- Court approves Ripple and SEC requests to seal sensitive case documents.
- Analyst predicts XRP price to reach $5.30 and $8.50 by 2025 using Fibonacci levels.
- Bear pennant indicates bearish XRP trend as RLUSD stablecoin gains traction.
Ripple’s legal battle with the SEC took another turn after Brad Garlinghouse’s dinner with Donald Trump, sparking speculation about XRP’s future.
Court Approves Sealed Documents
Senior District Judge Phyllis J. Hamilton approved Ripple CEO Brad Garlinghouse’s and the SEC’s requests to seal specific court documents. Both parties can now keep sensitive information private as the case progresses.
The sealed documents include key exhibits related to summary judgments and expert testimony, which are critical to the case. The court based its decision on the Ninth Circuit’s “compelling reasons” rule.
Ripple sought to seal eight exhibits tied to summary judgment and 56 exhibits opposing the SEC’s motion. Meanwhile, the SEC requested to seal sections of its exhibits, including expert testimony.
What’s Next For XRP Price?
XRP has gained 5% in the last 24 hours and is now pushing toward the critical $2.40 levels. Looking at XRP price targets, analyst Crypto Jebb used Fibonacci extensions to predict future price targets of $5.30 and $8.50 as realistic targets for 2025.
However, XRP may face short-term hurdles. According to market analysis shared by CoinsKid, XRP appears to be forming a bear pennant on the daily timeframe.
Bear Pennant Warning for XRP
A bear pennant typically signals a continuation of the existing trend after a breakout; which means XRP still is under bearish pressure.
A pennant forms after a large price movement (the flagpole), followed by a consolidation phase where the trendlines converge to form the pennant shape. This pattern typically leads to a breakout in the same direction as the original move, implying XRP to continue its bearish trend.
Additionally, Ripple’s stablecoin, RLUSD, is quickly gaining traction, outpacing other stablecoins like Tether. Ripple’s expanding influence, coupled with favorable U.S. regulatory changes, could lead to XRP becoming the next crypto to be approved for an Exchange Traded Fund (ETF).
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