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Ripple and SEC have called for a summary judgment regarding the classification of XRP.
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Ripple asserts that SEC did not provide sufficient evidence.
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XRP has fallen back in the consolidation zone but remains attractive.
There is finally some light at the end of the tunnel for Ripple’s XRP/USD case with the US SEC. In a filing on September 17, both sides asked for a summary judgment of the long-standing battle. Normally, summary judgments are called by parties when they believe they have sufficient evidence. Thus, the case is called without the need to go to the final trial.
Just as it has been in the past, Ripple is confident of winning the case. They argue that the SEC did not present sufficient evidence to support its claim that XRP should be a security. A case ruling in favor of Ripple would be a bullish trigger for XRP. Caution must, however, be exercised since the outcome remains in question.
XRP moves above moving averages amid market correction
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XRP has been in consolidation mode since June. The price has barely surpassed $0.38. The extended consolidation indicates bear exhaustion since XRP was bearish previously. It also indicates that buyers are cautious in scooping the token at a low level.
Source – TradingView
A technical outlook shows that XRP has moved above the 20-day moving average. It is also trading at the 50-day MA. The MACD indicator is bullish. Previously, XRP attempted to break above the $0.38 zone before embarking on a correction. It suggests that buyers are looking to take XRP higher but lack the volumes to do so.Â
Concluding thoughts
Although the Ripple versus SEC case outcome is unknown, investors are looking to buy XRP. The extended correction is an indication of a suppressed bear market. A breakout above $0.38 is on the card if there are indications of a Ripple win.