XRP Eyes Further Rise As Ripple Lawyers Advice Set To Be Unveiled In Mid-February
Defense lawyer James K.Filan shares the recent update in the Ripple SEC lawsuit. The XRP price is trading at $0.88 after skyrocketing more than 50% in the last seven days. XRP is set to mark the seventh consecutive day in the green after rebounding from lows of $0.58 on Feb. 3.
The description of the advice Ripple received from its outside counsel in the 2012 memos may soon be made public, thanks to a recent judgment by U.S. District Judge Analisa Torres of Manhattan. Ripple sought legal advice from an anonymous global law firm in 2012 when considering launching a new digital coin. Ripple also received two documents from the law firm that discussed legal issues that may arise as a result of the launch.
The legal advice contained in the two memos, according to Torres, must be unsealed and made public by Feb. 17.
In an emailed statement, Ripple’s General Counsel Stuart Alderoty said that when the documents are released, they “will show that in 2012 Ripple received a legal analysis that XRP was not a contract investment or security”.
Some analysts believe that recent developments in the Ripple v. SEC litigation might suggest that the case may be resolved shortly, which might lead to a further surge in the price of XRP.
XRP Price Action
On February 8, Ripple’s XRP broke through the daily MA 50 at $0.75, reaching highs of $0.91. Previous resistance has now turned into support, with $0.96 and $1 as the next significant levels to watch.
The daily RSI has reached the overbought territory at over 70 points. There is still room to go higher, but it is critical to use extreme caution at current levels. It appears that XRP might surpass $1 before any serious resistance. On the road there, there could be some short-term pullbacks, but overall price activity remains bullish.
