YEREVAN (CoinChapter.com) – XRP surged 40% in two days, reaching $0.55 in the Asian-Pacific session on Sep. 23, as traders closely watched the developments in Ripple’s lawsuit, filed by the US Securities and Exchange Commission (SEC).
NOTE: The law enforcement agency claimed that XRP is unregistered securities. Thus any XRP sale would fall under SEC jurisdiction and go against the US investment laws. However, the case still continues with no proof of XRP status from the governmental agency.
Attorney James K. Filan provided an update on the case, noting that Ripple now filed a motion of summary judgment with the court last week to decide the XRP status once and for all. In detail, the motion of summary judgment means that Ripple requested the court to reach a verdict based on the available pieces of evidence, drawing the lawsuit to its close.
Ripple’s Garlinghouse calls the SEC “coo-coo”
Meanwhile, Ripple’s chief executive, Brad Garlinghouse, appeared on FOX Business with Charlie Gasparino on Sep 22, commenting on the new development. The CEO called SEC’s conduct during the trial “disrespectful,” citing the agency’s reluctance to hand over the documents repeatedly requested by the judge.
Garlinghouse did not directly explain the reasons behind the latest XRP serge. Instead, he pointed out that many investors agree that the SEC’s prosecution is “overreaching.” He also cited Judge Netburn calling the agency a “hypocrite” and “not following faithful allegiance to the law.”
I think the SEC has lost its way. I said yesterday on stage [on Messari Mainnet 2022 panel] that it’s coo-coo for coco puffs.
commented Garlinghouse. Also read: SEC vs. Ripple lawsuit about to reach verdict — XRP bulls preparedMeanwhile, XRP has climbed north of $0.5 in the largest bullish move since early Feb 2022.
XRP could fall back to $0.2
Despite the large bullish move and the euphoria from the possible lawsuit close XRP rally will not last long, based on some technical indicators. In detail, the XRP/USD price action formed a bullish setup dubbed the ‘falling wedge.’
Two converging trendlines enclose the price action, promising a large price jump after the token breaks above the resistance. If the setup pans out, the target price will stand at $1.7. However, before XRP reaches the said resistance, it will likely retest the trendline again and decline towards the support, or around $0.2.
Investors are ready to pump XRP
As CoinChapter reported earlier, XRP’s price rally came a day after a mysterious token transfer worth $500 million between two anonymous wallets, which suggests whale could have been buying XRP tokens in anticipation of a Ripple win.
Additionally, according to crypto analytical platform Santiment, XRP/BTC rate has climbed since 2020, showing that “shark & whale addresses holding 1m to 10m XRP have been in an accumulation pattern since late 2020.”
