However, XRP avoided the first major support level (S1) at $0.3738, and XRP once again broke through R1 to end the day at $0.39505.
Investor Sentiment Against SEC v Ripple Case and FTX Advances $0.40
It was a busy Saturday session for XRP investors. The bullish momentum continued from Friday into Saturday morning. Mitigating the risk of FTX infection resulted in a return of $0.40.
Hopes for a positive outcome in the SEC case against Ripple have also contributed to the upside. However, the session’s gains were modest compared to the top ten, indicating investor caution. On Friday there are parties Archived Dupert’s movements. Daubert’s proposal is one that seeks to preclude the submission of expert testimony to a jury.
The applications will focus on the court, with many court decisions pending.
While Friday’s deposition focused on expert testimony, William Hinman’s speech documentation remains a focal point. An order against the SEC to redact specific portions of the documents related to the speech could force the SEC to reach a settlement.
As a matter of background, former SEC Director of Corporate Finance William Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities. The controversial issue in the letter concerns Hinman’s relationship with Simpson Thacher, who is part of a group promoting Enterprise Ethereum. After leaving the SEC, Hinman returned to Simpson Thacher.
Today, any updates from the SEC v Ripple case are unlikely to have an impact, leaving XRP in the hands of the broader crypto market. With XRP enjoying a seven-day winning streak, XRP may succumb to profit-taking before continuing its march towards $0.45. Unlike many cryptocurrencies, XRP has yet to reverse the losses caused by the FTX crash.