XRP Eyes $0.36 with the William Hinman Docs Still Central to the Case

Key Insights:

• On Monday, XRP rose by 1.34% to end the day at $0.34911.
• The broader crypto market delivered support as investors awaited SEC v Ripple case-related updates.
• The technical indicators are bearish, with XRP sitting below the 100-day EMA, signaling a return to sub-$0.34.

On Monday, XRP rose by 1.34%. Following a 0.20% gain from Sunday, XRP ended the day at $0.34911. Significantly, XRP avoided sub-$0.34 for the second time in five sessions.

After a choppy morning, XRP slid to an early afternoon low of $0.34143. However, steering clear of the First Major Support Level (S1) at $0.3385, XRP rallied to an early evening high of $0.35743. XRP broke through the First Major Resistance Level (R1) at $0.3486 and briefly through the Second Major Resistance Level (R2) at $0.3527 before ending the day at sub-$0.35.

Sentiment toward the SEC v Ripple Case Delivered Buyer Support

It was a busy start to the week, with investors returning their attention to the ongoing SEC v Ripple case.

On Monday, parties filed oppositions to Omnibus Motions to seal. Defense attorney James Filan shared the SEC filing.

According to the SEC filing, the SEC filed a partial opposition to the Defendants’ motion to seal certain portions of their filings in connection with the motions for summary judgment. The SEC viewed the motion to seal as too broad, including financial information. While not opposing sealing Ripple’s most recent financial statements, the SEC opposed the sealing of earlier ones.

Among other categories, the SEC argued that certain financial information goes to the core of the SEC’s summary judgment motion and should therefore remain unsealed. Examples include revenues and expenses and revenues from XRP sales and, regarding the Howey test, details of compensation to trading platforms to list XRP.

The Ripple Defendants also filed their Response in Opposition to the SEC’s Motion to seal certain documents.

According to the filing, the Defendants opposed sealing names and identifying information of witnesses and, significantly, documents relating to the famous William Hinman speech.

The William Hinman speech-related documents remain at the core of the case.

As background, former SEC Director of the Division of Corporation Finance William Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities. The contentious issue with the speech related to Hinman’s connection with Simpson Thacher, which is part of a group that promotes Enterprise Ethereum. After leaving the SEC, Hinman returned to Simpson Thacher.

Today, while the broader crypto market will provide direction, investors should monitor SEC v Ripple case updates, which could materially affect the outcome.

XRP Price Action

At the time of writing, XRP was down 0.54% to $0.34724. A mixed start to the day saw XRP rise to an early high of $0.35220 before falling to a low of $0.34289.

Technical Indicators

XRP needs to move through the $0.3493 pivot to target the First Major Resistance Level (R1) at $0.3572 and the Monday high of $0.35743. A return to $0.3550 would signal a bullish session.

In the case of an extended rally, XRP would likely test the Second Major Resistance Level (R2) at $0.3653. The Third Major Resistance Level (R3) sits at $0.3813.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.3412 in play. However, barring an extended sell-off, XRP should avoid sub-$0.3350 and the Second Major Support Level (S2) at $0.3333. The Third Major Support Level (S3) sits at $0.3173.

Court rulings on the SEC v Ripple case would remove the influence of the Support and Resistance levels.

The EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.

At the time of writing, XRP sat below the 100-day EMA, currently at $0.34771. The 50-day EMA eased back from the 100-day EMA, with the 100-day EMA slipping back from the 200-day EMA. The signals were bearish.

A move through the 100-day EMA ($0.34771) would give the bulls a run at the 200-day EMA ($0.35701) and R1 ($0.3572). However, a fall through the 50-day ($0.34524) would bring the support levels into play. A fall through the 50-day EMA would be a bearish signal.