YEREVAN (CoinChapter.com) – XRP token price stood at $0.34 on Jan 5 after three weeks of trending sideways along a significant support line. Notably, while the XRP SEC settlement is nowhere in sight, the digital asset could lose another 20% due to a bearish setup it confirmed on Dec 16.
XRP news favors the bears
As CoinChapter forecasted previously, XRP/USD price action broke below a formation dubbed the ‘symmetrical triangle,’ best visible on the four-hour chart. The formation entails converging trendlines with a similar slope. They enclose the price action, incrementally lowering the swing.
After XRP exhausts the formation, the triangle predicted a break equal to the maximal height between the trendlines. As the digital asset broke below the support, another 20% drop might be in the books.
Throughout December, the XRP community buzzed with anticipation over the possible settlement between Ripple and the Securities and Exchange Commission (SEC). However, as the XRP SEC settlement is nowhere near, the digital asset could fall below the support at $0.33 and back the bearish prediction above.
Also read: Ripple XRP Update: SEC Files Motion to Seal Part of Summary Judgment Documents.
Ripple SEC case continues with more motions to redact summary judgment documents.
The SEC lawsuit against Ripple, involving allegedly illegal XRP sales, drags on with more motions filed by the opposing sides. In the latest development, SEC filed another motion to redact portions of certain exhibits attached to the SEC’s motion for Summary Judgment.
In detail, the motion of summary judgment means that the SEC requested the court to reach a verdict based on the available evidence, drawing the lawsuit to a close. Notably, both sides have filed the motion, claiming that the evidence they have already presented would be enough for a ruling.
No XRP SEC settlement in sight
According to attorney James K. Filan, the SEC claims a right to redact documents related to a certain individual. They are referred to as “Non-Party D” in the filing. Thus, “Non-Party D” is a pseudonym referring to the non-party whose confidential documents are appended to Plaintiff’s, i.e., Ripple’s summary judgment papers.
The identity of the person in question is not disclosed. However, several replies to Filan’s tweet show his followers’ distrust in the SEC and their desire to keep information “under the blanket.” Meanwhile, all the XRP settlement talk died considerably as the opposing sides piled on more motions.
Judge Torres has not yet concluded any of the summary judgment motions. However, Ripple’s defense team was confident that the agency had no leg to stand on. Moreover, as CoinChapter reported previously, James K. Filan predicted that the SEC would eventually redact some of the documents.
Also read: Crypto whales accumulate XRP as the Ripple-SEC case nears end.
He also noted that Judge Torres “will not reference” the Hinman documents in the upcoming rulings. However, he is sure that “the SEC will redact those references as they have done in the past.”
I also don’t think that Judge Torres will rule on sealing issues soon after January 9 because it’s probably isn’t how Judge Torres is going to approach the remainder of this case.added the expert.
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