XRP Price Eyes $0.55 Rebound as Ripple Files New Motion against SEC

XRP price broke above $0.50 on May 14, having surged 5% within the 24-hour timeframe as markets reacted positively to a motion filed by Ripple in its lawsuit against the SEC on May 13.

Ripple Moves Motion to Seal Court Documents in SEC Lawsuit

The Securities and Exchange Commission (SEC) lawsuit against Ripple has received an update. The payment remittance firm filed a motion to selectively seal documents pertaining to the remedies phase.

In its motion dated May 13, Ripple asserts that the SEC had previously indicated non-opposition to the firm’s request to seal certain parts of documents in the remedies phase, aimed at safeguarding the interests of all involved parties.

Ripple’s filing, made within the May 13 deadline for Omnibus letter filings, outlines a request for carefully targeted redactions of the remedies motion briefings and specific exhibits.

The firm contends that its sealing requests are reasonable and in line with similar requests granted by the court during the lawsuit’s summary judgment phase. Prior to the motion’s filing on Monday, Ripple’s legal counsel discussed the motion with representatives from the US financial regulatory body.

Acknowledging Ripple’s requests, the SEC has indicated acceptance of some while potentially contesting others.

Ripple seeks redaction of information that could potentially harm the payment remittance firm, as well as innocent third parties and non-party Ripple employees if publicly disclosed, as per the filed document. The firm specifically seeks limited redaction of documents containing its audited financial statements and associated records.

Ripple argues that its audited financial statements contain sensitive information regarding the company’s long-term strategies, revenue sources, and cost structures, which could provide competitors and customers with valuable insights.

Furthermore, to protect its interests, Ripple now aims to shield the identities of its investors, customers, employees, and business partners, urging the court to prioritize privacy considerations for these entities.

XRP Price Forecast: Breaking $0.52 Could Catalyze Larger Profits

Thanks to bullish sentiment surrounding Ripple’s latest motion in the lawsuit against the SEC, XRP price has advanced above $0.50 at the time of writing on May 14. However, technical indicators show that the XRP price now faces a major resistance at the $0.53 level.

Coinglass’ Liquidation Map below shows that XRP bears have $20.3 million worth of active SHORT contracts that could get liquidated if price surge above $0.53.

If these contract holders opt to sell early to mitigate potential losses, it could inadvertently put downward pressure on XRP prices in the days ahead, likely preventing.

But on the contrary, the XRP price could break out above $0.55 if the bulls can power the rally above the $0.53 resistance.