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XRP price soars amidst SEC lawsuit

XRP price

TL;DR Breakdown

  • The initial hearing between Ripple and the SEC takes a new course.
  • Judge Netburn asked for explanations on how XRP is different from BTC and Ether.
  • Amid the lawsuit, XRP prices have surged above the $0.5 barrier.

The results of the initial hearing between Ripple and the SEC has sent XRP prices rolling higher. Currently, the XRP community is in a euphoric state as the hearing appears to favour Ripple.

XRP price surges amid Ripple legal battle

On the 19th of March, the case against Ripple took a new course during the preliminary hearing at the Southern District of New York (SDNY). The court session took place online featuring a phone line for observers. During the hearing, the judge presiding over the case, Judge Netburn, made an unbelievable statement that shocked XRP fans.

He asked Ripple lawyers for clarifications on XRP use cases and how it is different from Ethereum and Bitcoin. Judge Netburn says that he understands that XRP has a utility that sets it apart from Bitcoin and Ether. This comes after Ripple had demanded Bitcoin and Ethereum documents from the SEC since they are considered similar to XRP.

However, the defense lawyers responded that Bitcoin and Ether both have their use cases as well. They said further that XRP sure has a utility apart from value transfer, and cited cross-border inter-bank transfers as one use case.

Will XRP prices move higher?

Although, the judge may have been cleared on the similarities between XRP, Bitcoin and Ether. However, there is no pointer yet that the case may end anytime soon. The case may extend till June, considering the dates of the motions.

In response to the news, the price of XRP broke above the $0.5 barrier. The token is currently trading around $0.5091, which is about a 1.7% increase in the last 24 hours. Also, the trading volume has picked up once again over the last few hours.

Based on technical analysis, the key resistance levels are at $0.556, $0.558, $0.6 respectively. Traders should watch out for these levels as price may react around the region. However, if XRP prices should retrace, the support levels are at $0.5, $0.453, $0.42 respectively.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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