The XRP price burst above $0.50 on May 14, surging 5% within 24 hours, as markets reacted positively to Ripple’s motion filed in its lawsuit against the SEC on May 13.
The Securities and Exchange Commission’s (SEC) action against Ripple (XRP) has received an update. The money remittance service filed a move to selectively seal papers related to the remedies phase.
In its May 13 motion, Ripple claims that the SEC previously signaled non-opposition to the firm’s request to seal some parts of documents during the remedies phase, which was intended to protect the interests of all parties.
XRP Prices to Surge Above $0.53 Resistance
On May 14, the XRP price rose beyond $0.50 due to the intense mood surrounding Ripple’s most recent motion in the litigation against the SEC. However, technical indicators indicate that the XRP price faces significant resistance at the $0.53 level.
Coinglass’ Liquidation Map below shows that XRP bears have $20.3 million in active SHORT contracts that might be liquidated if the price rises over $0.53.
Suppose these contract holders choose to sell early to protect against potential losses. In that case, it may unintentionally exert downward pressure on XRP prices in the coming days, likely preventing it.
However, if the bulls can force the surge above the $0.53 resistance, the XRP price may break above $0.55.
