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  • The XRP price is preparing for a 40% rally to areas above the $1.70 psychological level.
  • Technical indicators and positive fundamentals point to a bullish XRP in the near term.
  • Ripple legal has filed a motion compelling SEC to disclose their policies on their employees holding XRP and other cryptos, the SEC has until September 3 to respond.

The Ripple legal army comes to the rescue of XRP in the SEC v Ripple case. This in the wake of small wins that has seen the cross-border remittance token rally rise 6% over the last 24 hours. This rally has lifted the Ripple price 6.5% to cross the $55 billion mark to $55,684,823,308 over the same time frame. This points to a positive market sentiment around the token pointing to a bullish XRP price prediction in the short-term.

The SEC Ripple Court Saga Continues

Ripple seeks to unearth crypto holdings of SEC employees in a court battle against the regulator in the wake of a continuing court saga between Ripple Labs and the US Securities and Exchange Commission (SEC).

As previously reported, the SEC filed a case against Ripple Labs in December 2020, with allegations that the firm was selling XRP as a security. The SEC claimed that XRP was a $1.3 billion unregistered security offering and it still remains a security till now.

In the latest update, Ripple’s legal team has filed a motion seeking to compel the SEC to produce documents showing whether its employees were permitted to trade crypto assets including XRP.

The filing which was made on Friday August 27 on behalf of the defendants (Ripple Labs, Ripple CEO Brad Garlinghouse, and Ripple executive chairman Chris Larsen) asked the District Court for Southern New York to compel the SEC produce the details of its trading policies regarding digital assets.

Accepting the motion, court has given the SEC until September 3 to respond to the question.

More updates on the unfolding tale of the XRP vs SEC legal saga is that Judge Sarah is scheduled for a telephone conference aimed at settling a privilege dispute over the SEC’s internal documents over XRP and ETH. The SEC has always argued that the documents are protected by the deliberative process privilege (DPP). However, this argument has been dismissed two time by the judge in the past arguing that the documents seem relevant to Ripple’s fair notice defence and could provide more details on the regulator’s inconsistencies over the decision determining XRP as a security.

With such small wins for Ripple labs in the SEC vs. Ripple case, the accompanying positive sentiment could bolster the XRP price.

XRP Price Bulls Eye Areas Above $1.70

At the time of writing, XRP/USD price is hovering around $1.190 and appears to be fighting immediate resistance provided by the $1.2 psychological level.  A break above this level could see the cross-border payments token tag the upper boundary of the symmetrical triangle at a $1.234 as seen on the 12-hour chart.

A decisive bullish break above this level could see Ripple reach the measured target at $1.70, coinciding with the May 18 high.

This bullish outlook is validated by the upsloping moving averaged and the positive SAR. In addition, the upward movement of the Relative Strength Index (RSI) away from the midline. The current position of the RSI at 56.52 shows that the bulls are slightly more powerful than the bears.

Moreover, the and the position  of the Moving Average Convergence Divergence (MACD) indicator above the zero line adds credence to the bullish XRP price prediction. Moreover, the MACD is about to send a significant call to buy crypto signal in the near term. This will occur when the 12-day Exponential moving average (EMA) shown  by the blue line crosses above the 26-day SMA shown by the orange line.

If this happens, the bulls will be unstoppable as the areas above $1.70 in the offing.

XRP/USD 12-Hour Chart

Ripple Price 12-h chart
Ripple Price Chart. Source: Tradingview

Can the XRP Price Bullish Outlook Be Invalidated?

Note that failure of the XRP price to close the day above the upper boundary of the symmetrical triangle at a $1.234 would push Ripple to seek for support at $1.12, corresponding to the 50 period Simple Moving Average (SMA). While this level would act as a substantial line of defence, further drop below this support level may trigger immense selling orders that would see XRP revisit the $0.88 and $0.83 embraced by the 100 and 200 SMAs respectively.

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