XRP Surges Above $0.50 as Ripple Seeks to Seal Court Documents in SEC Lawsuit
On May 14, the price of XRP exceeded $0.50, experiencing a 5% surge in just 24 hours. This positive market reaction was a result of Ripple filing a motion in its ongoing lawsuit against the Securities and Exchange Commission (SEC) on May 13.
The motion filed by Ripple aimed to selectively seal certain court documents related to the remedies phase of the lawsuit. Ripple argued that the SEC had previously shown no opposition to the firm’s request to seal specific parts of documents in order to protect the interests of all parties involved.
The filing, submitted within the deadline for Omnibus letter filings on May 13, requested targeted redactions of the remedies motion briefings and specific exhibits. Ripple claimed that these sealing requests were reasonable and in line with similar requests granted by the court during the summary judgment phase of the lawsuit. Prior to the filing, Ripple’s legal counsel had discussed the motion with representatives from the SEC.
While the SEC has accepted some of Ripple’s requests, it may contest others. Ripple seeks redaction of information that could potentially harm the company, innocent third parties, and non-party Ripple employees if disclosed publicly. The firm specifically wants limited redaction of documents containing its audited financial statements and associated records.
Ripple argues that its audited financial 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 safeguard its interests, Ripple also aims to protect the identities of its investors, customers, employees, and business partners, urging the court to prioritize privacy considerations for these entities.
XRP Price Forecast: Breaking $0.52 Could Lead to Greater Profits
The recent bullish sentiment surrounding Ripple’s motion in the SEC lawsuit has propelled the price of XRP above $0.50. However, technical indicators indicate that the XRP price is now facing significant resistance at the $0.53 level.
According to Coinglass’ Liquidation Map, XRP bears currently have $20.3 million worth of active SHORT contracts that could be liquidated if the price surges above $0.53.
If these contract holders decide to sell early to minimize potential losses, it could exert downward pressure on XRP prices in the coming days, potentially preventing further gains. However, if the bulls can push the rally above the $0.53 resistance, the XRP price could break out above $0.55.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely those of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
