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.
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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.
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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.