finally been reached by XRP after the second rebound, which started an upward trend.
The price is probably going to break out from its own declining resistance line much like the weekly RSI did.
The nearest resistance level, if there is a breakout, would be at $0.60.
The shorter-term symmetrical triangle that XRP was in has already been broken, according to the daily chart. The $0.38 resistance area was later reclaimed, and is now anticipated to act as support.
Additionally, the daily RSI has risen above 50, indicating a bullish trend.
A breakout from the long-term resistance is therefore anticipated, since the daily chart confirms the readings from the daily time period.
