Ripple’s XRP is holding steady after a sharp spike above the key $0.60 level a few hours ago after Judge Netburn denied the SEC’s attempts to prevent Ripple from deposing a former executive at the SEC. At the time of writing, XRP/USD is trading around $0.60.

Ripple requested the court permission to depose William Hinman, former Director of Corporation Finance at the SEC, but the Commission tried hard to prevent this from happening. The court ruling in Ripple’s favor and against the SEC on this issue is likely to be taken as a positive sign among traders as Hinman has spoken about against Ethereum being considered a security back in 2018l. According to Hinman, a blockchain token could not be considered a security once it was “sufficiently decentralized”, and this statement could be quoted in XRP’s favor by Ripple’s legal team.

Hinman is due for deposition on Monday, although it is very likely that the SEC will have prepared him to not answer questions when he takes the stand. Furthermore, the SEC has gone on the backfoot after this development, arguing that Hinman’s speech was his personal view, although it has come to light that his speech was prepared by other officials at the Commission.

Some more news that is likely to give Ripple’s XRP an indirect boost is Revolut raising $800 million in funding. This is another positive development as far as Ripple’s cryptocurrency is concerned as the fintech startup has considerable holdings in digital assets and has supported the XRP despite its legal challenges.

Key Levels to Watch

Most of the moving averages as well as the momentum indicator are supporting a selling bias in the H4 chart of XRP/USD at the moment. However, the MACD indicator does signal some buying interest as well.

The price is sitting under the pivot point at $0.64 but is holding above the immediate support at $0.58. If buying interest builds up through the day, we can see Ripple’s XRP rise above the pivot point and make its way to test resistance at $0.69. A break above the $0.70 level will see buyers face their next obstacle at R2 at $0.74.