The long-drawn battle between Ripple and SEC took a new turn when SEC complied with the court order to submit internal documents. The documents can take the momentum in favor of Ripple. The document is related to an email draft of 2018.
It was an email from the former SEC official William Hinman when he stated that Ethereum and Bitcoin would not be classified as securities. SEC accused Ripple based on the argument that XRP will not be classified as a security, but now Ripple is picking winners and losers in the digital assets in the last three years.
This case will be presented this year before the honorable judges, but the judgment will take a few more months. A recent twist of Hinman documents might turn the judgment in favor of Ripple. You can find the sentiment in the daily chart because Ripple is already taking support at a higher level and consolidating around a range.
As the story unveils, many market experts believe it will provide decent gains in the next few months. The long-term prospect is great because the marketing team extends their use cases even in Central Bank Digital Currency, which could change the game for Ripple in the next five years. If you are interested, read our technical analysis before investing in XRP.
At the time of writing this post, XRP was trading around $0.47. In the last month, it has been consolidating between $0.44 and $0.52. Currently, it is trading around the support level, so it is a good time to invest with a target but maintain a strict stop loss.
Most technical indicators are neutral on the daily chart, and XRP candlesticks are forming in the lower Bollinger Bands that suggest consolidation for the next few weeks.
On the weekly chart, XRP candlesticks are forming in the upper Bollinger Bands holding the support of $0.44. We can find hammer candles on the weekly chart. After taking support of around $0.3, XRP formed a bullish engulfing candle in the second week of September. Most other technical indicators are neutral that suggesting further consolidation. You should invest for the long term if it crosses the resistance level.