XRP has been on the move this morning as we await new developments in the SEC case.

In early Asian trade, XRP appeared like it wanted to jump back towards $1.80, however, so far it looks like that move has run out of steam. At the current time, XRP has fallen back to around $1.70 and we will see if there is enough buying interest there to hold those higher prices.

A short sharp buying burst could be some large investors taking a position ahead of what could be a very important day in the history of XRP.

Of course, we are talking about the case with the SEC, which has been an ongoing mess, since December. Today there is a closed session, where Ripple followers are hoping the SEC and Ripple will settle the case in some form, however, as we’ve seen over the past few months, there has been a number of these dates that have ultimately culminated in very little progress. So I personally don’t expect any genuine outcome today. But I will be happy to be proven wrong.

The SEC case centres around the argument as to whether XRP is a security or a currency. A security would need to be regulated by the SEC in the same manner as a stock. While at this stage, a currency is OK. It is really a very grey area, given that there are many crypto’s that have high utility, which I would suggest are very ‘security like’.

We must also note that Ripple the company is the part of the business that probably should be a listed security and no doubt will be in the years ahead. XRP on the other hand is the liquidity that makes the ecosystem function and is not really a security in my eyes.

Nevertheless, this is where things are at. We will be watching price closely over the next 24 hours and if a settlement doesn’t occur I believe we will see a huge spike in XRP. As mentioned, I am not expecting that to happen today, but will be very pleasantly surprised if it does.

We remain long and you can monitor our signal on the forex signals page.