TEL AVIV, Israel – The dates have been drafted for the Securities and Exchange Commission vs. Ripple Labs lawsuit case proceedings. The first date set for the XRP to provide a brief reply to the SEC’s statement about the attorney-client privilege on the Hinman documents is set to happen on Friday, May 13th. The next date is set on May 18th, when the SEC is required to give a reply to what the Ripple team will say on Friday.
William Hinman was a central figure when this case started. As a former director of the SEC, he stated back in 2018 that Ethereum and Bitcoin are not securities, meaning they do not need to be registered under the Securities and Exchange Commission regulations. If this document is admissible in court, it contradicts the SEC’s lawsuit against Ripple and its two executives.
As the dates move closer and closer, the XRP’s price is also impacted. Recently, it hit a low of below the $0.60 support level. Now, the resistance level is set at $0.55, which the XRP needs to avoid to gain momentum towards the highs of the charts.
After possibly hitting the first resistance level, Ripple can then surpass the two other resistance levels at $0.62 and $0.72. However, if the XRP flunks lower than the pivotal point of $0.51, it could hit the first support level as low as $0.44.
If you look at the candlesticks, you will see that a bearish movement rises unless the bulls do anything about it. If the bulls can put enough pressure on the market, you might see an upswing in XRP’s price. Keep being updated on the altcoin’s performance in the charts and Ripple’s stand on the case to strategize effectively.