XRP’s price surged above $0.50 on May 14, experiencing a 5% increase within a 24-hour period. This positive market reaction was in response to a motion filed by Ripple on May 13 in its ongoing lawsuit against the Securities and Exchange Commission (SEC).
The motion filed by Ripple pertains to the remedies phase of the lawsuit, where the payment remittance firm is requesting to selectively seal certain documents. Ripple argues that the SEC had previously shown non-opposition to its request to seal specific parts of the documents in order to protect the interests of all parties involved.
In the filing, Ripple outlines its request for targeted redactions of the remedies motion briefings and specific exhibits. The firm believes that these sealing requests are reasonable and consistent with similar requests that were granted by the court during the summary judgment phase of the lawsuit. Prior to filing the motion, Ripple’s legal counsel had discussions with representatives from the US financial regulatory body.
While the SEC has accepted some of Ripple’s requests, it may potentially contest others. Ripple is seeking redaction of information that could potentially harm the company, innocent third parties, and non-party Ripple employees if publicly disclosed. Specifically, the firm wants limited redaction of documents that contain its audited financial statements and associated records. Ripple argues that these statements contain sensitive information about the company’s long-term strategies, revenue sources, and cost structures, which could give competitors and customers valuable insights.
To protect its interests further, Ripple also wants to shield the identities of its investors, customers, employees, and business partners. The firm urges the court to prioritize privacy considerations for these entities.
The bullish sentiment surrounding Ripple’s latest motion in the SEC lawsuit has caused the price of XRP to surpass $0.50. However, technical indicators show that the XRP price now faces significant resistance at the $0.53 level. There are $20.3 million worth of active SHORT contracts held by XRP bears that could get liquidated if the price surges above $0.53.
If these contract holders choose to sell early to minimize potential losses, it could potentially put downward pressure on XRP prices in the coming days, preventing further gains. However, if the bulls can power the rally above the $0.53 resistance, the XRP price may break out above $0.55.
Disclaimer: This article provides informational content and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses that may occur.
