Ripple price dropped below the crucial level of $0.4000 on Friday. Over the weekend, the altcoin may record rather subtle movements as the focus is on the publicizing of the SEC v. Ripple Labs court filings set for Monday.
Fundamentals
Three years ago on 20th December 2020, SEC filed a lawsuit against Ripple Inc. Since then, it has been a legal back and forth between the two parties. According to Ripple Labs’ executives, XRP still isn’t a security.
In addition to this month marking the case’s third anniversary, the upcoming weeks will be important as investors eye the probable out-of-court settlement. This forecast is largely founded on the SEC’s focus on barring the defendant from accessing William Hinman’s speech in addition to other documents.
In September 2022, both parties filed their motions for a summary judgement. They had until 30th November to file summary judgements. This means that the court case wouldn’t have to go to trial. Instead, the judge would rule based on arguments included in the filed documents.
On 2nd December, Ripple Labs and the SEC are expected to meet regarding the redactions within the court filings. Then on 5th December, the filings will be publicized before the filing of SEC’s motions to seal relevant documents on 22nd December.
Ripple price prediction
Ripple price has been on a rebound in recent sessions as seen on its four-hour chart. After hitting a two-month low of 0.3153 earlier in November, it managed to rise to 0.4197 a week ago. However, the formation of the bearish rising wedge pattern signals the curbing of its gains in the ensuing sessions. Besides, it is trading below the 25 and 50-day exponential moving averages; a technical indicator that further points to a bearish trend.
In the short term, ripple price will likely continue to find support at 0.3766. Below this level, the bears will be eyeing the lower level of 0.3625. On the upside, the resistance levels of 0.3970 and 0.4072 will be worth watching.
