Ripple’s XRP has been reacting green in terms of price as the cotton is being drawn to a close on the ongoing lawsuit between the Ripple and United State commission.
The ideology of the community of Ripple is getting the XRP back on its feet again which could only be possible by the settlement from the SEC. The expectation is a good one as it can provide ample support for XRP’s recent campaign to $0.45 following the conquest of the $0.40 price level.
Court To Decide On The Ripple And SEC By Nov 30
As the broader cryptocurrency community anticipates the details of the reply briefs from Ripple Labs and the SEC on November 30, XRP has been making silent moves amidst a bearish market. Along with a few other risk tokens, the asset has been sustaining its winning steaks as it staged another gain for the fourth consecutive day on Thursday. The asset rose by 5.38% yesterday.
In the next five days, the two parties are expected to file reply briefs to each other’s summary Judgement motions as the date for the court has already been fixed for the last of November.
Notably, the reply briefs will be made under temporary seal as access will be given to the public to access them on the 5th of December following proper redactions.
It is worth noting that after the series of cases filed, the court has mandated the SEC to hand over Hinman’s document which was thought by Ripple to contain some confidential information regarding its token.
Having the documents, Ripple has leverage against the SEC regarding settlement negotiations, members of the crypto community assert.
Furthermore, there has been a series of amicus briefs in favour of the blockchain company as nine out of eleven briefs filed have been in favour of Ripple.
The above milestone achieved by the leading blockchain is a clear indication that Ripple may be coming out as the victor in the coming judgement.
Recently, XRP’s positive sentiments have picked up, overshadowing the panic dumped into the markets by the ongoing FTX saga as the contagion loses momentum. This has contributed to the asset’s recent gains, as it soared by 9.14% in the past week, per data from CMC.
XRP Spikes 8.59% Over The Past 24 Hours, Only Green Asset Among The Top 15
With a 24-hour gain of 8.59%, XRP remains the only asset on the top 15 list of cryptocurrencies by market cap with gains (Green) in the past day. The asset is only second to LTC in terms of appreciation in the past seven days amongst the top 15 assets.
Furthermore, as a testament to the surge in positive sentiments, Lunar Crush recently revealed that XRP ranks top amongst the 3,994 assets assessed with its AltRank tool in terms of social activity. Social engagements for XRP in the past 24 hours have hit a value of 24.7M, with a social volume of 8,883.
At the moment, the XRP token has been on the 8.59% in the past 24 hours, trading at a value of $0.4137 despite being bearish. Notably, the asset recently conquered the first significant resistance point at $0.4132, as it staged a breakout following the reclamation of the high of $0.40475 yesterday.