Ripple price has continued to gain in the markets as it awaits the outcome of its court case with the U.S. Securities and Exchange Commission (SEC). However, you can tell there is high confidence in a win in the Ripple team, and it seems to be having an impact on the markets.
Last week, Ripple won a procedural victory after a U.S. District Court judge ordered the release of emails and correspondence written by former SEC Corporation Finance Division Director William Hinman. In the email, Hinman argued that ether (ETH) and Bitcoin could not be considered a security because they were sufficiently decentralized.
The ruling by the judge is likely to have a massive impact on the remaining parts of the Ripple Vs. The SEC case argues that the company offered XRP tokens as securities, not as cryptocurrencies. If Ripple is able to prove that SEC has taken an unclear, contradictory and arbitrary approach to regulating the cryptocurrency industry, there is a high likelihood that it will win its case and set an important precedent for other cryptocurrency projects.
Ripple has also continued to gain support in the entire cryptocurrency industry. This includes the latest move by two firms seeking to back the platform in its case against SEC. Although SEC has expressed opposition to the firms being enjoined in the case, it is a reflection of a failing case that might have a massive impact on the future of Ripple and possibly the entire cryptocurrency industry.
Ripple Price Prediction
Despite Ripple being in an active court case that might determine its very existence, I still remain bullish on my analysis. Last month, Ripple’s price surged by more than 46 per cent after signs started emerging that it was headed for a victory in its case against SEC.
In October, despite starting aggressively bearish and at one point dropping by 8 per cent, the prices have recovered in the past few trading sessions. Therefore, I expect the trend to continue, and there is a high likelihood we might see Ripple going past $50 and possibly trade above the $60 price level. My analysis will be invalidated by Ripple dropping to trade below the $41 support level.
Ripple Daily Chart
