Following the denial of the United States Securities and Exchange Commission’s (SEC) motion to seal the agency’s internal documents and communications which occurred after a speech by its former director Willian Hinman, the price of Ripple’s XRP jumped modestly; a small victory for the big cryptocurrency.

After the news circulated, the price of XRP jumped by around 6% at the time of writing. While it is a modest gain relative to the typical sharp & volatile price movements of cryptocurrencies when a revelation occurs, it represented a noticeable increase as the majority of cryptocurrencies on May 17 remained somewhat stable or traded downwardly. Trading volumes for XRP and XRP-related assets have also surged, and the buy-sell power is clearly on the bulls’ side.

From a technical perspective, however, it may look more bearish and bullish, at least for the short-term. The so-called Gravestone Doji on Ripple’s March 17 candle was in fact confirmed by a long upper wick alongside a minute distance between the open and close points of the token. Traditional analysts would argue that such techincal reading, citing the Gravestone Doji candle, would be followed by a bearish reversal pattern.

Sources:

https://cointelegraph.com/news/why-is-xrp-price-up-today

https://www.bloomberg.com/news/articles/2023-05-17/ripple-s-xrp-bucks-crypto-gloom-after-latest-court-twist-sparks-8-jump   

https://beincrypto.com/xrp-8-ripple-court-victory/

https://coinmarketcap.com/currencies/xrp/