The latest development in the lawsuit pitting Ripple against the SEC have dented XRP price growth. However, that is unlikely to prevent near-term appreciation. After declining on Tuesday and Wednesday, XRP started trading on a high on Thursday. At the time of writing, it was up by 2% to trade at $1.21. The SEC case has been undoubtedly detrimental to XRP’s growth. However, the asset has held on to the top 10 market ranking.
Latest SEC victory unlikely to hold XRP back
XRP has in recent days broken through a short-term barrier at $1.17. It was headed up until Tuesday’s order by the court. According to the order, Ripple is to give the SEC access to its internal business meetings recordings. Some investors may have interpreted that as a potential source of trouble for Ripple, hence the decline.
Nonetheless, Ripple continues to exude confidence of victory in the case. In the latest development, Ripple has announced plans to roll out a liquidity hub for its institutional clients in 2022. The hub has been described as a “one-stop shop” for clients who want access to large volumes of crypto assets.
Technical analysis for XRP price
The XRP price action has mostly been constricted within the ascending channel for the last 2 weeks, as shown on the chart below. The MACD line is currently above the signal line and the RSI is at 57 . This signals a likelihood of bullish control. If the bulls sustain the upward pressure, they could propel the price to $1.27. At that point, XRP will meet the first resistance. Beyond that point, the next resistance is likely to be at $1.38. If they breach that level, we are likely to witness a price rally. However, if the bears take control, the price could head down to the first support at $1.12. Beyond that level, the next support is likely to be at $0.94. At that point, the asset will effectively be on a reversal.