The dominance of the bears over the crypto market proved to be detrimental to many assets. An array of them witnessed a massive slump, while some prolonged the downtrend that they already were on. XRP encountered a lot of ups and downs over the last couple of years. Despite the ongoing lawsuit, the asset continued working on the developmental side of things. This sadly had no impact on the price of the asset. A crypto trader, however, suggested that there was a possible breakout in the cards for the altcoin.
While noting how the individual wasn’t a fan of XRP, Crypto Rand went on to alert the community of an imminent breakout. The crypto trader suggested that the $0.40 level was pertinent as the asset was eyeing a breakout in this region.
Furthermore, at press time, XRP was trading for $0.373 with a dainty surge of 0.92 percent. In addition to this, the asset was 90 percent below its all-time high of $3.84.
While hitting its all-time high in the short term seemed far-fetched, the altcoin is speculated to struggle to reach $1.
This comes as a surprise to many as Ripple’s ODL service that leverages XRP has been thriving. Despite the excessive use of the asset, its price continues to slump. However, the ongoing lawsuit against Ripple could be taken into consideration here.
Let’s see what’s happening with that.
SEC v. Ripple: SEC intends to reopen discovery
In late 2020, Ripple was slapped with a lawsuit by the Securities and Exchange Commission [SEC] of the US. This was due to the alleged sale of “unregistered securities.” Here, the SEC categorized XRP as a security. While the case has taken several different turns, the SEC seemed to be causing further delay in the case.
A recent letter to Judge Sarah Netburn revealed that the SEC intended to reopen discovery in the case.
It should be noted that Ripple was unable to download the video recordings that were required for the case. This was mostly due to the rules of the video platform. Therefore, the legal team of Ripple had to serve subpoenas to access the content.
The SEC, however, wants to open discovery again to garner a few subpoenas. Visibly enraged by this, the Ripple legal team suggested that the SEC’s requests were rather “improper.”