XRP primed for a recovery to $1 amid major development in SEC case

The price of XRP/USD is primed for a bold recovery. While the market uncertainty is still there, the token could create a bullish flag as the market eagerly waits for a major development in Ripple’s case with the US Securities and Exchange Commission (SEC).

XRP eyes $1

Currently, XRP is on a downtrend. If the price continues to experience pressure from the declining market support, the token will test the lower support level at $0.756. At the time of writing, the price of XRP was sitting at $0.791.

During the past 24 hours, XRP’s prices ranged between $0.76 and $0.82, signalling a rise in volatility. The current price shows that buyers stepped in when the support was almost tested due to the speculation of an uptrend.

If XRP can make an upswing, the next resistance level lies at $0.836. The price movement shows that buyers entered at the $0.76 level, and if they continue accumulating, the other major hurdle at $0.86 will be broken. This could prime XRP for a recovery towards $0.91. Market makers will enter at this level, and XRP could move towards $1. If it hits $1, XRP will have made a 35% price gain.

If there is no support from buyers and the market, XRP will dip towards $0.67. Such a dip could signal a bearish flag, and increased selling pressure will push prices towards $0.54.

Developments in Ripple’s case with SEC

XRP’s price movement will be determined by unsealing two memos in the SEC vs Ripple lawsuit. The judge set February 17 2022 as the deadline for unsealing these memos, and the crypto community is eagerly waiting to see what is contained.

According to the SEC, the memos will show that Ripple’s Chairman, Chris Larsen, knew that XRP could be classified as a security per the market regulations. This could deal a major blow to Ripple and XRP’s price.

On the other hand, Ripple and Larsen have said that the SEC is not truthful about the memo’s contents. According to Ripple, the memos will prove that its lawyers had concluded that XRP was a token and not a security. x

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