Ripple’s XRP token has been rising in price for the last 24 hours, after buyers pushed it up from a strong support level yesterday. $0.50 may be too ambitious today, but the significant price level might be in play once this week’s highs are obliterated.
the token’s short-term trend is up, as can be seen on the hourly chart, where there have been a series of higher lows since yesterday morning’s 8am UTC market bottom.
The first major obstacle to the upside would be Wednesday’s high of around $0.45. If that level is taken out, further upside towards earlier this week’s highs around $0.50 could also be seen relatively quickly.
The case has now moved to the point where both Ripple and the SEC have asked the court for summary judgement, which would bring the case to an end. A summary judgement will not be made immediately, but the fact that both parties have requested it indicates that it is now imminent.